If you’re curious about India’s current salary landscape or estimating labor costs in the country, we’ve got you covered. As of 2023, the typical salary in India stood at 31,900 INR per month or 383,000 INR annually, which translates to 387 USD per month, based on June 2023 exchange rates. Just like anywhere else globally, salaries in India are influenced by numerous factors, including educational background, location, gender, age, and work experience.
However, one undeniable fact remains constant: India’s average salary is markedly lower when compared to nations like the USA (7,900 USD) or even Russia (1,392 USD). This economic dynamic continues to make India a leading outsourcing destination worldwide.
In this piece, we’ll explore the average income scenario expected for India in the year 2024. We’ll also engage in a comparative analysis with various nations to gain insights into income disparities. Furthermore, we’ll delve into the intricacies of the minimum wage framework within India and take a closer look at the three prominent industries that frequently choose India as their outsourcing destination.
Average Salary in India for 2024
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According to data from Salary Explorer, India’s national average salary in 2024 is estimated at 387 USD per month, based on exchange rates as of June 2023. The average salary of a country serves as a significant indicator of its standard of living. However, other key metrics like the median salary and the salary range offer a more comprehensive view of a nation’s income distribution.
In India, the median income is recorded at 27,200 INR per month (equivalent to 330 USD). This particular figure holds significance as it denotes that exactly half of the Indian populace earns an income lower than this amount each month, while the other half enjoys higher earnings.
To add clarity to this concept, it’s vital to distinguish between the median salary and the average salary. The median salary is the middle value within the range of all considered salaries. For instance, if we take Employee A earning 20,000 INR, Employee B earning 30,000 INR, and Employee C making 50,000 INR, the average salary is determined by adding these figures together and dividing by the number of salaries (resulting in 33,333 INR). Conversely, the median salary in this scenario stands at 30,000 INR, representing the midpoint when all salaries are arranged in ascending order.
India’s salary range spans from 8,080 INR per month (98 USD) to 143,000 INR per month (1,734 USD). It’s important to note that this range encompasses salaries between the lowest and highest averages in India but doesn’t cap the highest potential income.
Data regarding national average salary, median salary, and salary range collectively provide insights into the Indian population and economy.
Comparing Average Salaries in India
Determining an employee’s actual income in India is influenced by various factors such as profession, education, experience, and location. Let’s examine the average salaries in India based on these criteria.
Average Salary in India – Comparison by Profession
In India, the average base salary varies significantly across different sectors, including IT, manufacturing, and customer care. Also, the average salary in India can be slightly changed based on the nature of the job and the kind of employment (full-time, part-time, freelance, etc.) within these sectors.
Let’s look that the average salary comparisons across different professions in India (full-time jobs):
- Program Manager: 150,000 INR (1,819 USD)
- Healthcare Consultant: 133,333 INR (1,617 USD)
- Project Manager: 125,000 INR (1,516 USD)
- Life Sciences Consultant: 116,666 INR (1,415 USD)
- Data Scientist: 91,666 INR (1,112 USD)
- Human Resources Manager (HR Manager): 66,666 INR (808 USD)
- Chartered Accountant: 66,500 INR (806 USD)
- Software Developer/Software Engineer: 50,000 INR (606 USD)
- Data Analyst: 50,000 INR (606 USD)
- Java Developer: 41,666 INR (505 USD)
- Restaurant Manager: 37,281 INR (452 USD)
- Legal Advisor: 35,532 INR (431 USD)
- Journalist: 31,442 INR (381 USD)
- Interior Designer: 25,000 INR (303 USD)
- Mechanical Engineer: 20,850 INR (253 USD)
- Accountant: 20,000 INR (243 USD)
- Content Writer: 20,000 INR (243 USD)
- Teacher: 20,000 INR (243 USD)
- Graphic Designer: 20,000 INR (243 USD)
- Data Entry Operator: 15,228 INR (185 USD)
Average Salary in India – Comparison by Education
In many nations, including India, pursuing higher education tends to correlate with increased income potential. Salaryexplorer.com did research that demonstrates that those with certificates or credentials earn an estimated 17% more than those with only high school diplomas. Furthermore, people with a Bachelor’s Degree make about 24% more than those with certificates or diplomas, while professionals with a Master’s Degree might earn up to 29% more than those with a Bachelor’s Degree.
Average Salary in India – Comparison by Experience
Experience plays a pivotal role in determining an employee’s compensation, and this is no different in India. Salary Explorer’s report indicates that, on average, an individual’s starting salary typically doubles once they cross the ten-year experience mark.
Here’s an approximate breakdown of how salaries increase with increasing work experience:
- 2-5 years: +32%
- 5-10 years: +36%
- 10-15 years: +21%
- 15-20 years: +14%
- 20+ years: +9%
Note that these salary figures serve as guidelines and individual salaries may deviate significantly.
Average Salary in India – Comparison by Location
An employee’s salary in India can also fluctuate based on their job location. Below are average salaries in key locations (cities and states) across the country:
- Bangalore: 60,583 INR (735 USD)
- Pune: 48,583 INR (589 USD)
- Mumbai: 45,500 INR (552 USD)
- Andhra Pradesh: 41,916 INR (508 USD)
- New Delhi: 41,500 INR (503 USD)
- Uttar Pradesh: 34,500 INR (418 USD)
- Kerala: 32,666 INR (396 USD)
- Chandigarh: 32,250 INR (391 USD)
- West Bengal: 31,916 INR (387 USD)
- Goa: 28,000 INR (340 USD)
Average Salary in India vs. the World
The United Nations’ World Economic Situation and Prospects (WESP) report categorizes countries worldwide into three economic groups: developed economies, economies in transition, and developing economies. Let’s examine average salaries in countries belonging to these categories and how they compare to India:
Average Salaries in Developed Economies: Country –
Average Salary per Month – Comparison to Average Salary in India (in %)
- United Kingdom: 8,092 USD (180%)
- United States: 7,900 USD (179%)
- Norway: 5,696 USD (172%)
- Germany: 4,493 USD (165%)
- Austria: 4,470 USD (165%)
Average Salaries in Economies in Transition: Country –
Average Salary per Month – Comparison to Average Salary in India
- Georgia: 2,191 USD (134%)
- Russia: 1,392 USD (106%)
- Albania: 923 USD (73%)
- Kazakhstan: 903 USD (71%)
- Ukraine: 845 USD (66%)
Average Salaries in Developing Countries: Country –
Average Salary per Month – Comparison to Average Salary in India
- Thailand: 2,949 USD (149%)
- Philippines: 875 USD (69%)
- Vietnam: 748 USD (54%)
- Egypt: 587 USD (31%)
- Pakistan: 508 USD (17%)
These salaries discrepancies are mostly due to India’s lower cost of living, which is 65.24% cheaper on average than in the United States. Furthermore, India’s plentiful supply of trained workers contributes to the country’s lower average wages. For instance, India produces approximately 1.5 million engineers annually from 4,000 educational institutions, surpassing the combined production of engineers in the USA and China.
This abundance results in a scenario where the demand for engineers decreases while the supply consistently grows. Consequently, India offers a well-qualified talent pool at a lower cost than many developing economies, solidifying its status as a preferred outsourcing destination.
FAQs about Exploring Average Salaries in India for 2024
Q1. What is the average salary in India for 2024?
It is to be estimated that the average salary in India for 2024 is USD 387 on a monthly basis as per the exchange rates as of June 2023.
Q2. What is the salary range in India for 2024?
India’s salary range for 2024 spans from 8080 INR per month (USD 98) to 143000 INR per month (USD 1734), encompassing salaries between the lowest and highest averages in India.
Q3. How does education impact the average salary in India?
Education has an extensive effect impact on the average salary in India. Individuals having a higher level of education, such as a Master’s Degree, tend to produce more average salary as compared to the individuals having only a high school diploma or certificate.
In India, education has a substantial effect on the average salary. Those with a higher degree in higher learning, such as a Master’s Degree, earn more than those with only a high school diploma or certificate.
Q4. How does work experience affect salary in India?
Work experience is a crucial factor in determining salary in India. On average, an individual’s starting salary typically doubles once they cross the ten-year experience mark.
Q5. How can individuals and businesses leverage the income dynamics in India for opportunities?
Individuals and businesses can leverage India’s income dynamics by understanding the factors at play and making informed decisions regarding education, location, and profession. India’s competitive edge in providing skilled talent at a lower cost can be advantageous for outsourcing and business operations.
In conclusion, the exploration of average salaries in India for 2024 reveals a dynamic economic landscape influenced by various factors such as education, experience, location, and profession. As of 2024, the national average salary in India is estimated at 387 USD per month, reflecting the diverse income distribution within the country.
The median salary of 27,200 INR per month illustrates that half of the population earns less than this amount, emphasizing income disparities. Additionally, the salary range from 8,080 INR to 143,000 INR per month provides a glimpse into the wide spectrum of earnings in India.
Comparing average salaries across professions, education levels, experience, and locations showcases the intricate nuances of income dynamics. In a worldwide context, India’s average salaries are significantly lower than those in developed economies such as the United States and the United Kingdom. This disparity is primarily due to India’s lower cost of living and an abundance of skilled people, particularly in the field of engineering. India’s competitive edge in providing a well-qualified talent pool at a cheaper cost keeps it a major global outsourcing destination.
In summary, India’s salary landscape for 2024 showcases the intricate interplay of factors that determine income levels, highlighting both challenges and opportunities for individuals and businesses operating in the country.