A lot has changed amid 77 years of independence and the same goes true for the Indian Job Market. India's job market has evolved, and youngsters now have a diverse range of career options to pick from. All thanks to technology, gone are those days when a ‘settled career' or an ‘ideal occupation’ was limited to being an agriculturist, an academician, an industry worker or a public sector employee. Read on to find out more about conventional and evolving sectors affecting the job market and the challenges ahead.

Pre-Independence

Era The world witnessed an industrial revolution between the 1700s and 1800s but India lagged due to British colonial rule. The colonial rulers saw India as a mere exporter of raw materials and destroyed the Indian indigenous markets whose products and crafts made rounds across the globe before colonization. Poverty, malnutrition, and lower living standards prevailed across the country as Britishers ruined the economy for their good. Less than a sixth of Indians were literate and most of them were engaged in agricultural activities.

Note - The data for the different industries may vary according to the data source and methodology.

Post - Independence Era

The country witnessed a new dawn in 1947 after hundreds of years of colonial rule and gradually made its path of Economic Development. During this era, agriculture continued to be the dominant sector employing more than 75% of the masses. Others were into medical, teaching. Law and military services. The service sector and industrial sector employed 10% and 20% respectively. This was also the era when the concept of ‘Ideal Job’ was rigid in the social structure and those who got into ‘Government Jobs’ or academics got well with this concept. Also, most industries were government- regulated and there was limited private sector involvement.

The era of Liberalization and Economic Reforms

Until the 1970s the country's job market expanded with a conventional approach and faced issues of economic stagnation. To recover the same, economic reforms came into the picture opening new doors for private players who completely transformed the job market of the country. Participation in the agriculture sector decreased and shifted towards industries and service sectors. This was the time when computer systems and call-center-based jobs rapidly evolved in India and contributed to the economy. However, the social structure’s obsession with government jobs had its share.

Privatization and changing job scenarios

From the 1970s to the 2000s, the job market witnessed drastic changes and the percentage of masses engaged in the agriculture sector was around 60%. The service and industrial sector had around 40% of the working class with them. This was also the beginning of the non-conventional jobs era where jobs in IT and other associated fields grew. With time, Indian IT leaders such as Infosys, Wipro, and TCS became major players and other foreign investments made India a global IT hub. As a result, around 60% of India’s Gross Domestic Product (GDP) comes from the service sectors.

Becoming a job creator in the evolving startup ecosystem

With time, India has made its mark by evolving as one of the fastest growing economies across the globe and has become the new ‘Startup Capital’. From 350 startups in 2014 to more than 90,000 in 2024, the number of startups has multiplied by 300%. Remarkable startups like Flipkart, Ola, Physics Wallah (PW), Ola, and many others have ensured that the future of startup culture and entrepreneurship in India is quite exciting.

Job market and the evolving non-conventional approach

The job market in India has changed drastically over the years. From being a newly independent agrarian economy struggling to survive to become one of the fastest growing economies with a startup-friendly environment. It won't be wrong to say that we have come a long way and are moving ahead with the ‘non-conventional jobs’ changing lives. With the expansion of digital media and better access to the web, there are many career options in the Indian job market. Here’s a brief overview:

• Social media and digital content creation Social media has offered the masses a platform where they can make money with their creativity. With smartphones in their hands, every individual has the power to tell stories and curate content reaching millions. As per a Redseer ( research and consulting firm) report, India has around 4 million influencers curating content of their niche on platforms like YouTube, Instagram, Facebook, and X (formerly Twitter). Recently, the Government of India has announced the ‘National Creators Award’ celebrating influencers.”These creators have emerged as storytellers of a New India, embodying confidence, assertiveness, and rootedness. They are at the forefront of creating social impact, promoting local culture, and boosting tourism, contributing to the 'Vocal for Local' movement," said the official notification.

• Freelancing and Remote Jobs Freelancing in India is seen as a considerable money-making option. The country has more than 15 million freelancers working across the border in different industries playing the roles of writers, designers, web developers, and managers. It is a rapidly growing market where the right skill sets help people make a decent amount and offer freedom from a typical 9 to 5 job. Freelancers However, there are challenges like being underpaid, online fraud, and not lack of industry-related solutions. A bit closer to freelancing, remote jobs amid the Pandemic Covid-19 have also evolved and there are organizations across the globe offering complete remote jobs to skilled candidates. With a computer system and stable internet connection, it is possible to have a well-paying job without leaving your place. It is worth noting that it is a comparatively emerging concept and is still not acceptable by many organizations.

A Career in Stock Market

Trading is gradually emerging as a career in India. The data provided by Kotak Securities states that more than 5,00,000 people in India day trade for a living. Stock market enthusiasts are expanding employment opportunities and are providing educational content, workshops, and insights regarding the same. This industry has a wide array of career options as per qualifications and interests.

Way Forward

The Indian job market offers a diverse range of career options, including non-conventional options for retired personnel and homemakers. Improvements in areas like Work Life Balance, gender-sensitive policies, better pay, and training opportunities are expected over time. To sum up, it is the era of diversity and skills and a job is more than a job. Driven by passion and creativity, job seekers and job providers have the power to change the world for the better.

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