Indian Job Market is Driven by Udaipur, Indore and Jaipur with AI Roles most In-demand

In 2024, India's job market has proven resilient, adjusting to changes in the business and setting itself up for expansion. According to Naukri's examination of hiring patterns, industries started to stabilize by the second quarter of the year, despite a 10% drop in year-over-year (YoY) recruiting activity in the first quarter. A robust recovery in industries like IT, an increase in growing cities, and a renewed emphasis on employing fresh talent were the main drivers of the employment boom that was visible by the third quarter.

Metro Areas and Beyond

The recovery effort was spearheaded by metro areas like Chennai, Hyderabad, and Pune; Pune stood out as a particularly strong performer, exhibiting an impressive 13% increase in hiring in Q3. Major cities were not the only places seeing this increasing trend. Newer cities like Indore, Udaipur, and Bhubaneshwar saw significant growth, with Indore coming in second with a 14% increase and Udaipur with a 17% increase. With a 48% increase in hiring for the IT sector in Q3, Jaipur in particular has become a burgeoning tech powerhouse.

These cities are becoming as significant employment centers, demonstrating that growth is extending outside of the conventional centers.

According to the Naukri survey, Ahmedabad also recovered in the second half of the year, registering impressive development in industries like oil and gas, construction and engineering, and accounting and finance.

With growth rates ranging from 14% to 47% over the course of the year, the AI/ML industries stood out, underscoring the continued increase in demand for tech-driven expertise. Machine learning and data-related roles continued to be in high demand throughout the year, reaching a YoY growth of 102% in Q3. These comprised, among others, Full Stack Data Scientists, Data Science Analysts, Big Data Testing Engineers, and Machine Learning Engineers.

The FMCG industry did the same, continuing to develop at a good rate over the course of the several quarters. After a flat first quarter, the industry saw a 20% growth peak in Q3. Pharma and biotech also prospered, thanks to the continuous demand for healthcare. The most sought-after positions in these industries continued to be those of sales manager and marketing manager.

After a slow Q1, the Insurance industry grew by 37% in Q2, driven by the growing demand for financial protection, while the Banking and Financial Services sector grew modestly throughout the year. With a 23% increase, this enthusiasm carried over into Q3. The increase is mostly attributable to a growing need for financial stability as businesses and people concentrated on safeguarding themselves against unforeseen circumstances.

Throughout the year, the IT/software services industry experienced ups and downs. The first quarter saw a sharp fall of 17%, most likely due to headwinds in the global economy. But the industry gradually recovered, and by Q3, it had grown by 12%. Throughout every quarter, Oil & Gas maintained a constant double-digit growth rate, ranging from 10% to 16%.

With a 6% YoY growth, the manufacturing sector as a whole has shown consistent improvement. Among these, the Auto and Auto Ancillary industry demonstrated a robust rebound, accelerating from Q2 with a 5% YoY rise and reaching a remarkable 7% peak in Q3.