Adding to the cheers of the job market, the employees could expect double-digit salary hikes during 2012.

If all goes well, and depending on policies of the government and market situation, more than 5 lakh jobs will be created across all segments," executive search firm GlobalHunt's Director Sunil Goel said.

"If all goes well, and depending on policies of the government and market situation, more than 0.5 million jobs will be created across all segments," Sunil Goel, director, executive search firm GlobalHunt told PTI.

As 2012 is trickling in, tech titans have already kick-started their campus recruitment process. Many are visiting campuses across India and are expected to start issuing offer letters early next year. While companies like TCS, Accenture, Cognizant and Wipro have already offered hundreds of job letters to students from various colleges of South India.

There is a general sentiment of caution in the industry. Ajith Issac, MD and CEO of Bangalore-based placement and search firm Ikya Human Capital Solution told TOI, that macro-economic uncertainties from Europe and the US could have an impact on next year's pay level hikes, but not on hiring. While hiring, especially at the entry level might not be directly affected, companies are going to reduce the bench size and award more jobs on contact basis to save costs. "This could also lead to more temp staffing; in fact, temp staffing is likely to double up in the coming year."