As the economy expands, India's job recruitment market is also expected to grow in line and double at Rs 2,000 crore (Rs 20 billion) in the next five years, a top industry official said.
"The growth in India's economy has helped bring about a tremendous growth in the manufacturing, banking and services sectors in the country. The job recruitment market here is set to grow at 20 per cent per annum and touch the Rs 2,000 crore mark in five years from the present Rs 1,000 crore (Rs 10 billion)," Esource India's managing director Nitin Deveshwar told PTI.
Esource India is a subsidiary of ESMS (I) Pvt Ltd, which is a leading security company with nation-wide operations and is a full-service recruitment agency powered by an online database combining social networking and traditional recruiting.
The country's manufacturing sector is growing at 8 to 10 per cent and is expected to generate 0.5 million employment opportunities alone, Deveshwar said.
The shift of industrial activities to smaller towns has also created major job opportunities in these areas.
Gujarat's small towns like Vapi, Anjar and Bharuch, Chattisgarh's Raipur, Bilaspur and Korba and Uttarakhand's Haridwar and Rudrapur have provided higher job opportunities, following industrialisation in these areas, Deveshwar said.
Public sector banks as well as private ones are expected to hire in a big way in the coming years as they expand their footprint in smaller towns, he added.
To meet the aspirations of millions of youth from small towns and cities, Esource India, has launched the country's first private employment exchange today, he said.
Esource India has drawn up a capex plan of Rs 35 crore (Rs 350 million) for setting up the employment exchange and the project will be financed through internal accruals and funding from the parent company. It is also talking to two PE investors in Mumbai, Deveshwar said.
"With the number of youth joining the Indian workforce to increase from about 40 million currently to 160 million in the next 10 years, the company wants to have a pan-India presence to meet their emerging employment needs through sales offices and franchisees," he said.
While Esource India has 28 sales offices located throughout the country, it is now focusing on building its franchisee network, he said.
