India’s financial capital added 3 out of 4 new jobs for undergraduates between October and March

• 3 out of 4 new jobs for undergraduates were added in Mumbai between October to March, says a new report.
• According to the report, the finance hub of India has also recorded the highest average salary hike of 18% in comparison to its metro counterparts, which managed only 11%.
• Overall, the IT sector hired the most people since the pandemic as the demand for tech-enabled skills are still dominating the job market.

With hiring levels almost nearing the pre-pandemic levels, the financial capital of India, Mumbai, has reportedly become the top destination for jobs. Infact, 3 out of 4 new jobs for undergraduates were added in Mumbai, according to a new report.

The demand for freshers and mid-senior level professionals is at an all-time high in Mumbai. There was also a massive surge in demand for freshers between January and March this year, with a year-on-year growth rate of 50%, revealed the Mumbai Job Market report by Naukri.

Similarly, the demand for mid-senior level professionals (10-15 years experience) also witnessed a significant growth of 50% during the same period.

Mumbai has recorded highest average salary hike

According to the report, India’s financial hub has also recorded the highest average salary hike of 18% in comparison to its metro counterparts, which hovered around 11%.

Bengaluru and Delhi were the next best cities in terms of salary hikes, at 15% and 12% respectively.

The IT industry, on a quarter-on-quarter basis, witnessed salary hikes of 33%.

IT sector creates the highest number of jobs in Mumbai

In terms of job roles, most employers in Mumbai were looking to hire people in software and software services categories between January and March this year, the report revealed

Overall, the IT sector hired the most people since the pandemic as demand for tech-enabled skills still dominates the job market.

Other than IT, Mumbai’s job market witnessed a spike in hiring across BFSI (banking, financial services and insurance), education, teaching, real estate, among other sectors.

“With a strong rebound in overall hiring activity, the financial hub of India sees a significant jump in job openings to fulfill the talent demand across sectors led by BFSI and Education,” Pawan Goyal, chief business officer at Naukri said.

“In the last 3-4 months, Mumbai’s employment market has shown sustained growth which is now also reflecting in salary hikes,” he added.

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