Which would be the growing industries and skills to look out for in the coming Quarter?
India is predicted to have one of the greatest growth rates among the major economies. And on course to become the world’s third-largest economy by 2027, overtaking Japan and Germany, and to have the world’s third-largest stock market by 2030, as a result of global trends and significant investments in technology and energy. In addition, India may become an alternative investment destination of interest as a consequence of the economic slowdown in developing nations.
In 2023-24, the Indian economy is expected to expand at a slightly slower pace of 6.6%, according to the analysis. “A challenging external environment will affect India’s economic outlook through various channels,” the report said. “Rapid monetary policy tightening in advanced economies has already resulted in large portfolio outflows and depreciation of the Indian rupee, while high global commodity prices have led to a widening of the current account deficit.”
IPS Since we have been working in the staffing and recruitment industry for the past 18 years, one of the trends that we have observed is that job requirements change every few years, and older jobs are eliminated in favor of new jobs that have been created as a result of advances in technology and infrastructure. However, despite the fact that digital is sweeping the globe due to the rapid development of technology, there are still many possible employment prospects in India that will soon be making their debut.
Now looking at the growth rate of the Indian economy, All recruitment companies have to follow Effective hiring and recruiting practices that have become more refined. As we move into 2023, companies may encounter increased difficulty in attracting skilled and qualified candidates from a sparse and competitive talent marketplace. Trends adapt to the needs and demands of a workforce that the COVID-19 pandemic has forever changed. As such, human resource departments have been forced to change the way they approach recruitment and retention to become more efficient, streamlined, and proactive.
On the basis of the existing market trend, it is crucial that we identify the growing sectors that are likely to provide excellent future development in the next years, for instance.
In respect of revenue and employment, Healthcare is emerging as one of the most important sectors in India. By 2024, it is anticipated that there will be a general rise of around 7% in employment, with healthcare vocations leading the pack for growth. In point of fact, healthcare-related jobs accounted for more than half of the fastest-growing professions.
Renewable energy: India has rapidly accelerated its renewable energy generation endeavors in renewable energy generation endeavors in the last few years.
IT Sector: – The IT Tech industry has exploded in the last two years, whether it’s in the fields of Artificial Intelligence, Data Analytics, Data Science, or Big Data. The IT industry has grown at such a breakneck pace and scale that it almost seems unreal. Around 33 Indian IT start-ups have achieved “Unicorn” status, meaning their valuation has surpassed $1 billion. In the last two years, the Nifty Index of the IT Sector has returned a staggering 132%. With approximately 560 million internet users, India is now the second-largest online market after China which makes it clear that India is absolutely booming in this Sector.
Automobile Sector, The value of India’s car sector is estimated to be INR 7.5 trillion at the moment; however, the Indian government is planning to quadruple that value over the next two years, which would make India one of the greatest automakers in the world. This accomplishment will also result in a significant increase in employment possibilities.
Most high demanding and Skills required for the year 2023-24
- Developers Working on Platforms
- Fullstack Developers
- Digital Marketing Specialist
- Data Analysts
- Analysts of the Business
- Banking Professional
- DevOps Engineers
When compared to the beginning of the year 2023, which is more worrisome about the state of the nation’s health, the prospects for the wealth of this quarter are not particularly encouraging. In spite of the fact that our growth may be adversely impacted by the circumstances that prevail around the world, we will still be able to expand at a rate of 6-7 percent in 2023-24. Thank goodness, there is no such possibility of a recession occurring in India. If we follow the current trends in the industry and focus on the expanding sector.