Fresh placements halved in Jan-March: Assocham
Fresh placements in IT and banking dipped by 49 per cent in the fourth quarter of 2008-09 over the previous three months, a study by industry chamber Assocham said.business Updated: Apr 12, 2009 10:47 IST
Fresh placements in IT and banking dipped by 49 per cent in the fourth quarter of 2008-09 over the previous three months, a study by industry chamber Assocham said.
Assocham Placement Parameter (APP) Composite Index, which tracks employment generation in the major sectors of India, has reduced to half in January-March over the last three months of 2008, the chamber said. "AAP Composite Index has reduced to half as most of the highest employment generating sectors have curtailed their hiring," it said.
The sector which have recorded maximum decline in job creation include education, hospitality, IT, real estate, banking, textile, auto, construction and engineering, it said. "As the pressure of recession intensified on the Indian economy, employment generation has become a serious issue for the country whose capacity for job creation in the organised sector has taken severe hit with dipping growth rates," said Assocham President Sajjan Jindal.
The index of IT sector witnessed a substantial decline of over 50 per cent due to contraction in demand in its major markets in the US and Europe. Index of the education sector which accounts for considerable job creation in the economy fell by 74.63 per cent, it added.