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  3. Growth in job creation slows down in FY19: CARE Ratings

Growth in job creation slows down in FY19: CARE Ratings

19 Aug 2019 Evaluate

CARE Ratings in its latest study report has stated that growth in job creation slowed down in the financial year 2018-19 (FY19), with a 4.3% year-on-year (Y-o-Y) increase in total employment, over 6.2% Y-o-Y growth in FY18. The report showed that the number of jobs created during FY19 to be at 6.03 million. It noted that an economy growing at 6.8% should ideally be creating jobs commensurate to its growth rate. The study is based on a sample of 969 companies which has a high level of concentration as of 2019. About 12 of the 33 sectors are included, with 502 companies that accounted for 83 percent of total headcount, as of March 2019.

The study showed that growth tended to be higher in the service sectors such as finance, retail, realty, IT insurance, media and logistics. These were the relatively faster growing sectors in the economy. In the non-services sectors, non-ferrous, consumer durables and capital goods registered higher growth rates (electrical as well, though it was smaller in size). The auto sector (which saw a sharp fall in growth in production, combined with higher mechanisation), textiles (low production growth) and chemicals grew at just less than 5 percent (and have a sizeable share in total).

The slower movers were infrastructure, construction materials (even though production grew at a healthy rate), FMCG (slowdown in growth in production from 10.5% in FY18 to 4% in FY19), healthcare (slowdown in production growth from 23.1% in FY18 to 1.6% in FY19) and power (stable growth in production of around 5%). CARE Ratings said that the slower growth in the capital goods segment is a factor that has affected job growth in some sectors like infrastructure and construction material. Employment in paper industry grew by just 0.9%, which corresponded to a decline in production by 4.4% over two successive years.

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