Step 1: Separate the story into 'before' and 'after' 1991.
Before liberalization, government jobs and protected public sector industry dominated formal employment; after 1991, private and foreign firms became major employers.
Step 2: Track winners from this change.
Sectors like IT, banking, and telecom expanded fast and hired large numbers of educated workers, especially in cities, raising incomes for this group.
Step 3: Track the less secure side.
Meanwhile, traditional industries faced more competition and cut jobs or shifted to contract labour, so job security fell for many industrial and less skilled workers even as new opportunities opened elsewhere.
Final Answer:
Liberalization shifted employment toward private, service sector, urban jobs, while making industrial and informal employment less secure.