Introduction
The India Skills Report 2021 expects a 4% increase in recruitments in 2021. The growth of the remote work culture in the last year and a half and a robust digital framework have contributed toward the increase in cross-state and cross-border hiring in the country.
The Skills Report further states that almost 40% of employable talent in the country is in the age group of 18 to 21 years. The report discusses the existing talent gap, the need to upskill the talent pool in the country. It estimates that India has about 45.9% of employable youth in 2021.
Skuad can provide you with all the details you need for your expansion efforts in India, from the availability of talent to hiring costs. Talk to a Skuad expert today!
Overview of India
Population
The population of India is 1.39 billion.
Gross Domestic Product (GDP)
The GDP is USD 2.86 trillion (INR 195.68 lakh crore) (FY21).
Economic Overview
Before FY17, India recorded a commendable growth rate of about 8.3%. Between FY17 and FY20, the growth rate decelerated to about 4% amid COVID-19 and the national lockdown in 2020.
Market Size
The McKinsey Global Institute forecasts the need to create about 90 million jobs in India between 2023 and 2030 in the non-agricultural sectors. Estimates suggest that the net employment rate should increase by 1.5% to help the GDP rates stay afloat between 8% to 8.5%.
A Brief Glimpse of Industries
Under the Make in India and Digital India Program, the Government of India (GOI) has encouraged foreign companies to open their subsidiaries and facilities in India.
The India Brand Equity Foundation reported that the GOI plans to spend USD 36 billion or INR 2.65 lakh crores on sectors such as tourism and aviation, housing, and construction to create job opportunities.
Besides, under the progressive production-linked incentives (PLI) scheme, the GOI is committed to offering about USD 27 billion to create jobs in the country in the next five years.
The manufacturing sector has been given impetus under the Make in India initiative to contribute about 25% of the GDP.
The GOI has encouraged growth in the digital sector. It plans to focus on three core areas, namely, improving digital literacy, focusing on the delivery of services digitally and strengthening the digital infrastructure in the country.
The average download speed on fixed broadband in India is 53.90 Mbps, as per the Speedtest Global Index. The upload speed on fixed broadband is 50.75 Mbps.
According to the Hurun Report, the top 10 industries in India are pharmaceuticals, software and services, fast-moving consumer goods, chemicals and petrochemicals, automobiles and auto components, construction and engineering, financial services, food and beverages, textiles, apparel and accessories, and real estate.
When you decide to hire a local workforce, please research the top industries where companies hire remote workers in a specific targeted location in India. Skuad’s experts can help you manage and streamline your expansion efforts smoothly.
Talent in India
If you are planning to expand globally, it is essential to know the most in-demand skills of the top occupation in a specific targeted location for remote workers; for example, marketing, sales, software, and customer service. Further, the pool of knowledge workers in India is growing. As knowledge workers think for a living, their knowledge is their main asset.
Knowledge Workers and Employability Talent in 2021
| Stream |
Employability Talent in 2021 (in percentage) |
|
Bachelor of Engineering (BE) and Bachelor of Technology (B. Tech)
|
46.82%
|
|
Master of Business Administration (MBA)
|
46.59%
|
|
Bachelor of Arts (BA)
|
42.72%
|
|
Bachelor of Commerce (BCom)
|
40.3%
|
|
Bachelor of Science (BSc)
|
30.34%
|
|
Master of Computers Applications (MCA)
|
22.42%
|
|
Master of Polytechnic (M. Tech)
|
25.02%
|
|
Bachelor of Pharmacy (B. Pharm)
|
37.24%
|
The top sectors that are expected to hire in 2021
| No. |
Industrial Sector |
% Change in Hiring, Sector-wise (from 2020 to 2021) |
|
1.
|
Automotive |
10% |
|
2.
|
BFSI
|
27% |
|
3.
|
Core & Energy |
30%
|
|
4.
|
Engineering & Manufacturing |
33% |
|
5.
|
Internet Business |
25% |
|
6.
|
Others & Diversified |
32% |
|
7.
|
Pharma & Healthcare |
37% |
|
8.
|
Software/Hardware & IT |
25% |
|
9.
|
Retail |
21% |
|
10.
|
Logistics |
29% |
Top Skills in India
Three hundred million people in the age group from 20 to 34 years comprise a huge talent pipeline that cannot be ignored by companies keen on global expansion. The employable talent makes India an ideal hiring market. Augmenting these numbers, another 250 million people in India are in the age group from 10 to 19 and will be employable in the next five to 10 years.
India’s top skills are,
- Technology
- Finance
- Media and entertainment
- Law
- Energy
- Real estate
- Statistical analysis
- Banking and financial services
Top Skills in India by City
Mumbai
| Skill |
Skillset |
|
Media
|
Movie and TV production
Brand strategy and management
|
|
Entertainment
|
Music production
Public relations (PR) and communication
|
|
Finance
|
Risk management
|
Bangalore
| Skill |
Skillset |
|
IT and Computing Skills
|
Integrated circuit design
Embedded system
Storage system and management
Software modeling
Process design
|
Gurgaon
Gurgaon, the Millennium City of India, has a growing talent pool in real estate, telecom, data mining, statistical analysis, market research and insights, and strategic planning.
Kolkata
Kolkata’s talent lies in the financial sector, with skill sets in banking, accounting, and taxation. Food and beverage is another growing sector in the city.
Pune and Hyderabad
Pune and Hyderabad have top-quality talent pools of database professionals.
Further,
- Law professionals are mostly in the northern parts of India, in cities such as New Delhi, Patna, Lucknow, and Allahabad.
- Energy-related expertise is found in tier-II cities such as Surat, Nagpur, Vadodara, Visakhapatnam, and Jamshedpur.
Talk to Skuad experts for information regarding recruiting talent in India.
Hiring Cost
The cost of hiring local talent in India plays a pivotal role in your expansion plans. The cost of hiring in any location depends on the cost of living, the rent, expenses on groceries, restaurants, and local purchasing power. For example, when you hire an employee in Gurgaon or Mumbai, you need to consider the real hiring costs, including
- Recruitment costs including interviews, screening, and hiring
- Onboarding costs
- Opportunity costs
Cost of Living in India
The overall cost of living in India is as follows:
- The estimated expense of a single person in India every month is INR 24,167.77 (excluding the rent). This amounts to USD 315.64.
- The estimated expense of a family of four is about INR 84,088.68 every month (excluding the rent). This amounts to USD 1098.24.
- The average rent in India for a one-bedroom apartment in a city center is about INR 11,910.85 or USD 155.56, while that for outside the city center is about INR 7,464.35 or USD 97.49.
Cost of Living by City
The cost of living in the top 10 cities of India has been represented in the table below.
| City |
Cost of Living Index |
Rank |
Gurgaon |
33.19 |
1
|
|
Mumbai
|
30.71 |
2
|
Chandigarh |
30.15
|
3
|
Navi Mumbai |
30.01 |
4
|
Noida |
29.04 |
5
|
Goa |
28.63 |
6
|
Bangalore |
28.04 |
7
|
Thane |
27.97 |
8
|
Kalyan |
27.92 |
9
|
Delhi |
27.89 |
10
|
Detailed Break-up of Cost of Living in by City
| City |
Rent Index |
Average Rent |
Groceries Index |
Restaurant Index |
Local Purchasing Power |
Gurgaon |
10.51 |
INR 30,000
|
33.35
|
28.08 |
70.65
|
Mumbai |
23.12
|
INR 45,000
|
31.27 |
25.82 |
40.09
|
Noida |
6.63 |
INR 15,000
|
28.36 |
23.18 |
51.11
|
Bangalore |
8.98 |
INR 17,000
|
30.28 |
19.81 |
72.10
|
Get in touch with Skuad to obtain tailor-made solutions for your expansion efforts with all the key details regarding the costs associated with hiring in India.
Salary Structure for Various Roles in India
Employment Laws in India
- The Employees Provident Funds & Miscellaneous Provision Act, 1952 ensures that employers provide provident funds, pension funds, and insurance.
- The Industrial Disputes Act, 1947 ensures industrial peace and harmony. It offers a mechanism for investigating industrial disputes and settlement.
- The Maternity Benefit Act, 1961 governs women’s employment, offering leaves before and after the birth of a child.
- Indian Contract Act, 1872 regulates employment contracts between two parties and is legally binding.
- The Shops and Commercial Establishments Act regulates the working of all commercial establishments, including shops, offices, and more.
- Factories Act, 1948 regulates health and safety conditions in factories.
Get in touch with Skuad to book a demo and learn more about the employment laws in India.
India Remote Hiring Trends 2022
Hiring in India
Unemployment rates in India have fluctuated in 2022, with the highest percentage of unemployment occurring in February of this year and a current unemployment rate of 6.8%. However, unemployment is decreasing overall, and there was a 22% increase in hiring activity in 2022.
Jobs With the Fastest-Growing Demand in 2022
India has showcased a rise in the need for entry- and mid-level candidates. Constituting 56% of projected successful 2022 recruits, early career professionals with five or fewer years of relevant work experience are the likely beneficiaries of this trend.
Jobs that are experiencing significant growth in India in 2022 include:
- Software engineers
- Marketing specialists
- UX/UI Researchers
- Data Scientists
- Recruiters
The 2022 Burgeoning Gig Economy in India
With remote work proven effective by the experience of the pandemic, more companies in India are opting to hire gig workers rather than use traditional full-time employee contracts exclusively.
2022 has also seen significant growth in India’s gig workforce. Contributing factors may include:
- The country’s youthful population demographics. Some 66% of India’s population is below the age of 35.
- Rapid urbanization
- The potential of gig work as a supplemental income source
- Widespread adoption of smartphones and related technology
- The entry of more women into the workforce
- The already-noted desire for a healthy work-life balance
Gig economy growth is expected to continue in the coming years. Analysts project nearly 23.5 million gig workers in India by 2030, or roughly 4.1% of the total workforce.
Top Five Remote Companies Hiring in India
These are the top companies hiring remote roles in India in 2022:
- Amazon
- Salesforce
- American Express
- Altran
- ADP
How Can Skuad Help You in Hiring in India?
Hiring in India is a multi-faceted task that requires in-depth knowledge of the laws, trends, hiring costs, and the cost of living in different cities. Skuad comes onboard as a one-stop solution handling every minute aspect of recruitment. It gives you the freedom and time to focus on your expansion plans without any stress.
Connect with Skuad experts to know more.
