HomeBusinessBank of Baroda reports that employment in banks, real estate, IT, banking...

Bank of Baroda reports that employment in banks, real estate, IT, banking and health was better than its peers

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Bank of Baroda reported that the top performing sectors in terms of employment are finance, banking, IT, and real estate.

“Sectors like IT, finance, and banking are the fastest-growing. They provide support for other businesses through funding or operational requirements.”

These sectors remained fully operational during the lockdown and thus contributed to the employment stream.

Concerns that had employment linked with production/operations had to go in for downsizing especially when it was not possible to pay salaries due to plants being closed down or services being banned.

According to the report, FMCG and healthcare saw employment growth in FY21 as high turnover was high.

Instead, falling production has led to a moderated rate of employment in certain sectors, such as telecom, capital goods and crude oil.

The CAGR for employment over the last 5 years was just 1.9% compared to real GDP CAGR growth growth of 3.5% during the same period.

Absolute numbers show that the number of employees has only slightly increased from 54.5 lakh in February 2016 to
59.8 Lakh in March 2021

Covid-induced slowdown has caused a noticeable drop in employment. This is especially evident
In March 2021, the figure fell from 60.3 lakh on February 20 to 59.8 million on March 21.

Notably, March 21 is the only month where the actual number of employed people has declined in the past six years.

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