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The IT sector’s largest job generator in 2021, financial services second: Hurun India 500 List

The IT sector is the largest generator of jobs in India in 2021, with 14 97,501 employees, according to the Burgundy Private Hurun India 500 list. In the sector, Tata Consultancy Services (TCS) was the largest employer, with more than 5 , 06 lakh of employees.

The report from Burgundy Private, the private banking business of Axis Bank, and Hurun India, indicates that the financial services sector is the second largest employer in 2021 with 10 36,605 employees. HDFC Bank was the industry’s leading recruiter, employing 1,20,116 people.

The automotive and automotive components sector took third place, employing 5,57,191 people in 2021, and Motherson Sumi Systems was the industry’s top recruiter.

The health sector became the fourth largest employer in 2021, with 5,40,686 jobs. The construction and engineering sector remained in sixth place, with 5,25,145 employees.

Apart from this, the list mentioned the service sector (5.01.818), telecommunications (3.44.199), consumer goods (3.29.785), metals and mining (2.38.567) and the materials sector. builders (1.92.742) as top recruiters of the year.

The report says India’s most valuable businesses have grown despite the dire economic effects of the COVID-19 pandemic. The Burgundy Private Hurun India 500 list for 2021, which ranks India’s 500 most valuable companies, said the total value of the 500 companies was around Rs 228 lakh crore, which is higher than the GDP of the India for fiscal year 2021. About 200 companies on the list saw their valuations double during the year, he said.

“The turnover of these 500 companies is equivalent to 27% of India’s GDP and they employ up to 1.5% of the country’s total workforce,” said Anas Rahman Junaid MD and researcher in chief, Hurun India.

Reliance Industries, led by Mukesh Ambani, was the country’s most valuable company with a valuation of Rs 16.7 lakh crore, while the most valuable unlisted company was the COVID-19 Serum Institute of India vaccine producer with a valuation of 1.8 lakh crore.

Companies on the 2021 Bourgogne Private Hurun India 500 list contributed Rs 1.9 crore lakh (approximately 62%) to the overall corporate tax collection in fiscal year 2021.

(Edited by : Shoma bhattacharjee)

First publication: STI