Job Growth


Jobs in Artificial Intelligence (AI) and Machine Learning (ML) are experiencing rapid growth in India, according to a recent Jobspeak report by Naukri.com. The report highlighted a significant 37% year-on-year increase in AI and ML jobs in May, underscoring the industry’s heightened demand for specialised expertise and talent. This surge reflects AI and ML’s critical role in transforming various sectors and driving technological advancement.

Additionally, several other sectors reported notable job growth in May. These sectors include banking, Fast-Moving Consumer Goods (FMCG), and oil and gas. Overall, India’s white-collar hiring grew by 6% in May compared to April 2024. These jobs, typically involving managerial, administrative, or clerical work in an office environment, are generally higher-paid and require advanced skill levels.

Non-metro cities like Surat and Raipur emerged as hiring hotspots, with the highest year-on-year job growth. These cities are becoming increasingly attractive to job seekers and employers due to lower living costs and emerging business opportunities. Conversely, metro cities such as Mumbai, Hyderabad, and Bangalore saw a marginal decline in hiring, indicating a shift in employment dynamics towards non-metro areas.

A notable trend is the rising demand for jobs requiring extensive experience, with the 16+ years of experience category witnessing a significant 23% growth. This reflects the industry’s need for seasoned professionals who can provide expertise and leadership.

While most sectors reported mid-single-digit growth, the overall index was affected by slower growth in the IT, BPO, and education sectors. Despite this, several major sectors exhibited robust performance. The oil and gas sector recorded a 14% year-on-year growth, driven by strong demand and increased investments. The banking sector grew by 12%, reflecting ongoing expansion and digital transformation initiatives.

The FMCG sector experienced an impressive 17% year-on-year growth, with Mumbai and Kolkata leading with 38% and 25% increases, respectively. This growth indicates rising consumer demand and the sector’s resilience despite economic challenges.

Also Read | AI to transform Job Market with 12 Million occupational shifts by 2030: Report

The healthcare sector also showcased strong growth, with an 8% increase year-on-year, driven primarily by metro cities like Bangalore and Hyderabad, where healthcare infrastructure and services are rapidly expanding. Similarly, the travel and hospitality sector saw an 8% growth, reflecting a rebound in travel activities and increased consumer spending in leisure and tourism.

However, the report noted a 2% dip in new job opportunities for entry-level professionals compared to May 2023, suggesting that while demand for experienced professionals is robust, opportunities for fresh graduates may be limited.

To explore more significant AI insights join Elets India AI Summit on 11-12 July in Bengaluru, the Premier Forum for Shaping India’s AI Future.

 

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