Finance, IT lead in job creation, capital-intensive sectors in cuts: CARE

The report shows that job growth, which had picked up by 2016-17, slumped in the two succeeding years – 2017-18 and 2018-19

A CARE report shows that banks, finance, and software firms led in job creation in the last four years. Labour- and capital-intensive sectors cut jobs most rapidly. This suggests that though the financial situation of banks deteriorated and credit growth turned tepid, employment was still on track. In the sample of nearly 1,900 firms analysed by CARE, as many as 6.2 million people are employed. The jobs in these listed firms grew at a compound annual growth rate of 3.3% in the last four years. The report shows that job growth, which had picked up by 2016-17, slumped in the two succeeding years — 2017-18 and 2018-19. Slowdown has aggravated further in 2019-20.