Average salary in india 2016 free#

I hope You guys know that the world is divided into 3 categories вЂ“ What Is The Average Salary Around the WorldД«efore moving ahead to talk about the average salary in India, we also need to have a look at how other countries of the world are doing.

Average Salary In India For Different Jobs.What Is The Average Salary Around the World.

Quite, growth does matter, growth is desirable. And we should ask that the right way too: try asking an American whether growth matters or not by asking whether they'd like to be only one quarter as rich as they are today? The true test of whether growth matters or not is to go ask people whether that's something they desire or not. If India's growth is maintained (and no reason why it cannot for this length of time) for the next 30 years the average person will have a living standard four times higher than the average person does today in that country. It's that different producers must fight things out in the marketplace for the attention of consumers, that prices drive resource allocation, which will define how much growth occurs.ДЄnd for those who say that growth doesn't matter. Whether productive organisations are organised along communal, socialist, lines or more capitalist, individual ownership ones, really isn't the defining point of how well that economy, and thus living standards, will grow. Capitalism isn't really the thing here either: it is more market allocation of economic resources which matters, not who owns those resources.

Average salary in india 2016 free#

Not just doubling real wages in a decade and a half, but quadrupling, quintupling, the average living standard in just one working lifetime.ДЄll it really requires, from where India is now, is that continuing dismantling of the Licence Raj and the continued move toward a more free market economy. There's no particular reason why India cannot replicate the Chinese boom of the past few decades. Because it is that economic growth that allows (in fact, is the same thing as) real wages rising. But the important point here is that yes, economic growth really does matter. Most certainly we can say that the Indian economy is not perfect, we can all think of ways in which it could be doing better (although perhaps limited by political reality). The average person is twice as well off after only that short period by the only measure that really matters, what they can consume. Worth thinking about this: a 5% rise in real wages means that if that is continued for 14 years then real wages have doubled. And in the economic terms we're interested in, which is how well is the average person doing from the economy, it's also a huge, vast, number. In fact, it's a larger annual rise than the US had during those golden post-war years. We're thus seeing real wages rise at 5% a year.ДҐ% is obviously less impressive than 10% but it's still a useful rise. In India, with wages up over 10% last year, inflation was about 5%. In Venezuela that's a horribly negative number, showing that the workers are getting poorer. What we want is the rise in real wages: nominal wages with the general inflation rate deducted. Venezuela has had very large rises in nominal wages in the past couple of years but no one at all thinks that that place is an economic success story. However, nominal wages don't tell the whole story. It's an incentive for that labour to become more productive. Thus, differentiating between high and low productivity labour is a useful thing to do. The major way that a place or country gets richer is when labour productivity rises. According to a research by Hay Group division of Korn Ferry, the 10.3 per cent pay rise across sectors represents a slight dip against an actual average salary increase of 10.4 per cent across India Inc last year. Nominal wages are rising strongly:Д®mployees in India can expect an average pay increase of 10.3 per cent across various job roles in 2016 with chemicals and high technology industries likely to lead the market in terms of salary hikes. And fortunately we can construct that from the numbers we have available. But it's worth thinking about what that 7 and 8% growth rate actually means for the average person in that country. As we know, India is currently the world's fastest growing large economy, just pipping China for that title. An interesting little example of which is the effects of the GDP growth India is currently enjoying. We do indeed want continued economic growth as it is that very economic growth which is going to make our children richer then ourselves, which is going to make our future selves richer than we are now. But there's some who then go on to insist that this means that we don't need economic growth at all. As we all know there're those out there who tell us that economic growth isn't the be all and end all of life.