Naukri.com's Job Speak Index rose by a strong 18% y-o-y in August following three months of 20%+ growth, indicating steady growth in the job openings in India.

Commenting on the same, Sonal Varma, economist at Nomura Financial Advisory and Securities said, ''The underlying data show that the pick-up in hiring was mainly concentrated in the service sector, especially in IT services, BPO, banking and telecom industries. In contrast, hiring was tepid in the manufacturing sector, especially in construction, capital goods and oil & gas industries.''

''Steady growth in hiring activity looks positive for consumer discretionary demand, which will also be supported by lower inflation and higher consumer confidence,'' in Varma view.

''Once investment activity picks up on the back of proactive steps taken by the government, we think hiring activity in the manufacturing sector should also follow suit,'' Varma added.

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