first of all you know those two things seem to be contradictory that you got unemployment going up as the economy seems to be gathering steam is there something going on structurally or the change in the employment situation in india well for one the data seems to suggest that the worst is also in terms of unemployment if quests numbers are any indication we the largest might be sector domestic employers need to be employed about 300 and 18000 people prior to the pandemic we lost 90000 people in the pandemic so we lost about one quarter of our workforce but today were back to about four hundred and seventy four hundred and eighty thousand divided back another quarter to the number that was there before the pandemic so if thats any number to go by i think we are out of the woods in terms of employment also other high frequency data suggests that indias economy is progressing ahead weve got sales tax and gst collections going up weve got hybrid talks going up weve got income tax collections going up all indicators of positive growth and on the economic front so i think we should just expect the indian employment market to look a lot better coming up so that brings me nicely i just heard talk about who is hiring what kind of industries are at the moment more buoyant than others who who are then shedding staff too so clearly seeing employment coming back and bleeding banking and financial services hospitality and tourism tourist employers are picking up again so we expect to see the services sector looking up services implies that i know you know anywhere from about 30 to 40 percent of the workforce so we expect that to look up a lot we also expect some shedding to take place in manufacturing because thats going to be linked to productivity not not because there is production capacity is coming down also with the festive season down the corner in india we expect the ecommerce companies to do a lot more hiring so this is sort of the broad spectrum of whos going to hire it and maybe it was a bit jane every wacko wondering what about wage increases when theyre facing high prices what sort of impact do you see on wages so during the pandemic we had a little bit of tightening in terms of cost labor costs are a significant part of overall input costs in india and with inflation going up between 7 and 8 percent or so labor costs only kept pace with wage inflation was equal to actually be an inflation but what is expected to happen in the next year is that we think that labor costs will go up into double digits between 10 and 20 percent inflation will drop down and fell off a little bit to about 6 to 7 percent so real increase in salaries can happen from next year and in terms of what were also seeing with youth employment what kind of things can be done by the government and by businesses to ensure that more young people to enter the workforce so there are certain structural changes taking place indeed in the indian labor market so to see the first one is that there is a movement from the farm to the nonfarm sector and thats a big movement because 40 percent of the total workforce today is the farm sector and we expect that to move into the north a large part of that movement to the nonfarm sector the second one is the movement from the border to being urban and thats sort of a consequence of the first point that i made total my workforce is expected to be about a hundred and twenty million in india we expect that to go up at least about 10 to 15 percent every year from now for the next four to five years the third sector third is structural change happening in the labor market is the movement from the informal to the formal sector only about one quarter of the indian workforce of about 500 million have contacts contacts with defined benefits social security covid et cetera so we expect that number to about that structural shift is a big one so one is that the movement from unstructured you know employers to do employers and the structured segment with dax bid contracts are given etc and lastly from the conventional economy to the digital economy so these are sort of the five changes that are taking present for overseas companies coming to make an in coming to make an investment in india its good for them to calibrate all of these into their business plans but we think that these are big tailwinds but need a structure and benefits to the employment industry in india so for companies that cost that doesnt stop in space we think these are big impact issues i just very very quickly here are jobs for the huge number of young people in india enough so about 10 million people join the workforce every year the number of jobs being created in india is not yet off the order to absorb this workforce and thats why we find unemployment going up i think what will also happen now is with an increased emphasis in healthcare increased emphasis on education and the electronic sector weve seen significant though weve seen significant investment coming into the electronic sector that ecosystem is going to look up along with the central suppliers in that segment so companies like dell strong foxconn samsung is adding capacities to you know essentially the phone and the handheld segment we think that that was you know an inch up employment in india and thats going to be the key in getting young people employed and not staying in houses also the movement that we have from farm to nonfarm will ensure that people come out of agricultural settings join up and you know agglomeration and then find employment that