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With the Indian economy expected to grow at a robust projected rate of 7.5% in the FY 2018 and is expected to grow at a similar rate in the next two years. The projected growth rate further consolidates the country’s position as the fastest growing economy in the world and opens a wide gap with China — which is expected to grow at a slower rate.

The country’s overall growth is lifted by a strong wave of private consumption along with subduing transitory effects of the implementation of Goods and Services Tax (GST) and the currency exchange initiative. As per a recent report published by the World Bank, the growth in India is expected to rise gradually over the course of next few years, coupled with the continued implementation of structural reforms. Such reforms are also expected to raise productivity and boost private investment which can lead to employment creation.

Until last year, Indian Inc. experienced a sluggish job market on account of various key factors such as demonetisation, slow Gross Domestic Product (GDP) growth and the implementation of the GST. Fortunately, 2018 has begun on a promising note for job seekers as more than 79% of organizations across Indian forecast increased hiring. For instance, the IT industry, as per a research, is expected to create approximately 1.8-2 lac jobs in 2018.

It is evident that the threat of economic growth with employment challenge is subduing, and that more sectors will be churning out skill based jobs in different sectors and fields across the country. As per the Randstad Employer Branding Survey (REBR) 2018, the topmost performing sectors in India according to their attractiveness are — IT, Auto, FMCG, BFSI, Energy, Services, Manufacturing, and Pharmaceuticals.

India Inc. is looking at increased hiring in 2018, as per the REBR 2018 survey. Additionally, there is an increased demand for consulting jobs, medical professionals, jobs in VC, etc. Case in point here is that Indian companies are swiftly adapting Artificial Intelligence (AI), robotics, quantum mechanics, blockchain, data intelligence, Internet of Things (IoT), and machine learning to embrace the ‘Digital India’ initiative by the Government of India. With the government’s focus on technological growth, the country faces a great potential in terms of additional economic value and job growth in the next few years.

For the employment market, it is important to have an attractive compensation package to attract the best talent - which is the main differentiator for a firm’s growth. In the REBR 2018 survey, Bengaluru has topped the list, offering the highest average compensation to its employees. Because of these factors, there is an increase in the consulting jobs in Bengaluru - which recorded an average CTC of INR 14.64 lac per annum. As opposed to this, the national average CTC stands at INR 10.38 lac per annum to senior-level employees and INR 5.46 lac per annum to junior-level employees.

We, at Randstad, ensure that you stay at the top of the game as we offer a perfect blend of tech and touch to deliver the best services to you.
       
Source: Randstad India Survey

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