India’s 2024 job market reflects significant transformation and adaptability. Over the years, hiring trends fluctuated, influenced by economic changes, advancements in technology, and the shifting dynamics of a modern workforce. While some sectors struggled initially, others gained momentum in later months. Key industries such as IT, FMCG, and pharmaceuticals led the way, with upskilling becoming critical to addressing widening skills gaps.
According to Naukri’s hiring data, the first quarter experienced a cautious 10% year-on-year decline. By the second quarter, the job market stabilized, culminating in a strong recovery during the third quarter, particularly in the IT sector and emerging regional hubs. IT fresher recruitment is forecasted to grow by 15-20% in the coming years, with high demand for roles in artificial intelligence, machine learning, cloud computing, and data analytics.
The FMCG sector soared, reaching a 20% growth peak in Q3, while the pharmaceutical industry flourished due to sustained healthcare demand, particularly for sales and marketing positions. Major cities like Bengaluru, Hyderabad, and Delhi recorded high demand for food engineers and brand management trainees. Banking and financial services displayed steady growth, while the manufacturing sector, especially auto and auto ancillaries, achieved a 6% year-on-year increase.
White-collar hiring surged as 73% of employers actively sought talent between April and June 2024. Chennai, Hyderabad, and Pune spearheaded metro city recovery while emerging hubs like Udaipur, Indore, and Bhubaneswar showed impressive growth. Despite these promising trends, a growing skills gap persists, with 61% of employers concerned about its long-term implications if upskilling is not prioritized.
