India Inc. is a common term used by the Indian media to refer to the formal sector of the nation. The informal sector consists of 44 million non-farm enterprises as per a recent labor survey.
Even as India's hiring activities declined last year due to the coronavirus pandemic, there is a sudden increase in demand with about 53pc of companies saying they are planning to increase their headcounts in 2021, according to a survey. The pandemic adversely impacted economies across Asia-Pacific, including India, which had entered 2020 with robust hiring activities, according to professional recruitment services firm Michael Page India's 'Talent Trends 2021 Report'.
It added that the pandemic led to a dip in hiring activities by 18pc in 2020. The survey-based report, however, added that optimism is already starting to show, with about 53pc of companies in India looking to increase their headcounts in 2021. Michael Page India Managing Director Nicolas Dumoulin said, "Technology and healthcare sectors witnessed significant activity even during the lockdown phase given the sudden increase in demand for relevant talent across functions."
He added that hiring activities among internet-based businesses such as e-commerce and education technology remained relatively robust across India and is expected to maintain the momentum in 2021 as well. According to the report, India projects an optimistic outlook for 2021, with 60pc of the employers surveyed intending to increase salaries, while 55pc of the companies planning to give out bonus payments and 43pc of them looking to give out more than one month's worth of bonus.