In the middle of a glum economic mood, the job market for professionals in the Indian healthcare, hospitality, IT and IT-enabled services (ITes) and media & entertainment is growing and expected to create 16 lakh new jobs in the current financial year, according to an ASSOCHAM paper.
The Compound Annual Growth Rate (CAGR) of in these segments is likely to be 20-25%, the ASSOCHAM paper on “Emerging opportunity in rising sectors” said. Healthcare and hospitality sectors would grow the most among these verticals, followed by media & entertainment and IT and IT-enabled services (ITes).
It said healthcare itself is expected to add 4,00,000 jobs by 2014. It is already one of India’s largest service sectors with estimated revenue of about Rs, 2.5 lakh crore (about 5 per cent of GDP).
As per the ASSOCHAM Research Bureau, study Kochi has the major share of 34.20 per cent as the most prominent employment source. It is followed by Coimbatore (12.70 per cent), Bangalore (6.12 per cent), Delhi-NCR (6) and Hyderbad (4 per cent) at second, third, fourth and fifth positions respectively during April 2011 to April 2012.
“The job creation is happening at all levels. Even in the engineering and management colleges the campus placement trends are positive. Though cautious, corporate are back with their campus programmes. The trend is expected to continue for another next 6-12 months”, said Mr. D.S. Rawat, Secretary General, ASSOCHAM.
However, Aviation, Finance, Real Estate and Textile sectors are witnessing steep decline, as these are sensitive to downturns, the paper said.
By 2025, the Indian population will reach 1.4 billion, 45 per cent of them being urban adults. To cater to this demographic change, the healthcare sector will have to be about $100 billion in size (8 per cent to 10 per cent of GDP). Medical tourism, diagnostics and pathology will contribute hugely, growing to $2 billion each by the end of 2013, adds the ASSOCHAM paper.
Domestic tourism is on the upswings, the sector is expected to add 3,50,000 jobs this year. Rupee depreciation has seen foreign tourist arrivals increase by 12 per cent in one year. Moreover, Indians themselves have become quite footloose.
Tourist growth is expected to be from 5 million now to 9 million by the end of the 12th plan period. This will mean the industry will need to create 24.5 million new jobs by 2016, added Mr. Rawat.
Just as the depreciating rupee encourages foreign tourists to come to India, it also discourages Indian tourists to go abroad.
IT & ITeS will witness 3, 80,000 more jobs by 2014. The IT industry is fast reaching the $100 billion mark and still creating substantial number of jobs. The companies are expected to be more stable in their hiring plans this year, as most of them have already factored in economic turbulence.
ASSOCHAM paper also disclosed that India’s media and entertainment industry is expected to grow from Rs 81,500 crore in 2010 to more than Rs. 1,25,000 crore by 2015. In the process , some 2,50,000 jobs will be created by 2014. As the increasing per capita income, a growing middle class and a burgeoning working population are generating huge domestic demand for leisure and entertainment.