Services sector firms led India Inc’s job creation in FY23, says study

Service sector companies in the information technology (IT), banking and finance segments comprise nearly half of the new jobs created in FY23 by India Inc, while firms in the manufacturing, infrastructure and consumption sectors saw moderate job creation, according to the latest study by Bank of Baroda released on Friday.

Of the 8.12 million new jobs created by Indian companies, firms in these three services sectors created 3.91 million (48.2 per cent) employment during the year. The IT sector (2.06 million) led with the most jobs created, followed by banking (1.25 million) and finance (Rs 575,000), the data showed.