Trends in the Recruitment and Job Placement Market in India, January-March 2024

< Market Overview in India >

According to the International Monetary Fund (IMF), India's GDP growth rate for the next fiscal year starting April 1, 2024, is projected to be 6.5%, and is further expected to remain strong at 6.5% in 2025. 

Reflecting the strength of domestic demand, the IMF also announced that these figures represent an upward revision of 0.2 percentage points each from the October 2023 forecast. The Indian Ministry of Finance also expects the growth rate for the next fiscal year to be around 7%, further highlighting the continued strength of the economy.

< Local Hiring Trends among Companies in India >

One indicator of India's economy is automobile sales, which reached a record high for the period up to March 2024, reflecting the strong growth in personal consumption in India. Against this backdrop, many companies are actively intensifying their recruitment activities to strengthen their departments or expand their workforce. 

It is also notable that some companies that had been taking a wait-and-see approach have decided to fully enter the Indian market, and there have been cases of recruitment for personnel associated with company establishment.

The recruitment market is a seller's market, and in order to secure outstanding talent, companies are increasingly facing situations where they incur higher recruitment costs than budgeted due to counteroffers from competitors, or where candidates decline even after receiving offers. As a result, the recruitment period is becoming longer for many companies.

< Job-Seeker Trends in India >

The local recruitment market sees an increase in job seekers becoming active from April onwards, coinciding with the performance evaluation period. This period, when candidates carefully compare their company's salary increase rates with those of potential employers in order to find the best possible conditions, can be a major headache for companies.

As for Japanese job seekers, the number of people considering overseas employment is increasing compared to the previous year. However, rather than focusing solely on India, they are considering other countries as well, and taking their time to find a suitable job that meets their salary expectations and provides valuable overseas experience.