| | JULY 20244According to the Reserve Bank of India's (RBI) Measuring Productivity at Industrial Level India KLEMS (capital, labor, energy, material, services) data, India adjoined 4.67 crore jobs in FY24. The data further reveals that currently, there are 64.33 crore provisional jobs, up from 59.67 crore in FY23. However, this number clocks magnitudes much higher than the estimates by private surveys that point out the country's high unemployment rate. On the other hand, the sectors in which these job opportunities are opened up are also a challenge. For instance, according to a Bloomberg report, around 46 percent of the workforce is still employed in agriculture, which contributes less than 20 percent to the gross domestic product (GDP).Meanwhile, the manufacturing sector accounts for only 11.4 percent of total jobs in 2023. Remember, the Indian government hopes to have 25 percent of the economy's output come from manufacturing by 2025 through the implementation of different programs and policies. While this accounts for the significant disparity between growing job opportunities and increasing unemployment, one of the other reasons is the skill gap. The unemployment rate rose to an eight-month high of 9.2 percent in June 2024, according to data from the Centre for Monitoring Indian Economy (CMIE).The case of IT hiring is also not much different. IT companies are looking for talents with multiple skills. Lend your years to Rajesh Balasubramanian, Executive Vice President & Global Head ­Talent Supply Chain, Hexaware Technologies. In a recent interview with CEO Insights, he said, "The hiring process going forward will be longer and more meticulous, with multiple rounds of evaluation, including customer interviews, becoming quite a norm. On the supply side, the talent pool has become highly narrow over time. The overall IT spending from the clients is also shrinking."As the challenges in hiring brew up, the timing couldn't be better for publishing our yearly special issue, shedding light on HR leaders in India. Do let us know your thoughts. Sujith VasudevanManaging Editoreditor@ceoinsightsindia.comThe HR Industry is Fighting Its Battle EditorialVol 05 · Issue 1 - 7·JULY, 2024 Publisher Alok ChaturvediSenior Designer Girisha M Antony Arnold. F Madhusmita SahooNoidaRohan S Jaspreet K Niteesh Pandey advertise@ceoinsightsindia.comEditorial queries editor@ceoinsightsindia.comAdvertising ManagersNilesh Singh To subscribeVisit https://www.ceoinsightsindia.com/subscribe/ or send emailto subscription@ceoinsightsindia.comMagazine Price is Rs. 150 per issuePublisher Alok ChaturvediPrinted and Published By Alok Chaturvedi on behalf of InfoConnect Web Technologies India Pvt. Ltd., and Printed at Executive Prints - 113/7, Ground floor, Old madras road, Halasuru, Bangalore - 560008 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017.Copyright © 2024 Info Connect Web Technologies India Pvt. Ltd., All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher.GM - Sales & Marketing Amrit SinghCirculation Manager Magendran Perumal Editorial Hima P. M. Keerthana Kantharaj Roopalatha H Roshan Akthar Managing Editor Sujith Vasudevan
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