Salary in India
India has a mix of traditional employment sectors and new era economy job opportunities. By traditional job sectors it not only mean agriculture, cottage industries and diary production, and industries and productions existed per-independence alone, but also include industrial production of all kinds, mining, production and distribution of goods and services for human consumption transportation, railway, education, government jobs and most professions of the service sectors. New generation jobs include all high tech jobs, information technology jobs, banking and insurance jobs that arisen post liberalization, call centre and outsourcing jobs, mobile telecommunication and tourism sector jobs.
The developments post liberalization has caused a salary revolution in India. With new jobs requiring high skills and techniques has taken salaries to new heights it became paramount to the traditional sectors to follow suit for survival. Higher salary scales demanded higher quality and quantity of production, raising the demand for higher skill levels from employees. New every employee in most sectors know how to use the computer and work more efficiently with the use of custom software.
Now the Indian employment sectors are facing global level competition and pulling socks to update its skills, production and salary standards.They have a dual challenge addressing the critical roles due to emerging business situations and attracting and retaining the best talent. Both these challenges are to do with the salary structure of the company.
Salary in Banking and financial sector
Salary in Consumer Retail Sector
In the booming retail sector, the jobs which are in high demand are supply/demand planners, product management, brand management and procurement. In India growing population and increasing consumption pattern are responsible for the strongly retail sector. Competition among these players ensures greater demand for brand managers and product managers. Pharma sector is also poaching these professionals. Let’s have a look at the salaries offered in the retail sector
Engineering is also a sector, which is experiencing huge growth in India. Because of urban growth, development of high-rise buildings, residential apartments, railroads, plants and machinery, and construction and development of infrastructural projects, engineering sector is witnessing unparallel growth and demand for engineers.
Average Salary in India
The average salaries earned in the key industries of India are based on a host of factors ranging from work experience to cost of living in respective cities and from degrees earned to skills etc. Let’s find out about the average salaries offered annually at the top industries of India.
What is The Average Salary in India?
Before delving into details of pay structures in top industries here is a glimpse of the earnings fetched by the most favored job profiles in India:
Average Information Technology (IT) Salary in India
One of the pillars of Indian economy the Information Technology industry has scaled great heights in recent times by growing at an average rate of 30% each year for the last decade. The infrastructural milestones achieved in the recent years especially in cities like Delhi, Gurgaon, Mumbai, Bangalore have attracted the country’s youth in a major way and continues to do the same. Let us see how the industry pays:
annual average salaries
Average Salary in Hospital Industry
The reason why we couldn’t do away with providing the average salaries offered in the Healthcare industry is because it is pitched at around 17 billion dollars at present and is estimated to grow at the rate of 13% in the coming years. With the New Year round the corner let’s see what you can expect to earn from significant profiles here:
annual average salaries
Internal medicine Physician or Doctor
General Practice Physician or Doctor
Average Salary in Retail Industry
As per an industrial body by the year 2020 the retail industry in India estimated to double its growth reaching a whopping 1.3 trillion dollars, but only with room for overseas investment. The present average salaries stand like this:
annual average salaries
A relationship manager in personal or corporate banking draws from $32,000 to $105,000 in the US. Salary of a senior asset manager or sales account manager is around $130,000. The salary for similar profile in UK was $40,000 to $150,000. The salary in Abu Dhabi and Dubai in UAE was from 10,000 AED to 19,000 AED per month.
This indicates that salaries are higher in the developed countries as compared to India, but the cost of living is also very high there. So, we can safely say that though companies in India are still not offering as high as in US, UK or UAE, you can enjoy the same lifestyle here in India, as cost of living and taxes( both direct and indirect) are also very high in those countries.
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*Salaries are subject to change with time and may vary with company policies, general economic scenario and other factors mentioned above