Businesses are likely to move to internet to improve the job market, Hitesh Oberoi, Info Edge

The job market has slowed down in the last 6 months, says Hitesh Oberoi, CEO and MD of Info Edge in an interaction with ET Now. The growth is a lot lower thanit was at the same time last year. However, for the medium term, businesses are likely to move to the internet. 

There are about a 100 million people on the internettoday and according to him, this number is going to grow by leaps and bounds over the next 2-3 years. 

The job market hopefully will start looking up once theGDP growth picks up, Hitesh Oberoi added. 

When asked about recruitment by IT organisations, he said that hiring may have slowed down in IT companies but they continue to add to their headcount. 

Hitesh Oberoi further went on to say that sectors like insurance, telecom, construction and infrastructure seem to be in a very bad shape. The hiring has not picked up as expected in these sectors. It might take 6-9 months for the situation to turn around. However, for these sectors to start doing well, FDI in insurance should be allowed and there is a need to fast track certain projects. Moreover, interest rates need to come down. Until all the aforementioned things happen, these sectors may not pick up. 

Furthermore, he said that the real estate market is not in a very good shape. Transactions are down over last year but that gives more reason for dealers, brokers and builders to move to the internet. 

The internet as a medium gives and gets a more traffic and buyers. Furthermore, it is cheaper. People are expeceted to migrate their advertising spends to the internet even for the short term, he emphasised. 

Lastly Hitesh Oberoi added that this slowdown is an opportunity to get more market share. In the internet business, revenues and profitability is a function of the traffic that the website generates.

Source: http://economictimes.feedsportal.com/fy/8av2Evp0exY5g3Fr/story01.htm