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Journalism of Courage
India Inc is likely to put its hiring plans on the back burner now as the business outlook Index has hit an all time low and there has been a decline in the intention to offer jobs at all levels, a latest report says.
In this Quarter (Oct Dec 2008), there is a 11 point dip in the Employment Outlook Index to 64 index points and the Business Outlook Index has hit an all time low and stands at 56 index points, staffing services firm TeamLease Services said in its latest Employment Outlook R eport for the period, October to December 2008.
“The last quarter for this calendar year draws a grim overall outlook and continues to negate the employment growth in India. The Banking, Financial Services & Insurance (BFSI) sector looks grimmer with the spiralling downfall in last few quarters due to the global meltdown in last one year,” TeamLease Services Vice President Sampath Shetty said.
Among the sectors covered, there is a decrease in index points of all sectors except ITeS. Infrastructure (with 88 points) has the highest index points closely followed by ITeS (with 87 points).
“The simmer of hope for the ITeS Sector that the US recession will have a positive impact for the Indian ITeS industry has not really taken off. With the interest rates touching all time high in last 2 years, the overall consumer credit off take has negated growth for the Consumer product & services sectors,” Shetty added.
Manufacturing/Engineering sector has taken a wait and watch approach from overall global economy standpoint. The Telecom Sector which has been fairly insulated by the global turmoil has shown a very conservative outlook in the coming quarter.
