One million new jobs in India in 2008

It is good news for those fresh out of college or for those who are keen for a job change, as a leading HR consultancy firm has predicted one million new jobs in India this year.

Ma Foi Employment Trends Survey (METS), conducted by Ma Foi, one of India's largest HR consultancy firm has predicted a three per cent increase in employment in 2008.

The largest chunk of the new jobs according to the survey would be generated by hospitality sector which is riding high with the tourism boom in the country.

"The Hospitality sector will generate the maximum number of employment in 2008. 426,668 jobs are going to be generated by the Hospitality sector. This sector is closely followed by Health at 295,829 and Education Training & Consultancy at 166,005," says the survey.

It adds that an estimated USD 11.41 billion is expected to be seen in the Hospitality sector in the next two years and that India is likely to have around 40 international hotel brands by 2011.

"The boom in the tourism industry has had a cascading effect on the hospitality sector, which was a result of the increase in the occupancy ratios and average room rates. With the demand continuing to surge, many global hospitality majors have evinced a keen interest in the Indian hospitality sector," says K. Pandia Rajan, Managing Director, Ma Foi Management Consultants Ltd.

While, IT and ITES sector continues with high growth in recruitment at 7.3 and 7.2 per cent, the survey says that it is the Health sector which shows the highest growth in recruitment at 8.9 per cent.