July 11, 2025 02:58 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Aadhaar, Ration and Voter IDs must be valid for SIR: Supreme Court to Election Commission | 'Timing and not exercise is the problem': Supreme Court on Election Commission's voter list revision drive in Bihar | ED files case against 29 celebs including Vijay Deverakonda, Rana Daggubati for endorsing betting apps | Enforcement Directorate raids Karnataka Congress MLA's premises in FEMA case probe | Maharashtra MLA canteen's license cancelled after Sena lawmaker assaulted staff over poor quality food | IAF Jaguar fighter jet crashes in Rajasthan, pilot dies | Namibia is a valued partner, says PM Modi after arriving in Windhoek | Nine people killed as vehicles fell into river after bridge collapses in Gujarat's Vadodara | Alia Bhatt's former personal assistant arrested for cheating actress of Rs. 76.9 lakh | 'We will together defeat TMC in 2026': Disgruntled BJP leader Dilip Ghosh after meeting new Bengal unit chief Samik Bhattacharya
Representational image (Courtesy: Unsplash)

Job creation in corporate sector slows in FY24 to 1.5%

| @indiablooms | Aug 22, 2024, at 02:37 am

Mumbai: Employment growth in the corporate sector decelerated to 1.5 percent in FY24 from 5.7 percent in FY23, with only 90,840 new jobs created, compared to 3,33,000 in the previous fiscal year, according to a report released by Bank of Baroda on Wednesday.

“The employment growth scene in India Inc was quite lacklustre when looked at the aggregate level. Higher growth in FY23, due to the base effect, can only partly explain this low growth,” the report noted.

The report attributed the slowdown to the fact that FY23 was the first year after the pandemic when both voluntary and involuntary staff displacement occurred, resulting in higher employment growth as business activities picked up during that period.

“The same necessity was not felt in FY24, resulting in a lower growth rate,” it noted.

The report highlighted that the slowdown in employment growth is attributed to the fact that FY23 was the first year following the pandemic, during which there was a mix of voluntary and involuntary staff displacement, resulting in a surge in employment as activities resumed.

Sector-wise, the report indicated that retail (19.4 percent) and trading (16.2 percent) led job creation, followed by infrastructure (15.8 percent), real estate (13.6 percent), and iron and steel (12.1 percent). On the other hand, several sectors, including hospitality (-11.9 percent), logistics (-11.8 percent), business services (-6.3 percent), and textiles (-5 percent), experienced a reduction in their workforce during the year.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
RBI announces repo rate cut Jun 06, 2025, at 10:51 am
FM Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:45 pm
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
Close menu