India to spawn 500,000 jobs in 2 yrs: CBRE

HT Correspondent, Hindustan Times  New Delhi, April 28, 2014

First Published: 22:56 IST(28/4/2014) | Last Updated: 22:59 IST(28/4/2014) 

The prospects of landing a good job are set to go up, according to global real estate consultants CB Richard Ellis. Over 500,000 jobs are likely to be generated in India over the next two years, the bulk of them in Bangalore, Delhi-NCR and Mumbai, the company has said, basing its forecast on planned office space requirements by companies. 

Anshuman Magazine, chairman and managing director of  CBRE south Asia, said 70-80 million square feet of fresh commercial office space would be ready for possession by 2015, most of these being IT/ITeS spaces.

“Assuming about 60 to 65% absorption levels for this upcoming office space, approximately 400-500,000 employment opportunities may be realistically anticipated within the next two years,” said Magazine.

Sector wise, the IT/ITeS and allied services sectors are likely to account for a substantial chunk of these new jobs, followed by banking, financial, services and insurance (BFSI) sectors, with research and consulting, pharmaceutical, engineering and manufacturing, and telecommunications bringing up a distant rear.

Magazine said more than half of the companies that participated in CBRE’s European Occupier Survey 2013-2014 indicated that they prefer India to China for their global expansion plans.

“With major corporate decision makers across Europe having indicated an increased appetite for global expansion into India, investment-grade office stock in the main cities will go a long way in meeting upcoming opportunities,” Magazine said.

Other HR firms also shared CBRE’s optimism.

“We may see job openings for about 500,000 in next two years. The growth could be attributed to the penetration of global companies from large metros to Tier-II towns. Domestic firms are also expanding ... across India, which indicates the huge requirement of manpower in coming years,” said Sunil Goel, MD Global Hunt.

Hitesh Oberoi, managing director of job portal Naukri.com said that since job creation is a function of economic recovery… “the arrival of a stable government, coupled with a GDP growth of over 6.5%... we can estimate lakhs of job openings across all levels.” 

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