In this video, We will learn about the recession and the impact on the job market in India for Freshers and Experienced people.
So the topics which we will discuss in today’s video are
A recession is when the GDP growth rate is negative for two consecutive quarters or more. Though there are multiple other factors, we will not talk about them. Else it will become complex.
In simple terms, A recession is when the country’s growth rate is negative for six months or more.
The signs of weakening can be seen months before a recession begins, and we see the same in the current market.
A recession is short, but its impact can be long-lasting.
There are a variety of reasons recessions occur. Some are associated with sharp changes in the prices, which lead to a steep drop in spending by both the private and public sectors.
Like the 2008 global financial meltdown, some recessions are rooted in financial market problems.
Some recessions are also a result of global shocks like the current coronavirus-triggered lockdowns, which shut down economic activity in many countries.
So a recession could occur due to multiple reasons beyond your and my control.
In general, the impact of the recession is that unemployment rates increase As businesses seek to cut costs.
It looks positive across most sectors, including IT, telecom, FMCG, BFSI, eCommerce, education, e-mobility and pharma. But everything is not out of the woods yet.
Four software IT giants – Infosys, TCS, Wipro and Accenture have recruited almost 300 Thousand freshers together in the last three months. They have given robust hiring guidance for this fiscal, indicating that the IT sector will continue to be a top recruiter this financial year as well.
The job market for fresher in India is expected to increase ten times. The Indian job market is rising, helping the fresher and graduates candidates find their desired careers.
The current situation is where the great resignation period ends, though the strength in hiring continues.
It is recommended to switch jobs with caution; if the recession hits the market, middle managers would be the most impacted.
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