Category news

National, 1st March, 2024 – Welspun Enterprises Limited (WEL), the infrastructure and energy arm of Welspun World, has secured a significant contract to Design, Build and Operate a 2,000 MLD (million litres per day) Water Treatment Plant (WTP) at Bhandup Complex in Mumbai, from the Brihanmumbai Municipal Corporation (BMC).

The contract, valued at Rs. 4,123.88 Crores, encompasses the design, construction, and operations & maintenance of the plant. The value includes an Operations and Maintenance (O&M) component of Rs. 1,880.44 Crores. The design-build project is slated to be completed within a timeframe of 48 months, following which WEL will undertake O&M responsibilities for a period of 15 years.

The proposed water treatment plant, one of the largest in the world in terms of capacity, is located at BMC’s Bhandup Complex, which currently supplies drinking water to Mumbai City through existing Water Treatment Plants. WEL has partnered with Veolia, one of the world’s largest technology company specializing in the water sector, as its Technology provider for the upcoming plant. WEL aims to leverage advanced treatment processes and technologies, in line with its commitment to maximizing resource utilization and developing sustainable infrastructure solutions.

Over the last few years, WEL has made rapid strides and expanded its foothold in the water sector in India. The Company is currently executing some prestigious projects including the Rural Water Supply Project under Government of India’s Jal Jeevan Mission in Uttar Pradesh covering around 2,500 villages and the 418 MLD Waste Water Treatment Facility (WwTF) project at Dharavi, Mumbai. In August 2023, WEL acquired Michigan Engineers Pvt. Ltd. (now renamed to Welspun Michigan Engineers Limited) to expand in the urban water infrastructure and tunnelling solutions segment.

Commenting on the achievement, Mr. BK Goenka, Chairman, Welspun World, said, “The Bhandup WTP project marks a significant milestone in Welspun Enterprises’ growth journey. I firmly believe that our unwavering focus on technology and innovation will culminate in the development of a world-class, sustainable water treatment plant, ensuring access to clean water for Mumbai citizens while promoting environmental sustainability.”

Commenting on the project, Mr. Sandeep Garg, Managing Director, Welspun Enterprises Limited, remarked, “We are honoured to have been chosen as the preferred bidder by the BMC. With the Bhandup WTP project, WEL has expanded its portfolio to encompass a comprehensive range of solutions across the entire water spectrum. The water sector continues to be one of the key focus areas for us and this order synergises well with our overall growth strategy. Our strong capabilities and proven track record in delivering high value and critical infrastructure projects stand us in good stead to bag significant opportunities in future. Our team is fully committed to ensuring the highest standards of quality and efficiency in delivering this project, reflecting our unwavering dedication to excellence.”

1st March 2024: On World NGO Day, Vedanta Aluminium, India’s largest producer of aluminium, announced that its impactful outreach efforts in partnership with Non- Governmental Organizations (NGOs) have resulted in a positive transformation in the lives of nearly 5 lakh individuals across India in FY23 alone. Cumulatively, the company’s social interventions have positively impacted over 6.3 lakh individuals in the last fiscal. The company is actively collaborating with over 20 NGOs to drive socio-economic progress in alignment with community needs, the government’s developmental initiatives and the United Nations Sustainable Development Goals (SDGs).

Vedanta Aluminium’s operations include one of the world’s largest aluminium smelters in Jharsuguda, a world-class alumina refinery in Lanjigarh in Odisha, India’s iconic aluminium
producer BALCO in Korba, Chhattisgarh, and a growing mines vertical. Together, they are bringing several areas in rural India into the socio-economic mainstream by reducing multi- dimensional rural poverty, creating opportunities for enterprise and employment. The company’s social welfare interventions are based on five thematic areas spanning education, healthcare, livelihood, rural infrastructure, and grassroots sports, art & culture, with a focus on woman & child development.

NGOs are crucial to this entire effort, adding strengths such as deep penetration into rural
communities, programme development expertise, and insights on social structures and customs. They function on a scientific basis, conducting need assessments to ascertain the needs of the communities that could benefit from Vedanta Aluminium’s social support, developing a programmatic approach to welfare initiatives, and conducting regular impact assessments to gauge the efficacy of the welfare programmes. The NGOs subsequently recalibrate or enhance the ongoing programmes based on these definitive findings.

Every NGO partner working with Vedanta Aluminium is selected only after rigorous due diligence. Once onboarded, projects are closely monitored in terms of execution and impact, with partners audited regularly in keeping with international standards. Initiatives are undertaken with the long-term goal of making communities self-sustaining. Thus, project milestones are designed such that community members take complete ownership
eventually.

Mr. John Slaven, CEO, Vedanta Aluminium said, “Our community investments have grown by a significant 45% between FY21 and FY23, reflecting a strong commitment to the holistic development of the communities within which we operate. By establishing strategic partnerships with reputed NGOs, we leverage our shared strengths to design and deliver impactful social welfare initiatives to our community members. At Vedanta Aluminium, we believe that inclusive growth stems from empowering all segments of society. Our NGO partnerships deliver on this front by catalysing transformative, sustainable development.”

Ongoing collaborations involve working with domain-specific experts on a broad range of
interventions, such as the Punaruthan Voluntary Organisation which is addressing the healthcare needs of over 2 lakh beneficiaries in Odisha through essential healthcare facilities. Meanwhile, in association with the Sarthak Jan Vikas Sansthan, the company has undertaken Project Nayi Kiran, a transformative project focused on ensuring better menstrual health and hygiene practices among rural girls.

Vedanta Aluminium has also partnered with the Vedanta Foundation to implement skill development programs in trades such as electricals and tailoring for rural youths, boosting their employability. In collaboration with Action For Food Production (AFPRO), the company is encouraging enhanced farming practices and food security through initiatives such as ‘Jeevika Samridhhi’ in Jharsuguda and ‘Mor Jal Mor Maati’ at Korba. Moreover, it has also partnered with the Sportz Village Foundation to provide archery & karate training to rural youths, which has resulted in several laurels won at the state and national level.

Sharing the impact of these initiatives, Dr. Jacob John, Executive Director, Action For Food Production (AFPRO) said, “Through our partnership with Vedanta Aluminium, we are ensuring a transformative impact on thousands of farmers and also re-establishing farming as a sustainable livelihood choice for younger generations.” Adding his views, Mr. Jugal Pattnayak, Managing Director, Mahashakti Foundation, said “We have partnered with Vedanta Aluminium on entrepreneurship initiatives which are helping women in rural areas make informed choices on their family’s wellbeing and also play a more active role in their community’s development.”

Their cumulative impact resonates strongly with the theme of observing this year’s World
NGO Day: “Building a Sustainable Future: The Role of NGOs in Achieving the Sustainable Development Goals (SDGs).” Through these strategic initiatives, the company actively enriches the lives of community members within its operational areas and beyond, recognizing them as integral contributors to collective socio-economic progress and growth.

Vedanta Aluminium, a business of Vedanta Limited, is India’s largest producer of aluminium, manufacturing more than half of India’s aluminium i.e., 2.29 million tonnes in FY23. It is a leader in value-added aluminium products that find critical applications in core industries. Vedanta Aluminium ranks 1st in the S&P Global Corporate Sustainability Assessment 2023 world rankings for the aluminium industry, a reflection of its sustainable development practices. With its world-class aluminium smelters, alumina refinery and power plants in India, the company fulfils its mission of spurring emerging applications of aluminium as the ‘Metal of the Future’ for a greener tomorrow.

Mr. Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL)

The “You are Gold” Ad campaign by WGC sends a powerful message to Gen Z and Millennials that you can overcome your fear, self-doubt, insecurity, discouragement, and failures by wearing gold. Gold is considered to be lucky, can empower you, uplift you, and give you passion to achieve your goals. Indeed, Gold has been used since 5000 BC, generation after generation, as a symbol of high social status, as a currency, as a commodity, as an investment tool, and flaunted as jewelry and younger generations need to understand this.

Tauru, Haryana: A grand program organized by the renowned social organization M3M Foundation took place at Malti Vatika Sainipura, situated in Tauru. The event marked the inauguration of four major initiatives under the ‘Sarvoday’ program of M3M Foundation. Ms. Vandana, wife of Sohna MLA Shri Kunwar Sanjay Singh, graced the occasion as the chief guest. Among other distinguished guests were Manita Garg, former Chairperson of Municipality, Tauru; Paramjit Chahal, District Education Officer of Nuh; Kusum Malik Nuh District FLN Coordinator; Amit Yadav, District Sports Officer; Ram Kishan, District Science Expert; and Mussadi Lal Social Worker. Dr. Payal Kanodia from M3M Foundation, Dr. Aishwarya Mahajan, along with various dignitaries, were also present.

The grand event witnessed the participation of over 2000 individuals from the Tauru area, who expressed their appreciation for the initiatives spearheaded by M3M Foundation. The program commenced with the ceremonial lighting of the lamp.

Ms. Vandana expressed her profound delight, stating, “M3M Foundation has made an exemplary contribution to the Tauru area, for which we are immensely grateful. The assistance provided by the M3M Foundation is deeply appreciated by all of us. The construction of a substantial girls’ school is a direct response to the community’s needs, reflecting the Foundation’s commitment to addressing local requirements. Furthermore, the development of the pond stands as a significant gift to the Tauru area from the M3M Foundation. The meticulous attention to detail in enhancing its beauty ensures that it will stand out as the most exquisite pond in all of Haryana.”

Paramjit Chahal, District Education Officer, Nuh, extended his heartfelt appreciation to M3M Foundation, emphasizing the commendable work they have undertaken in the field of education. Having worked across various districts, Chahal expressed admiration for the significant impact M3M Foundation has made. He particularly highlighted the remarkable initiative of selecting Lokesh Kumar from the Tauru area to represent the region at NASA—an achievement that underscores the Foundation’s dedication to nurturing talent and providing transformative opportunities.

Under the ‘Sarvoday’ program of M3M Foundation, various initiatives like Government Girls Senior Secondary School, Tauru will be constructed, foundation stone of pond (Amrit Sarovar) laid in Ward No. 9, digital library has been arranged in Gurnavat School and iGarage: An automobile enterprise has been started.

As part of the ‘Sarvoday’ program by M3M Foundation, several impactful initiatives are set to unfold. These include the construction of the Government Girls Senior Secondary School in Tauru, foundation stone laying ceremony for the Amrit Sarovar pond in Ward No. 9. Additionally, the establishment of a digital library at Gurnavat School and the inauguration of iGarage—an automobile enterprise—are among the significant endeavors aimed at empowering the community and underlining holistic development.

Dr. Payal Kanodia, Trustee and Chairperson of M3M Foundation, expressed heartfelt gratitude to all distinguished guests who graced the occasion with their presence. She emphasized the profound joy in contributing to the development of the Tauru area and highlighted the significance of the four main initiatives inaugurated under the ‘Sarvoday’ program. These initiatives are poised to become significant milestones for the sector, reflecting M3M Foundation’s commitment to nation-building and its role as a responsible organization dedicated to fostering sustainable progress.

The Drive Against Plastic Pollution campaign, organized by OneEarth Foundation, a leading non-profit organization committed to environmental sustainability, is proud to announce the successful culmination of its recent efforts to address the critical challenge of plastic pollution in Goa.

Commencing on February 1, 2024, the campaign undertook a series of strategic initiatives aimed at raising awareness, engaging communities, and implementing practical solutions to mitigate the adverse effects of plastic waste on our ecosystems.

The campaign began with impactful awareness sessions conducted in schools, reaching approximately 900 students and fostering a culture of environmental stewardship among the younger generation. On February 15, kayaking and cleanup drives were organized along the coastal regions of North Goa, spanning 100 kilometers from Keri Beach to Colva. Participants meticulously collected 500 kg of waste, identified sources of pollution, and documented findings to raise awareness about the severity of marine plastic pollution.

Reflecting on the campaign’s achievements, Ferdin Sylvester, Co-Founder & Director of OneEarth Foundation, said “True transformation emerges from the synergy of collective action. It is imperative that citizens, governments, and businesses unite with a singular purpose to construct a comprehensive and sustainable framework. Our planet is our shared responsibility, and together, we must preserve its integrity for generations to come.”

In addition to cleanup efforts, the campaign engaged with local fishing communities to raise awareness about ghost nets, a critical issue in Goa’s coastal waters. Collaborative efforts were made to repurpose discarded fishing nets into sustainable products, promoting circularity in plastic use and advancing towards sustainable waste management practices.

Throughout the campaign, 30 workshops, clean-up drives, and awareness sessions were conducted to educate communities and stakeholders about the importance of mitigating plastic pollution and adopting sustainable practices.

Looking ahead, the campaign remains committed to its mission of driving positive change and creating a cleaner, healthier environment for all. Efforts will continue to focus on developing an exhaustive waste database to identify probable sources of pollution and collaborate with stakeholders to implement effective solutions.

Mohali, 01 March, 2024: The India Semiconductor and Packaging Ecosystem Conference (ISPEC) was inaugurated today (29th Feb) by Hon’ble Sh. Rajeev Chandrasekhar, Minister of State for Electronics and IT and Skill Development and Entrepreneurship and will continue till March 2nd, 2024, at Mohali, India, supported by ISM, SCL, IESA, IEEE Packaging Society, and ISSE.

As India embarks on a transformative journey into semiconductor and package manufacturing, backed by a $10 billion incentive from the Indian Semiconductor Mission (ISM), there is a critical need to cultivate a comprehensive and sustainable ecosystem encompassing design, research and development (R&D), manufacturing, product development, applications, services, and workforce development. ISPEC aims to address this need by fostering large scale global-level R&D and workforce development, in collaboration with international industry and academic leaders, to establish a robust Industry-Academic consortium for the next generation of semiconductors, packaging, and systems in India.

Speaking as Chief Guest at the inaugural event, Sh. Rajeev Chandrasekhar, Minister of State for Electronics and IT and Skilling, said, “The Progress Since the Past Two Years in the Indian Semiconductor Industry is Just the Tip of the Iceberg. What is Yet to Come is Yet to Unfold in the Third Term of PM Modi ji. We Have Moved From Being Almost Absent in the Semiconductor Ecosystem to Now Becoming a Destination Receiving Investments. India is reaching a milestone where over two and a half lakh crore or $26 billion of investment proposals have been received by the Government of India in a spectrum of opportunities ranging from packaging, design, R&D, and Manufacturing. Therefore, I think we can safely say that we are at an inflection point.”

Speaking at the occasion, Mr. Akash Tripathi, CEO India Semiconductor Mission stated, “Moving from vision to reality for semiconductor manufacturing in India, several proposals are being actively pursued and are getting government support up to 70%, including Central and state government. The efficiency of approvals and follow-up actions are attracting strong interest from the Industries.”

Prof Rao Tummala, Advisor to ISM, a key driving force behind the large scale global R&D event, said, “The 1st India Semiconductor and Packaging Ecosystem Conference (ISPEC) is a testament to India’s commitment to nurturing and excellence in all four phases of product development—design, Research, technology development and manufacturing. And , setting up path for the industry-academic research R&D collaboration in system design , semiconductor, packaging and systems.

The Inaugural session Chaired by Mr. Ashok Chandak, President IESA had the top 9 Industry leaders (IESA Member companies) setting the vision statements, lessons learned, and defining the future of Semiconductor Industry development from India. Mr. Ashok Chandak, President of IESA, stated, “As we unite the brightest minds from academia and industry, we are setting the stage for breakthroughs that will accelerate the IPR and product creations from India. IESA is at the forefront of this endeavor, catalyzing partnerships and knowledge-sharing that will make India a semiconductor powerhouse.” Today is also a historical milestone of Cabinet approval of three Semiconductor plant proposals worth 1.26 Lakh crores. ISPEC supporting association IESA feels proud of their members TATA Electronics and Renesas making mega moves and commitment to semiconductor manufacturing in India.

ISPEC unites global R&D, supply-chain, manufacturing, and user companies from India, United States, Europe, Japan, Korea, and Taiwan. The conference has a presence of 415 delegates, 240 industry participants from Industries, 25 global delegates, 50+ Faculties from TOP Technical institutes, 55+ speakers, 60 students. Members SCL, IESA, IEEE Packaging Society, and ISSE have been instrumental in the planning and implementation of one of the most successful events with SCL from Chandigarh staff doing major heavy lifting.

New Delhi 01st March, 2024 – Driver Logistics, one of the fastest growing logistics companies in India, today announced that Naveen Kolathur has been appointed as its Chief Operating Officer. Mr. Kolathur has over 28 years of leadership experience in the logistics and supply chain industries of which over 22 years have been with DHL in senior roles in the US, Singapore and India. His last assignment at DHL was as VP and Head of Service Quality. Mr. Kolathur has immense experience in building the 4PL/LLP businesses for DHL across Asia.

Announcing Mr. Kolathur’s appointment, Mr. Aqil Ashique, CEO, Driver Logistics said, “We are happy to have Mr. Naveen Kolathur on board. His customer-centric approach incorporating technology and his experience in building 4PL operations will greatly help Driver Logistics. Mr. Kolathur’s years of experience in Singapore will also be invaluable as we expand operations to South East Asia, beginning with Thailand.”

Mr. Naveen Kolathur added, “I am truly excited to join a young and dynamic company like Driver Logistics. The Company’s spectacular growth over the last 4 years points to a strong leadership and perfectly aligned business plans. India’s logistics sector is at the cusp of a high growth phase and Driver Logistics is sure to play a big part in it.”

Mr. Kolathur has an MBA from Baldwin Wallace University, USA and is a graduate of the PSG College of Technology, Coimbatore.

Mumbai, March 1, 2024: Vessel M.T. Hari Prakash, owned and operated by Castle Ships, was securely escorted by the Indian Navy from the Red Sea on February 24th – 25th, ensuring a safe transit through high-risk waters amid ongoing threats.

Throughout January and February, M.T. Hari Prakash was anchored in Red Sea, and the Indian Navy, along with the Directorate General of Shipping Communication Centre (DGS), maintained constant contact with the crew on-board, conducting multiple check-ins. This commitment to regular communication and safety checks highlighted the collaborative efforts between The Directorate General of Shipping, Castle Ships and the Indian Navy.

As one of India’s prominent shipping companies, Castle Ships Pvt. Ltd. extends its deepest gratitude to the Indian Navy and DGS for their assistance. The company’s vessel, M.T. Hari Prakash received unparalleled support and security measures amid the increasing incidents of merchant ship attacks and piracy attempts in the region.

In response to the rising security challenges, the Indian Navy has taken proactive measures since December 2023, to incidents in the northern and central Arabian Sea. The deployment of top-notch warships, drones, and aircraft has strengthened surveillance and patrols, showcasing the Navy’s commitment to ensuring the safety of vessels operating in these troubled waters.

The protective escorts provided by the Indian Navy and DGS around the Red Sea, a region marked by escalating maritime attacks, have been instrumental in safeguarding Castle Ships’ vessels. The company acknowledges the Navy’s commitment to maritime security, evident in their aerial surveillance by long-range maritime patrol aircraft and Remotely Piloted Aircraft (RPAs) to enhance maritime domain awareness.

Mr. Rajiv Bhatia, Director, Castle Ships Pvt. Ltd., said, “The security provided by the Indian Navy and DGS and the tireless efforts of personnel both at sea and onshore were instrumental in the success of this passage. The presence and escort by the Naval vessel, along with the moment of handing over the large Indian Flag to be hoisted on the vessel, brought tears of happiness and resounding cries of ‘Bharat Mata ki Jai’ and ‘Indian Navy Zindabad’ from all our crew on board vessel Hari Prakash. The proactive measures taken by the Navy and DGS secured our transit and brought reassurance to our crew and their families.”

Mumbai, March 01, 2024 – foundit (formerly Monster APAC & ME), India’s leading talent platform, published the foundit Insights Tracker (fit), presenting the latest findings on hiring trends for February 2024.

According to the tracker, there has been a gradual uptick in hiring activity across sectors, indicating a 3% month-on-month (MoM) growth. Although the year-on-year (YoY) comparison reflects an 8% drop, the steady climb of the index from 262 to 269 within the first two months of 2024 suggests a positive momentum in employment opportunities.

Offering a hiring overview for February 2024, Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), a Quess company, said, “Through our tracker, we could trace the steady monthly growth in hiring activity. The positive momentum in certain sectors like manufacturing and energy are encouraging signs. However, freshers face a challenging landscape with increased competition and fewer opportunities. This highlights the importance of equipping oneself with relevant skills and building strong profiles to stand out in this competitive environment.”

Energy, IT, and Manufacturing lead job growth while BPO/ITES faces challenges

On a month-on-month basis, job hiring trends in India continued to reflect a dynamic landscape, building upon the positive momentum observed in January. Industries such as Oil/ Gas/ Petroleum, Power, and IT-Hardware & Software showed strong performance, each experiencing a 7% increase in hiring. The government’s emphasis on renewable energy and electrification projects has played the pivotal role in enhancing recruitment in the power sector.

In contrast, the IT-Hardware & Software sector’s bounce back from last month’s -1% dip to 7% increase reflects a resurgence in demand for skilled professionals in these fields, driven by technological advancements. The uptick in Production and Manufacturing (6%) signals a robust rebound, driven partly by the impact of production-linked incentive (PLI) schemes, with a substantial outlay of INR 1.97 lakh crore. These schemes have incentivised job creation within the Manufacturing sector, contributing to the notable improvement from the stagnant growth observed last month. Travel & Tourism saw a 4% growth month-on-month. While seasonal variations contributed to a slight decrease from the January’s remarkable surge, the sector saw some of the highest growth compared to all others.

Telecom/ISP (2%) and Home Appliances (2%) shifted from stagnation to a moderate increase this month. The expansion of 5G services necessitated an additional workforce for various functions within the telecom sector, and increased consumer demand has influenced hiring in the home appliances segment.

The BPO/ITES sector witnessed a notable 4% downturn in February 2024, contrasting with its growth observed last month. This decline suggests that companies in this sector are re-evaluating their operational strategies, including workforce requirements, to align with the market’s changing demands and automation. Meanwhile, Office Equipment/Automation (-12 %) faced a sharp drop, reflecting the growing adoption of digital alternatives and cloud-based solutions.

Other sectors like Media & Entertainment (3%), FMCG (3%), and Chemicals (3%), witnessed a slight uptick, showing a gradual return to normalcy in these segments and sectors like Advertising (-2%), Banking/Finance (-2%), and Healthcare (-3%) saw a decrease, indicating a cautious approach to hiring.

Coimbatore leads with a 4% surge, while Bangalore maintains Tech dominance

The tracker revealed a diverse landscape of job hiring activity across major Indian cities, showcasing varying degrees of growth, stagnation, or decline compared to last month. Cities like Coimbatore, boasting a 4% increase, demonstrated strong performance, propelled by its emphasis on manufacturing and the textile sector experiencing recent growth. Bangalore, continuing its upward trajectory with a 3% increase, remains buoyed by the sustained demand for skilled professionals in the technology sector. Meanwhile, cities such as Pune, Ahmedabad, and Delhi-NCR saw moderate growth of 2%, showing the influence of their diversified economies and the presence of various industries.

Conversely, major metros like Mumbai and Chennai saw slower growth at 1%, potentially attributed to higher costs of living and intense competition, making them comparatively less attractive for new businesses. Similarly, Hyderabad and Baroda reported stagnant growth at 0%, while cities like Kolkata, Chandigarh, and Kochi faced declining growth, experiencing -2%, -3%, and -3%, respectively.

Roles in senior management observed a positive turnaround, indicating a renewed emphasis on leadership roles

Roles in Hospitality and Travel experienced a remarkable surge in hiring by 8%, indicating a robust rebound from stagnant growth last month. This uptick likely mirrors the gradual recovery of the travel industry and the government’s push towards the industry’s growth. Similarly, roles in HR and Administration witnessed a notable increase of 7% in February, reflecting a heightened focus on talent management strategies amid the evolving job market dynamics.

Meanwhile, roles in senior management observed a positive turnaround, with hiring increasing by 6% in February after a 2% decline last month. This shift suggests a renewed focus on leadership roles amidst uncertain economic conditions, reflecting companies’ strategies to navigate challenging landscapes.

Conversely, certain job roles witnessed declines in hiring during February. Legal roles, for instance, experienced a sharp downturn, plummeting from 7% growth last month to a concerning -7% in February. This significant reversal suggests a potential slowdown in legal hiring needs or shifts in demand for legal services.

Similarly, Marketing and Communications roles saw a notable decrease, dropping from 7% growth to -8% in February, indicating companies’ budget constraints impacting hiring decisions. Customer Service (-4%), Engineering/Production (-4%), and Purchase/Logistics/Supply Chain (-6%) all experienced sharper declines in February, indicating a shift in these sectors towards automation or restructuring.

In addition to these fluctuations, certain job roles displayed consistent trends. Roles in Finance & Accounts and Healthcare remained stagnant with 1% growth, indicating cautious hiring practices within the sector.

Delhi-NCR leads geographical hiring front, IT graduates’ demand dips

In February 2024, the job market for freshers in India presented a complex picture, marked by a 12% decline in hiring compared to the same period in 2023. Despite this drop, the landscape revealed a notable surge in applications, witnessing a 24% increase. This surge led to a competitive environment, with approximately six applicants vying for each available position. This heightened competition is attributed to a larger pool of job seekers seeking limited opportunities.

Despite the overall decline in freshers’ hiring, specific industries showcased noteworthy trends. The Technology sector, particularly IT-Hardware & Software, retained its dominance with a 17% share of jobs, although its share decreased from 23% in February 2023.

Conversely, Healthcare emerged as a surprising growth sector, doubling its share from 5% to 10%, possibly fueled by increased healthcare needs. Other sectors like BPO/ITES and BFSI retained relatively stable shares at 12% and 9%, respectively.

In a contrasting trend, startups exhibited a significant decline in their role in entry-level hiring, contributing only 3% of jobs compared to 14% in the previous year due to funding challenges or strategic adjustments in their hiring practices to adapt to market conditions.

The demand for Software, Hardware, and Telecom roles remained high, although showing a slight decrease from 32% in February 2023 to 27% in February 2024. Sales & Business Development saw a significant rise in demand, increasing from 13% to 21%, potentially reflecting a growing emphasis on these functions for business expansion. Conversely, HR & Admin roles witnessed a sharp decline, dropping from 17% to 4%, indicating potential automation or a re-evaluation of administrative needs by companies.

Geographically, Delhi-NCR maintained its lead position with a 19% share of job postings, followed by Bangalore (13%) and Mumbai (10%). Major cities like Chennai (8%), Pune (7%), Hyderabad (7%), Kolkata (4%) and Ahmedabad (4%) witnessed relatively stable shares of job postings.

Notable changes in demand for qualifications were observed, with a decrease in demand for IT graduates from 19% to 13%, potentially indicating a slight saturation in the IT sector. Similarly, management graduates saw a slightly lower share, dropping from 11% to 10%.

Mumbai, 1st March, 2024: upGrad, one of Asia’s largest integrated learning, skilling and workforce development majors has named Venkatesh Tarakkad as the first Chief Financial Officer (CFO). Venkatesh led Finance, Inventory, and strategic initiatives at DealShare and assumes his role at upGrad effective March 1, 2024.

He will be responsible for overseeing upGrad’s domestic and global financial strategies, encompassing a broader spectrum of areas such as investor relations, business finance, corporate finance, enterprise/accounting controllership, financial planning and analysis, risk management, tax, and treasury functions.

Previously, he helped companies build and scale their financial operations, established compliance and Governance frameworks, automated processes including ERP implementations, managed acquisitions, led funding rounds and took a company public. He’s held numerous leadership positions across other notable brands like Ecom Express, TCNS Clothing, Siam Makro Thailand, Metro Cash & Carry and Coca-Cola India after starting his career with Ernst & Young in the early 90s.

Commenting on his appointment, Mayank Kumar, Co-founder & MD of upGrad said, “Venkatesh is a seasoned enterprise leader, and his appointment marks a strategic leap forward in our growth journey, both in India and globally. We’ve laid a rock-solid business foundation so far, built and scaled our offerings, and as we strive for global leadership, his operational excellence will ensure a robust credit profile, end-to-end compliance, and transparent corporate and financial governance within the upGrad ecosystem.” Venkatesh will be based out of upGrad’s HQ in Mumbai.

With this key appointment, Rohit Agarwal – presently leading finance operations, will maintain a crucial role within upGrad’s ecosystem, extending his responsibilities globally to lead operations in all regions outside of India.