According to the ManpowerGroup Employment Outlook Survey for Q4 2024, India has reported the strongest global hiring sentiments with a Net Employment Outlook (NEO) of 37%. This signifies a robust optimism about the country’s economic outlook, leading globally ahead of Costa Rica (36%) and the US (34%). The NEO is derived by subtracting the percentage of employers expecting workforce reductions from those planning to hire.

The survey, which collected responses from 3,150 employers across various sectors and regions, indicates a 7% increase in India's NEO from Q3 2024 and a stable outlook compared to the same period last year. Mr. Sandeep Gulati, Managing Director of ManpowerGroup India and the Middle East, attributes this positive outlook to exports buoyed by multilateral foreign policies, extensive infrastructure development, and India's demographic advantage that bolsters its global competitiveness.

Sector-wise Hiring Trends: The survey reveals that all sectors in India reported positive hiring intentions, with the financial and real estate industry leading at 47%, followed closely by information technology at 46%. Industrials and materials stand at 36%, while consumer goods and services are at 35%. The sector with the least optimistic outlook is communication services at 28%.

Regional Hiring Outlook: Regionally, Northern India exhibits the highest hiring outlook at 41%, followed by the West with 39%. This variation highlights regional differences in employment growth and economic activity.

Regional and Global Comparisons: Across the Asia-Pacific region, employers anticipate a strong hiring outlook of 27%, with India, Singapore, and China leading the region. In contrast, Hong Kong presents a more cautious outlook at 8%. The survey, conducted between July 1-31, 2024, involved 40,340 employers from 42 countries.

Factors Driving Employment Growth: India’s strong employment outlook is further supported by its focus on domestic consumption, government schemes, increasing outsourcing demand, and a manufacturing boom. These factors, combined with efforts to develop relevant skills, are expected to reduce unemployment and better align the workforce with emerging industries.

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