News

Raining job offers in India, over 5 lakh join in Q2

By SiliconIndia | Wednesday, 25 November 2009, 18:58 Hrs | 7 Comments

Raining job offers in India, over 5 lakh join in Q2

New Delhi: Shrugging off the effects of slowdown, the Indian economy is creating job opportunities. The government data shows that sectors such as textiles, automobiles, and IT/BPO, among others, generated around five lakh jobs in the July-September quarter this fiscal.

As reported by Economic Times, the public sector banks are getting ready to spread the cheer as they embark on a large-scale recruitment drive in a bid to replace their estimated 40 percent of their workforce that retires over the next two years. Currently, there are about eight lakh people employed in public banks across the country, as per industry estimates. With about 3.2 lakh employees set to retire by 2011-12, there will be a large number of positions vacant in these banks.

Although not all the slots will be filled, banks are looking to spruce up hiring at all levels and the number will be significant, said senior executives in the banking industry. MD Mallya, Chairman and Managing Director (CMD), Bank of Baroda (BOB), said, "We are looking to add talent for two reasons. One, we need manpower to facilitate our expansion plans and two, there will be quite a few slots vacant with senior employees retiring over the next two years."

Mallya added that the bank plans to add about 1500-2000 heads in the current fiscal itself. Also, the State Bank Of India (SBI) is hiring more than 13,000 people in the current fiscal.

However, hiring may not be in direct proportion to the number retiring. The Bank of Maharashtra CMD Allen Pereira, said, "We will hire in sizeable number. But not all the positions that fall vacant will get filled up as some jobs get eliminated as a result of improved technologies over the years."

The global meltdown that shook the financial sector last year and cause developed world to slump into recession caused serious demand drop for India's exports sector and large-scale job losses. In April-June 2009 quarter job losses were placed 1.3 lakh.

The strong recovery in jobs in the last quarter has taken the net job additions over the 12 months ending September 2009 to a positive 1.5 lakh, limited survey by the government has revealed. "The stimulus packages given out by the government helped increase liquidity, thereby stimulating production and consumption. This inturn led to employment generation," said Harish Rawat, Minister of State, Labour and Employment.

Also, BP Pant, Director, Labour and Skill Development at FICCI, added, "Market sentiments have improved over the past few months. While the country's exports were hit badly, other sectors were relatively better off."

Don't Miss ( 1-5 of 15 )

10 Most Fuel-Efficient Cars in India

10 Sexiest Indian Models in America

10 Famous Athletes Who are Businessmen

Craziest Purchases of Billionaires

Top 10 Nightlife Cities of the World

Write your comment now

Reader's comments(7)

1: I don't think that just only looking for public sector jobs will solve our problems in our country. As our export hit badly, we should look into other ways to bring back economy my providing latest research methods for the students in their educational institutions in our country.

Posted by:deepak - 28 Nov, 2009