New Delhi: After a year of flat headcount, FY22 saw a 10% jump in jobs, according to a study of 675 companies done by Bank of Baroda, with the total headcount rising to 4.1 million as economic activity resumed following the lockdown and the second wave of Covid-19. The jump was largely due to IT and the banking, finance and insurance sectors, which accounted for 93% of the addition.
In terms of absolute numbers, IT led the way with 2.9 lakh new jobs created during 2021-22, followed by banking (around 44,000) and finance (about 24,000). Finance was among the sectors that witnessed a sharp rebound as the economy opened up with infrastructure, retail, textiles, steel and FMCG being the other major segments that moved from a fall in jobs in FY21 to job-generators, based on the sample.
It, however, noted that the job recovery was not broad-based as there was only an increase of 1.8% if IT, banking and finance were excluded.
“These are early indications, given the size of the sample, but may point to broad trends. Total employment for the sample companies increased from 3.74 million in FY21 to 4.12 million in FY22. In FY21, growth was flat as headcount in FY20 was 3.73 million. Hence growth of 10.2% is quite impressive,” the report pointed out.