This article will cover the average salary in India in the year and also compare it with the world average to understand where do India stand among the top super power in terms of the average income.
India can be considered as the booming hub for human capital. With the service sector contributing almost 60% of India’s total GDP. There are still a lot of challenges faced by India’s service industry and its employees. Getting a low salary is one of the most common problems that each and every salaried professional is facing. Almost 3 out of every 5 working professionals think that they are underpaid. Many individual are also unaware of the average salary in Inda.
To clear these doubts, we will explore the average wage in India and then compare it with the average income around the world. As the average salary in India would vary among different kinds of professions, we also compared the average the profession wise median salary in India so as to get a holistic understanding
Average Salaries Around the World
Before looking at the average salary in India, we should take a look at the average salaries of some of the thriving countries around the world. Before we draw a comparison we should know that the average income around the world varies extensively. The cost of living is a huge factor that affects one’s salary or income so it depends on which part of the world you live in. Following us the list if the top economies with their average salaries
- The United States of America: With a GDP of whopping 20.5 trillion dollars, the USA has an average yearly salary of $63,000
- China: With a GDP of 13.4 trillion dollars, China has an average salary of $9,470
- Japan: With a GDP of 4.9 trillion dollars, Japan has an average salary of $41,340
- Germany: With a GDP of 4 trillion dollars, Germany has an average salary of $47,450
- United Kingdom: With a GDP of 2.8 trillion dollars, the United Kingdom has an average salary of $41,330
- France: With a GDP of 2.8 trillion dollars, France has an average salary of $41,340
- India: With a GDP of 2.7 trillion dollars, India has an average salary of $2,100
What is the Average Salary in India
Well now talking about India’s average salary in 2020, we must understand that there are multiple factors that affect the average income of a country such as the cost of living, population, etc. The average salary in India is comparatively less than the other countries majorly because of the number of unemployed people are more and also as the population is large so the average automatically reduces. To get a better idea we can see the job-wise average salary for some of the popular occupations in India
Profession-wise Average Salary in India
- Software Engineer Salary: The average annual salary of a software engineering professional in India is around 5.2 Lakhs rupees (according to Payscale)
- Mechanical Engineer Salary: The average annual salary of a mechanical engineering professional in India is around 3.55 Lakhs rupees (according to Payscale)
- Lawyers Salary: The average annual salary of lawyers in India is around 5-6 Lakhs rupees for initial and can go upto 10-15 Lakhs rupees for a senior advocate
- Doctor Salary: The average annual salary of doctors in India is around 10.05 Lakhs rupees (according to Glassdoor)
- Architect Salary: The average annual salary of an architect in India is around 4-5 Lakhs rupees for initial and can go upto 10-12 Lakhs rupees for a senior advocate
- Marketing Manager Salary: The average annual wage of marketing managers in India is around 7.05 Lakhs rupees (according to Payscale)
- Sales Manager Salary: The average annual wage of sales managers in India is around 7.25 Lakhs rupees (according to Glassdoor)
- Banking Professional Salary: The average annual wage of bank managers in India is around 8.15 Lakhs rupees (according to Payscale)
To sum up the average salary in India may vary from profession to profession but on an overall level, it is low. There are multiple reasons for this first and the most common is the classic problem of low demand and excessive supply. While there is always a huge demand for a “good job” its supply side is very weak. The second very important factor is that almost 85% of the working professionals are not aware of the industry-wide salary for their profile. Having a better awareness of the market standard is great for starters. Also, a great way for you to boost your salary can be to work on your skills by taking up some online courses and increase your salary.