Cross-state and cross-border hiring in the nation has increased as a result of the last 18 months’ rise of the remote work culture and the nation’s strong digital infrastructure.
The Skills Report goes on to say that the 18 to 21 age group accounts for about 40% of the nation’s employable ability. The paper talks on the necessity to upskill the nation’s talent pool and the skills gap that currently exists. According to predictions, 50% of India’s young will be employed in 2023.
Marzuna can give you all the information you want for your growth plans in India, including recruiting costs and talent availability. Speak with a Marzuna specialist now!
India, home to a staggering population of 1.39 billion, stands as a demographic giant on the global stage. As a testament to its economic prowess, the Gross Domestic Product (GDP) of the nation reached USD 2.86 trillion (INR 195.68 lakh crore) in the fiscal year 2021.
Delving into India’s economic trajectory, the years leading up to FY17 witnessed an impressive growth rate of approximately 8.3%. According to the International Monetary Fund (IMF), India is poised to reclaim its status as the fastest-growing major economy in 2023. Projections indicate a robust GDP growth of 6.1% in 2023, followed by a further ascent to 6.3% in 2024.
The landscape of opportunity within India is vast, with the McKinsey Global Institute foreseeing the imperative need to generate around 90 million jobs in the non-agricultural sectors between 2023 and 2030. These projections align with estimates suggesting that a net employment rate increase of 1.5% is essential to sustain GDP rates within the formidable range of 8% to 8.5%. As India navigates its economic course, the emphasis on job creation and sustained growth underscores the nation’s commitment to fostering a thriving and inclusive economic landscape.
The Government of India (GOI) has actively encouraged international corporations to create subsidiaries and facilities within the country under the Make in India and Digital India Program, therefore promoting an environment that is favorable to economic growth.
According to the India Brand Equity Foundation, the government of India (GOI) plans to spend USD 36 billion, or INR 2.65 lakh crores, in important industries including housing, construction, tourism, and aviation as part of this effort. The goal is to create a significant number of job opportunities.
In tandem with this, the progressive production-linked incentives (PLI) scheme underscores the GOI’s commitment to inject about USD 27 billion into the economy over the next five years, specifically earmarked for job creation.
The Make in India initiative has strategically propelled the manufacturing sector to the forefront, with a goal to contribute approximately 25% to the national GDP. Concurrently, the GOI is actively fostering growth in the digital sector, focusing on enhancing digital literacy, delivering services digitally, and fortifying the digital infrastructure nationwide.
The digital landscape in India reflects commendable progress, with an average download speed of 53.90 Mbps on fixed broadband, according to the Speedtest Global Index. Simultaneously, the upload speed on fixed broadband stands at 50.75 Mbps.
The Hurun Report sheds light on the diverse economic fabric of India, identifying the top 10 industries as 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.
For companies seeking to expand and tap into India’s dynamic workforce, it’s crucial to conduct targeted research on industries where remote work is prevalent. Marzuna’s experts can offer invaluable assistance in navigating these intricacies, facilitating a seamless expansion process and maximizing the potential of hiring remote talent in specific locations across India.
An important consideration for your growth ambitions is the cost of acquiring local personnel in India. Any location’s recruiting costs are influenced by several factors such as rent, grocery and restaurant prices, local purchasing power, and cost of living. For instance, you must take into account the actual recruiting expenses while employing a worker in Gurgaon or Mumbai. These expenses include:
The following is the total cost of living in India:
Cost of living by city
| 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 |
Salary Structure for Various Roles in India
| Software developers | INR 3,580,792 (USD 46766.79) |
| Software engineers | INR 265K to INR 953K (USD 3461.02 to 12446.62) |
| Programmers | INR 147K to INR 504K (USD 1919.89 to 6582.47) |
| DBA | INR 726K – INR 2M (USD 9481.89 to 26118.02) |
| Project managers | INR 123K – INR 745K (USD 1699.04 to 10290.95) |
| Remote engineers | Average INR 352K (USD 4862.3) |
The process of recruiting in India is complex and demands in-depth understanding of local regulations, hiring practices, hiring prices, and cost of living in various locations. Marzuna joins the team as a one-stop shop that can handle every little detail of hiring. It allows you the flexibility and time to stress-free concentrate on your objectives for expansion.
Speak with Marzuna specialists to learn more.
