quess: Indian labor market shows strong workforce recovery in March, Quess data shows

India’s labor market rebounded strongly in March as ’employee headcount’ rose 18.4% year-on-year as restrictions were lifted and labor resumed. economic activity, according to data from AllSec Technologies, a business process services (BPS) provider. and a Quess company.

The travel and hospitality sector, which has been hardest hit due to Covid-induced lockdowns over the past two years, has seen a robust recovery with a 47.6% growth in salaried headcount over the past two years. of the month, the data showed. This contrasts sharply with the 48.7% decline in March 2021 compared to March 2020.

“We have seen an optimistic recovery pattern across all industries this month…We are confident to see a positive trend in the coming months, bearing in mind the government’s job creation efforts in all sectors, as shown by the country’s budget and economic recovery,” said Ashish Johri, CEO of Allsec Technologies.

Employment figures are derived from internal AllSec Technologies data from various industry sectors.

The energy sector saw a 41.5% annual increase in its workforce this year (March 2022 compared to March 2021) and notably exceeded pre-pandemic levels with growth of 42% (March 2022 compared to March 2020).

The IT/ITes industry performed considerably well with an increase of 27% in March accompanied by logistics which experienced a growth of 27.3%. Sectors such as financials (16.6%) and food and beverages (12.9%) also showed optimistic year-over-year trends.

The logistics sector accounted for the highest growth compared to pre-pandemic figures. Compared to pre-pandemic levels (March 2022 vs March 2020), triple-digit growth was noted in the logistics sector (178.3%) due to low-cost housing encouraging integrated logistics and multimodal connectivity, a showed the survey. Industries that have seen considerable growth include energy (42%) and e-commerce (41.8%). The e-commerce and delivery industry has seen transformative growth in light of the closures and restrictions imposed on retail outlets during multiple waves of the pandemic. IT/IT (29.4%) and food and beverages (19%) also performed well.

About Jason Norton

Check Also

Asian stocks follow Wall St drop on inflation pressure

By JOE McDONALD, AP Business Writer BEIJING (AP) — Asian stock markets followed Wall Street …