It’s Time India Inc Hires Future ConsumersSiddharth RoyOct 29, 2026, 19:51 IST ISTFirms are doing well.
This will hurt future demand as middle class becomes smaller & less prosperousAt first glance, Oct’s flash PMI numbers may convey festive cheer.
Private sector activity rose to a four-month high, the composite index touched an impressive 56.7, assembly lines hummed, domestic demand remained buoyant, and export orders rose to their highest level since June 2025.
For a textbook economist, this combination of full order books, widening profit margins, and lower operating costs should trigger a hiring spree.
Services recorded zero net job additions in Oct, snapping a nine-month streak of employment growth, all because of a worrying contradiction that hasn’t become a talking point yet.
It’s Time India Inc Hires Future Consumers
Siddharth Roy
Oct 29, 2026, 19:51 IST IST
Firms are doing well. Orders, revenues & profits are up. But new hiring is down. This will hurt future demand as middle class becomes smaller & less prosperous
At first glance, Oct’s flash PMI numbers may convey festive cheer. Private sector activity rose to a four-month high, the composite index touched an impressive 56.7, assembly lines hummed, domestic demand remained buoyant, and export orders rose to their highest level since June 2025. Better still for balance sheets, input cost inflation cooled. For a textbook economist, this combination of full order books, widening profit margins, and lower operating costs should trigger a hiring spree.
Instead, boardrooms across India are quietly freezing recruitment. Overall job creation across manufacturing and services has hit its slowest pace this year. Services recorded zero net job additions in Oct, snapping a nine-month streak of employment growth, all because of a worrying contradiction that hasn’t become a talking point yet.
