Naukri JobSpeak Index drops from a 2-year high as hiring slows in key sectors

India’s white-collar job market saw a slight slowdown in March 2025, with the Naukri JobSpeak Index falling to 2,618, down from 2,657 a year ago. This marks a decline from its two-year high, as hiring was impacted by extended holiday weekends for Holi and Eid. Despite this dip, certain sectors continued to show resilience, while others faced notable declines.

Tech and AI-ML drive growth

The technology sector, which had faced a downturn in 2024, showed signs of recovery. Artificial Intelligence and Machine Learning (AI-ML) led the way with a 25% year-on-year hiring growth, reflecting the increasing demand for AI-driven solutions.
Other emerging tech sectors, such as crypto and blockchain, saw a 36% rise in hiring, while IT startups recorded an 11% increase, indicating renewed investor confidence in early-stage tech companies.

Sectors with the sharpest declines

While technology-related roles surged, several traditional industries experienced hiring slowdowns. The banking, financial services, and insurance (BFSI) sector saw a 12% drop in hiring, reflecting cautious expansion amid economic uncertainties.

Real estate and construction also faced headwinds, with hiring declining 10% year-on-year, driven by fluctuating demand and high interest rates affecting property sales.

The FMCG and retail sector recorded an 8% decline, as companies adjusted hiring plans due to shifting consumer spending patterns.

Urban job market sees mixed trends

Hiring trends in urban centres varied, with metro cities seeing modest growth in IT, fintech, and e-commerce roles, while hiring in manufacturing-heavy cities slowed down.

Bengaluru, Hyderabad, and Pune remained hotspots for tech hiring, while Delhi-NCR and Mumbai saw a slowdown due to reduced hiring in BFSI and retail. Chennai and Kolkata witnessed steady job postings in logistics and healthcare sectors, indicating localized industry strength.

Outlook for the coming months

Despite the dip in the JobSpeak Index, Naukri’s Chief Business Officer, Pawan Goyal, stated that the hiring slowdown is temporary and driven by seasonal factors. With strong growth in AI-ML, IT startups, and emerging technologies, experts anticipate recruitment activity to pick up in the coming months.

The overall job market remains stable, but traditional industries may continue to face challenges, while the tech and digital economy sectors are expected to drive hiring growth in 2025.