Demand for talent in India expected to remain strong in 2023

Organisations in India have projected a cautiously optimistic hiring intent of 20% for 2023, a decline from the 28% growth seen last year. The positive hiring momentum can be attributed to India’s robust economic performance, particularly in the manufacturing and engineering sectors under the Make in India campaign, which encourages organisations to develop, manufacture, and assemble products made in India.

According to the Decoding Jobs 2023 India Report by Taggd, prepared in collaboration with the Conference of Indian Industry (CII), automotive (30%), manufacturing (25%), and banking, financial services and insurance (24%) sectors will continue to lead India’s demand for talent, followed by Internet businesses (19%) and pharmaceuticals and healthcare (16%).

A slowdown in hiring is expected in the IT sector (10%) while global in-house centres are expected to grow their hiring by 23% in 2023, a drop from the 36% recorded in 2022.

54% of organisations are expected to expand their hiring searches beyond tier 1 cities to emerging talent hubs, while women’s participation in the workforce declined from 36% in 2021 to 33% in 2022.

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Elaborating on hiring projections for 2023, Devashish Sharma, President of Taggd, said, “Organisations may start the calendar year 2023 on a cautiously optimistic note, however, we expect hiring to pick up in the following months, driven by existing as well as new demand for talent.”