India’s job market is getting bigger and has more opportunities, thanks to a significant increase in new startups. According to a report by Foundit, there was a whopping 37% rise in startups launched last year. The Foundit Insights Tracker for April 2024 shows that hiring is on the rise, with the overall hiring index increasing from 276 in March to 300 in April. Compared to last year, hiring has increased by 9%, showing that more people are getting employed. The tracker also found a 37% increase in startups since last year. Startups are playing a pivotal role in creating jobs for young people, with a 14% increase in the total number of jobs they offer.
The job market in India is growing, with a 14% increase in overall job postings. The report also shows that startups are looking for fresh talent, with over half (53%) of their job postings targeting individuals with 0-3 years of experience.
Fresh Talent in Demand as Startups Expand
Sekhar Garisa, CEO of Foundit, a Quess company, says that startups are increasingly hiring fresh talent. He advises young professionals to focus on gaining relevant skills, not just relying on their degrees. The report notes a drop in remote work opportunities within startups, from 8% in April 2023 to 3% in April 2024. While the IT services sector is growing, industries like the Internet, BFSI/Fintech, and Media & Entertainment are hiring slightly less than before.
On a positive note, hiring in the Production and Manufacturing sector surged by 31% year-on-year. This growth underscores the importance of boosting domestic production and exports. Garisa highlights the significance of these trends, emphasizing the need for young professionals to adapt and the potential for India to become a global manufacturing hub.
Key Findings: India’s Startup Ecosystem and Job Market
- Startup Boom: The number of startups in India has shot up by 37% compared to last year.
- More Jobs: Overall hiring activity has increased by 9% compared to last year (April 2023 vs. April 2024) and increased by 9% from March 2024.
- Freshers in Demand: Over half (53%) of all startup jobs are aimed at freshers with 0-3 years of experience.
- Sales on the Rise: Sales positions within startups have seen a big increase, going up from 9% to 23% in job postings over the past year.
- Manufacturing Momentum: The Production and Manufacturing sector has experienced a significant 31% increase in hiring compared to last year.
|
Job Roles |
% Share (Apr 2023) |
% Share (Apr 2024) |
| IT | 42% | 23% |
| Sales | 9% | 23% |
| Consulting | 27% | 17% |
| Product | 8% | 9% |
| Marketing | 7% | 5% |
Startups are increasingly hiring freshers (with 0 to 3 years of experience), accounting for 53% of all available jobs.
Industry Trends in Startup Hiring:
|
Industries |
% Share (Apr 2023) |
% Share (Apr 2024) |
| IT services | 20% | 23% |
| Internet | 12% | 9% |
| BFSI/Fintech | 11% | 10% |
| Education/E-learning/EdTech | 8% | 8% |
| Media & Entertainment | 7% | 6% |
Startups in the Internet, BFSI/Fintech, and Media & Entertainment industries saw a slight decrease in hiring. Meanwhile, the Education/E-learning/EdTech sector reported stable growth in April.
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