The Index reported that the Telecom sector saw a 9% YoY and 3% MoM increase in white-collar hiring due to the adoption of 5G. In December 2022, almost 70,000 jobs were generated, focusing on professionals with skills in enhancing network infrastructure and security. This could be due to the expansion of telecom networks, the adoption of new technologies, and the replacement of aging infrastructure. The growth of 5G networks will also diversify hiring from the telecom sector to the healthcare, retail, and automotive industries.
Despite a muted MoM performance, the Banking/Financial Services and Insurance (BFSI) sector has experienced impressive growth (+7%) YoY due to the thriving FinTech industry, robust credit growth, and increased financial inclusivity in the country. In addition, the insurance sector is also rising due to a structural shift from Indians’ traditional preference for real estate and gold to financial products for savings.