The Naukri JobSpeak Index for June 2024 reflects a dynamic shift in India's job market, with non-metro cities such as Surat, Rajkot, and Udaipur in Gujarat and Rajasthan emerging as frontrunners in job creation compared to traditional metro cities. The index, a leading indicator of white-collar hiring activity, recorded a sequential correction, standing at 2582, marking an 8% decline year-on-year from June 2023.
Sectoral Analysis: Pharma/FMCG Driving the Growth, IT in Lull
Key sectors driving growth include Pharma/Biotech, AI-ML, and FMCG, which experienced positive momentum. Notably, Pharma/Biotech saw significant hiring increases in Hyderabad, Baroda, and Mumbai, driven by a robust demand for senior professionals with over 16 years of experience. Conversely, Global Capability Centres, BPO, and Education sectors saw declines, affecting the overall index negatively.
Regional Insights: Gujarat-Rajasthan Show Accelerated Growth
Western cities outperformed metros, with Gujarat and Rajasthan showcasing promising growth. Cities like Jodhpur, Kota, Udaipur, Rajkot, and Surat led new job creation, contrasting with declines observed in major metros such as Bengaluru and Mumbai. This trend underscores a notable power shift in favor of non-metro areas.
"As we’ve reported over the past year, the power dynamic shift in the Indian hiring landscape is well and truly underway with mini-metros consistently outpacing their metro counterparts. Gujarat has been a silver lining in an otherwise turbulent market, and it’s now encouraging to see emerging cities in Rajasthan such as Jodhpur and Udaipur join the fray."
- Pawan Goyal, Chief Business Officer, Naukri
Sector-specific Highlights
- Pharma/Biotech: Strong growth in Hyderabad, Baroda, and Mumbai.
- AI-ML: Significant uptick, contributing to overall sectoral expansion.
- FMCG: Sustained growth in Bengaluru, Delhi, and Mumbai.
Senior Professionals In-Demand and Challenges for New Entrants
Demand for experienced professionals continued to rise sharply, with a notable 23% surge in hiring for candidates with over 16 years of experience. In contrast, the market for freshers remained subdued, reflecting challenges in securing entry-level positions amidst competitive dynamics and evolving skill requirements.
The Naukri JobSpeak Index for June 2024 underscores a diversified job market in India, marked by burgeoning opportunities in non-metro cities, robust growth in AI/ML sectors, and sustained demand for senior professionals. The evolving landscape highlights the resilience and adaptability of the Indian job market amid changing economic conditions and sectoral dynamics.
