The travel and Hospitality sector, which was the worst affected due to Covid-induced lockdowns over the last two years, witnessed a robust recovery with a 47.6% growth in payroll headcount in the month, according per payroll distribution data collated by Allsec Technologies, a Quess company.
The sector had declined 48.7% in March 2021. However, a comparison with pre-pandemic numbers indicate that the industry is not quite back to pre-pandemic levels having witnessed a 24.3% de-growth (March 2022 vs March 2020) but is certainly on the way to recovery.
The Energy sector followed close behind with a 41.5% yearly increase in headcount this year (March 2022 vs March 2021) and has surpassed pre-pandemic levels with a 42% growth (March 2022 vs March 2020).
At third spot is the IT/ITes industry, which has seen seen a 27% uptick in March 2022, accompanied by Logistics which saw a 27.3% growth. Industries such as Financials (16.6%) and Food & Beverage (12.9%) also showed an optimistic year-on-year trends.
While most sectors have recovered from the pandemic, Healthcare (-8.3%) and Ecommerce (-1.5%) have witnessed a marginal drop (March 2022 vs March 2021). Wholesale/Retail Traders (-2.1%) have also seen a drop which can be attributed to lockdowns and restrictions that curbed businesses over the past year through the second and third waves of Covid-19.
Logistics accounts for highest growth compared to pre-pandemic numbers
As compared to pre-pandemic levels (March 2022 vs March 2020), triple digit growth was noted in the Logistics (178.3%) sector on account of Budget accommodations encouraging integrated logistics and multi-modal connectivity. Industries that witnessed considerable growth include Energy (42%) and E-Commerce (41.8%).
IT/ITes (29.4%) and Food & Beverage (19%) also performed well. On the other hand, Constructions/Facility Management (-27.8%) saw the highest dip, followed by Travel/Hospitality (-24%), Wholesale/Retail Traders (-23.9%) and Healthcare (-9.4%).
“We have seen an optimistic recovery pattern across industries this month. It is heartening to see Travel & Hospitality lead the way, along with several other industries which were severely impacted by the pandemic. We are confident of seeing a positive trend in the months to come, keeping in mind the government’s push for job creation across sectors as seen in the Budget and the economic revival of the country”
The unemployment rate for persons of 15 years and above in urban areas slipped to 8.7 percent in October-December 2021 from 10.3 percent in the year-ago quarter, according to a periodic labour force survey by the National Statistical Office (NSO). Joblessness or unemployment rate (UR) is defined as the percentage of unemployed persons in the labour force.
Joblessness was high in October-December in 2020 mainly due to the staggering impact of the lockdown restrictions in the country, which were imposed to curb the spread of the deadly coronavirus. The unemployment rate for persons of age 15 years and above in July-September 2021 was 9.8 percent in urban areas, the 13th Periodic Labour Force Survey (PLFS) showed.
WPR (in percent) in CWS in urban areas for persons of age 15 years and above stood at 43.2 percent in October-December 2021, up from 42.4 percent in the same period a year ago. It was 42.3 percent in July-September 2021.
Twelve quarterly bulletins corresponding to the quarter ending December 2018 to the quarter ending September 2021 have already been released. The present quarterly bulletin is the 13th in the series for the October-December 2021 quarter
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