Jobs market looks set for stability, growth: Experts

BENGALURU: Start-ups and the job market expect the new government to provide a more conducive environment and create more employment across the country. Experts said they anticipate a decisive commitment to formalising the country’s vast informal workforce.

“The expeditious enactment of labour codes and strategic measures to bridge skills-jobs gap are critical. We expect these actions to catalyze a structured, equitable labour market, ensuring sustainable livelihoods and fortifying the economic framework,” said Kartik Narayan, CEO Staffing, TeamLease.

Puneet Arora, Managing Partner, Biz Staffing Comrade Pvt Ltd, said the future looks bright for both job seekers and employers. “The job market has been like a rollercoaster with its ups and downs. But after the recent Lok Sabha election results, there’s a lot of talk about the future. With a stable government and a stronger GDP forecast, the job market looks set for stability, maybe even growth,” he said.

Recently, talent platform foundit in its report said with a 184% increase compared to the previous year, white-collar gig jobs have experienced a significant growth in March 2024.

As a fintech start-up, Bhuvan Rustagi, co-founder and COO of Per Annum said they are expecting the new government to provide a more conducive environment for start-ups to innovate and expand the reach of financial services to the masses. He feels that a lot more has to be done across all government agencies to ensure that start-ups can safely and freely innovate and create products.

Jaideep Kewalramani, COO & head of Employability Business, TeamLease Edtech, said the new government must make it a priority to capitalize the trifecta of demographic, digital and AI dividend. “Creating policy support to attract investments in R&D to overcome tech debt in these areas will be the first order followed by rejuvenating the higher education ecosystem. Undergraduates and working professionals must be encouraged to acquire work integrated degrees that will improve know-how and industry relevance.