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%. According to the international Monetary Fund (IMF), India is projected to be the fastest growing major economy in 2023 with a predicted GDP growth of 6.1% in 2023 and 6.3% in 2024.

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 2023

The top sectors that are expected to hire in 2023

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

Bangalore

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.

Detailed Break-up of Cost of Living in by City

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 2023

Hiring in India

Unemployment rates in India have fluctuated in 2023, 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 2023.

Jobs With the Fastest-Growing Demand in 2023

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 2023 include:

• Software engineers
• Marketing specialists
• UX/UI Researchers
• Data Scientists
• Recruiters

The 2023 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.

2023 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 2023:

• 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.

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