Overall jobs growth rate slips to 3.5% in FY20: Report
New Delhi: Reflecting the overall stress in the economy, the employment growth rate declined to 3.5 percent in FY20 from 3.8 percent in the past Fiscal year, yet the absolute number of occupations expanded to 50.02 lakh from 48.32 lakh, says a report.
In FY20, 1.70 lakh new openings were included, while the net expansion was 1.76 lakh in FY19, shows a CARE Ratings report.
But, in FY20, upwards of 321 organizations diminished their headcounts by 1.13 lakh contrasted with 272 organizations doing as such by 1.18 lakh in the earlier year.
In FY20, top 10 organizations added 1.41 lakh to their headcounts of which four each were in IT and banks and two in the NBFC space.
Nine companies had headcounts of over 1 lakh each, of which four were in the IT segment, two in banking, and one each in auto, NBFC and different parts, says the report.
Seven companies had headcounts of between 50,000 and 1 lakh and 17 had between 25,000 and 50,000, while 33 companies with headcount of each over 25,000 represented 57 percent of absolute work.
As far as segments, four industries accounted for around 61 percent of jobs, driven by IT (23 percent), banking (22 percent), auto (9 percent) and fund (7 percent). Materials, which at one time was a main business, was fifth in the chain of importance with a portion of 2.4 percent. Ten businesses saw a decrease in headcounts.
As far as growth in employment or headcount, 11 of the 33 enterprises saw growth of over the normal of 3.5 percent. This included electricals, money, banking, IT, FMCG, buyer durables, exchanging, chemicals, iron and steel, retail and protection.