IT, financial services account half of jobs among listed companies

Even as the government pushes the ‘Make in India’ initiative to develop manufacturing in the country, IT & financial services have turned out to be the biggest employers — both account for half of the jobs among all listed companies. Incidentally, these two sectors are also the biggest hirers of women.

A study of the top 250 listed companies by investment bank CLSA has shown that of the total 45 lakh jobs generated by them, more than half were in just the two sectors, with financials employing 28% of the total workforce, or 13 lakh people, and IT another 26%. Within financials, the public sector employs 60% of the workforce.

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Private firms continue to be the main source of job-creation, as public-sector headcount declined 2.6% in FY19. Private-sector headcount, on the other hand, increased by 9.2%. The decline in public-sector jobs was the sharpest seen in recent years. The two biggest listed public-sector employers — Coal India and State Bank of India (SBI) — on a net basis, cut their workforces year-on-year (YoY) by 4.4% and 2.6% respectively.

Source: Economic Times

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