According to data from the government’s National Career Service (NCS) job portal, an intriguing trend emerged in the fiscal year 2023-24: there were significantly more job vacancies available than job seekers registered through the portal.
In FY24, the number of job seekers registered through the NCS portal totaled 87,27,900, while the job vacancies listed on the portal soared to 1,092,4161. This represents a remarkable 214 percent increase in job vacancies compared to the previous year. In contrast, the growth in the number of job seekers was comparatively modest, with a 53 percent increase from FY23 to FY24.
A senior government official highlighted that this surge in job vacancies reflects robust economic growth. Union Finance Minister Nirmala Sitharaman had earlier suggested that India’s GDP may expand by 8 percent or more in FY24, citing strong growth in the economy.
Among the sectors, the finance and insurance sector witnessed the highest number of job vacancies in FY24, totaling 46,68,845, marking a 134 percent increase from the previous year. Similarly, sectors like operations and support, civil and construction, and other service activities experienced significant jumps in job vacancies compared to FY23.
The NCS data also reveals substantial growth in job vacancies for various educational qualifications and skill levels. For instance, there was a substantial increase in job postings for 12th pass, 10th pass or below, ITI and diploma holders, graduates, and postgraduates, PhD, or PG diploma holders.
Notably, the data suggests that there were ample job opportunities available for individuals across different skill levels and educational backgrounds. However, there was higher demand for low-skilled and low-paid jobs.
Furthermore, the number of active employers on the NCS job portal witnessed a significant increase, reaching 15,64,800 in FY24, which is an 89 percent rise compared to FY23.