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Job Growth in IT, Agriculture and Banking sectors in India

According to a new study conducted by the industry, body Assocham the key job creators in India this year would be the Information Technology, banking and agriculture industry.

 

"Information Technology (IT), pharmaceuticals, banking and agri-related industries such as farm equipment, fertilisers and seeds, will remain the largest employment generation sectors in 2014," the chamber said in its study.

However, the present state of the economy is not so good but these three fields will create lot of job opportunities in 2014. These three sectors in particular would remain the net aggregator of jobs in 2014, specially the IT sector will see the real boom this year as US economy is recovering.

 

The industry, body Assocham added, "The US economy is showing signs of improvement... A large number of American firms are expected to increase their IT spend as consumer sales pick up there and Continuous pressure on rupee will help increase the net income of IT companies and they will keep hiring”.

 According to the Assocham president Mr Rana Kapoor "Since our economy still remains a good mix of organised and unorganised, large corporate and small enterprises, a large number of people in rural India are dependent on agro based sectors or broadly agriculture  and tertiary industries; there are inherent and inbuilt strengths which come handy when the chips are down,".

 

Pharma sector will see its growth and will continue to hire in 2014. But as there has been  a setback in US and also due to more tightening of regulations in the US and some other markets overseas, the companies will have to invest more in improving their manufacturing and Research & Development. Also there is a good news on agricultural front that rabi crop has come back this year so agri based industries will do better this year.

 

"The positive spin off would be evident in a whole lot of industries which are directly linked such as tractor and farm equipment manufacturers, irrigation firms and those involved in developing and selling seeds and fertilisers", it said.

This year is expected to be a good one for banking sector; new job rise will be seen in 2014.  

"The NPAs would be reduced since the focus is very much there on the issue and there are signs of recovery in some segments of the economy. Besides, a huge number of backlog vacancies have to be filled up in public sector banks."

There is good news for the private banking sector, they will get new licenses before April; will throw up new job opportunities. While the new banks will leverage technology, job opportunities will arise both in brick and mortar as also in development and implementation of technology solutions.