The economic slowdown in India has led to heavy job cuts and hiring seems to come to a standstill with job platform Monster.com recording a five percent dip in online hiring for January to June, compared to the preceding period of July-December 2018, The Economic Times reports.
The slump was recorded across 27 sectors in the country, with metros bearing the brunt as against Tier II cities for the review period, according to the latest half-yearly analysis of Monster Employment Index.
Among Tier II cities, Baroda and Ahmedabad saw a 11 percent and five percent rise in hiring as against a 19 percent and 16 percent decline in the corresponding period last year, respectively.
Among individual sectors, hiring in the auto space skidded 13 percent year-on-year. For the combined auto and ancillaries industry, hiring in the January to June period fell seven percent. This comes as industry estimates peg job losses in the sector at 350,000 in the past four months.
“Within the automobile industry, there have been certain developments like RBI repo rate cut, which should revive appetite for car loans and hence demand. The government is also focusing on electric vehicles, which should help the sector in the long-term,” Krish Seshadri, CEO, APAC & Gulf, Monster.com, told the paper.
The hardest hit was the agro-industry, which saw 74 percent fall in hiring during the January-June period.
Bucking the trend was the telecom sector, which saw hiring during the period rise nine percent on the back of demand for 5G and next wave technology professionals, the report stated.