Employment slips just 1% aided by low hiring growth

There has been a marginal decline of 1 per cent in employment growth at 6.6 per cent mainly due to a larger number of companies having witnessed lower or negative hiring growth, according to a report.

The employment growth in 2016-17, was at 7.7 per cent, Care Ratings said in a report.

Mainly companies with a turnover of between Rs 50-100 crore, Rs 100-250 crore and Rs 500-1,000 crore have witnessed negative employment growth, the report added.

Large companies, above Rs 1,000 crore net sales have witnessed robust employment growth, it added.

“We observe that sectors like shipping, media and entertainment, abrasive, electrical, iron and steel and diamond have witnessed a robust sales growth in FY18 but at the same time have witnessed a negative growth in employment. On the other hand, telecom sector has witnessed negative sales growth but has provided employment, having witnessed a growth of more than 15 per cent,” the report said.