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CharmainLeon
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Improving economy signals a strong job market this year

The Indian economy has recovered from the twin shocks of demonetization and GST implementation. This is indicated by the relatively high growth rate of 7.2% it witnessed in the second half of the past year. With the Government stepping in to protect trade, the increase in crude oil prices and a reviving stock market, the economy is expected to build on this momentum and achieve an even higher growth rate in 2018.

Improved domestic conditions such as a rise in consumption and an increase in small business activities has in turn led to an increase in FDI flows. With ease of doing business improving, several international players are setting up operations in India resulting in improved job creation. The increased focus on infrastructural development, and consequent higher budget allocations are in turn helping long-pending projects get off the ground. This has led to a huge boost in the number of Jobs indeed gulf to be created in this sector. With the global economy turning a corner, India is poised to take advantage of improved economic conditions to boost is domestic growth.

The direct impact of this upswing can be seen on the job market which is likely to see 15-20% growth in the next financial year (2018-19) due to the positive business outlook and industry growth sentiments.

In the last year, the recruitment industry grappled with the after-effects of demonetization, concerns relating to GST implementation and uncertainties over changing H1B visa regulations in the US. However, things are much clearer this year, and the market is showing a pickup. The positive business sentiment coupled with the bouncing back of sectors such as consumer goods, infrastructure, auto and financial services has seen a jump in hiring activity. Although a bulk of the hiring is concentrated in the non-IT sectors, the IT sector too is seeing a recovery in hiring sentiment, especially in niche technologies such as AI and Robotics.

Wisdomjobs.com, India’s first skill assessment based job portal, is poised to contribute to this growth wave through its innovative hiring solutions aimed at simplifying the hiring process, for employers and job seekers, both.

We expect our already sizeable job seeker database of 31 million in India to grow to 35 million by the end of the current financial year. We also expect an upsurge in the number of job seekers who are seeking opportunities in the Gulf and Middle-east regions through our Gulf-focused portal, www.wisdomjobsgulf.com. The Gulf job seeker database is expected to grow from 3 million to 4 million this financial year.

Our free assessment center – Pragnya Meter – that serves over 6000 skill-based assessments has so far tested over 14 million users and is expected to hit the 16 million mark this year. We will continue to provide these free assessments to job seekers with the aim of helping them become more hire-worthy by understanding what the job market currently demands. By the end of this year, we expect to ramp up the number of skill-tests available on the platform to 7000.