Formal jobs in the country are growing at an exponential rate. The placement season at business schools across the country brought good news for students. The companies offered 10-15 percent more salaries than they did last year, the number of jobs were also plenty with some top schools running out of willing students in less than four days. Financial firms, consulting, consumer durables, sales and marketing companies were largest recruiters at the business schools. “The placement season shows a lot of promise. Despite our batch size growing by 15%, we saw good response from top recruiters and it is a good sign before the final placement begins in a couple of months,” Harkirat Singh, a professor in charge of placement at IIFT , New Delhi.
The students from IIM-Lucknow, Kozhikode, IIFT, XLRI Jamshedpur, Birla Institute of Management Technology (BIMTECH) in Noida witnessed good demand from the companies. Boston Consulting Group, America based top global management consulting company was top recruiter at XLRI with 13 employments. . “This has been a good year for summer,” said Uday Damodaran, a professor and chairperson of placement at XLRI.
In last few years, IIM Lucknow has witnessed some of the best placement seasons. 445 students were placed in 140 companies in financial, marketing, and consulting roles from the campus. The number of formal jobs has grown in last few years. Information Technology (IT) sector which saw job losses in last few years with many firings has also revived. Top five software companies including TCS, Infosys, and Accenture added 24,047 jobs in June quarter in comparison to 13,772 hiring in last year for the same time period. This year financial giants like Citi, Goldman Sachs, JP Morgan, and Axis Bank were among top recruiters.
The formal job creation peaked in the month of September as per the EPFO data. The number of people who subscribed PF services through Employees’ Provident Fund Organization (EPFO) was 9, 73,744 in September this year. This is the highest enrollment since the month of September last year when the enrollment data was set. The best thing about the additions in the month of September is that the maximum numbers of jobs have gone to an age group of 18-21 year. The second highest additions were in the 22-25 year age group. The rise in fresh graduates’ data was visible at the increase in hiring in business schools, graduates coming out of college are no longer struggling for jobs.
The growth in economy with simultaneous increase in number of formal jobs debunks the claim that economic growth under Modi government did not translate into jobs. The shady claims were made by the left-wing economists who have made it a point to criticize the Modi government for every step that it took. Moreover, the GDP growth is healthy and well sustained in the last four years and therefore, the economists came with a bizarre theory that although ‘GDP growth is good but jobs are not growing due to economic policies of the government’. The consistent growth in GDP as well as the number of jobs is a befitting reply to the bogus claims of the left-wing, dynasty economists.