Following the festive season in October2020, India’s Service Sector posted an expansion for the first time since February as malls and restaurants resumed business post lifting of mobility restrictions.
Indian Services Companies suggested that the relaxation of COVID19 restrictions enabled them to secure new work and lift business activity in October. On the price front , the rate of input cost inflation picked up to an eight month high , but there was a softer rise in prices charged for the provision of services.
Many economists predicted that there would be a V-shaped economic recovery at the end of the year , while some feared it could also be W-shaped.
Let us take a detailed look at the employment scenario on the various service sectors in India post Covid19
Information Technology ( IT ) :
There has been a drop in demand for Software Developers and Network Engineers , but a big boost in demand for Cybersecurity professionals as well as System Engineers and Administrators. For IT Engineers, there has been as much as a 20% reduction in salaries.
Flyers have come back on domestic routes while international passenger services continue to be restricted and operated under ‘Travel Bubbles’ through bilateral agreements with partner countries. Interestingly, the air cargo market has continued to grow steadily to meet the increasing demand for food essentials and medical aid. the fall in passenger demand has also prompted many carriers to retrofit aircraft to carry more cargo across borders , in search of better margins and cash flows.
In India, hospitality industry has evolved to the contemporary needs as they resumed services after lockdown. the Central & State Governments have issued standard operating procedures and the change is visible at the hotels , eateries and monuments. The security scan at the entrance has thermal screening and sanitization added to the checks , the lobbies are being sanitized more often and the staff is more cautious than before.
Despite initial hiccups, the healthcare system in India managed to withstand the pandemic. The various effects in manufacturing of medical equipment , disposables, drugs and the most recent vaccine efforts made by India has placed it as a global leader. The healthcare sector , in terms of employment, looks very promising.
According to the National Skill Development Corporation ( NSDC) , the logistics sector has emerged as the top employment generating sector in India in the aftermath of the coronavirus disease. Logistics companies should design a strategic plan to prove their resilience and dynamism by helping the exporters and MSMEs to showcase their products overseas. This will help the MSME’s to revive production in full swing and shift to e-commerce completely.
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