Calcutta, Aug. 3: High business confidence, rosy projections about job creation, professionals willing to relocate to the city ' Calcutta has never had it so good.
The latest TeamLease-Gallup Employment Outlook Report, a study of labour market trends brought out twice a year, says the city has seen a resurgence in business optimism in the past six months.
“Six months ago, our index on business outlook for Calcutta was 39, but now it is 69,” said Nirupama VG, associate director, TeamLease, a leading staffing solutions company.
“Although the index is marginally higher in cities like Mumbai, Pune and Hyderabad, Calcutta’s performance has been phenomenal because in the same period, the levels have dropped from 84 to 71 for Delhi.”
The index is calculated by subtracting the percentage of respondents who say business in the next six months is likely to decline from the percentage which says it will increase.
Nirupama believes the knowledge economy will be at the forefront of the resurgence. The TeamLease-Gallup forecasts that over 20,000 jobs will be created in the city over the next one year in five sectors alone. These are banking and finance, information technology (IT), IT-enabled services industry (ITES), retail and telecom (see box).
“We have also calculated a new index ' the employment trend index (ETI) ' to understand the growth possibility (in job creation) in the next six months in comparison with past performance. On this count, Calcutta has outperformed all the other cities,” Nirupama said.
Calcutta’s ETI score is 204. It is followed by Hyderabad (182), Mumbai (153) and Bangalore (150).
According to IT secretary G.D. Gautama, the new economy has helped the city’s resurgence and the growth run is set to continue.
“More than 6,000 jobs were created in the IT and ITES sectors in the past one year and we expect the number to increase by no less than 75 per cent in the next one year,” he said.
These projections find support from job opportunity estimates prepared by the city-based industry association, Indian Chamber of Commerce (ICC).
“We think IT, ITES and the retail sectors will top the list of new job creations because there has been a steady growth in the banking and finance sector. Opportunities in the telecom sector are growing, but I am not sure about the number,” said Nazeeb Arif, secretary-general, ICC.
Although he is confident that by 2007 more than 20,000 jobs will be created here, Arif cautioned that finding the talent to fill them will not be easy.
“Knowledge of English would be a major constraint and steps should be taken right now to prepare manpower for the future,” he said.