2014 is a watershed year for India. Political campaigning is in full swing and the results of the upcoming general elections will play a big role in determining the country’s economic trajectory over the next 4-5 years. The global investment community hopes to see continuing reforms and deregulation that will further increase the scope for growth and investment, especially in the rapidly expanding areas of services and manufacturing supply chain.
Do You Work in Information Technology, Manufacturing, Retail or Life Sciences? Then You Should Consider a Move to India This Year!
In 2014, global GDP is slated to grow at 3.6%, even as India is set to grow at 4.5%. The projected growth figures for 2015 are 4% and 5.9%, respectively. Uptick in demand for senior managers The Indian economy had remained more or less stable even through the recession, but this year, mid- and senior-level managers actually have reason to cheer. A survey conducted by Randstad India says that 84% of respondents are ‘hopeful’ about the economy, even as 86% are looking forward to a better pay hike as compared to 2013. 80% of employees in India also expect to receive a onetime bonus payout at the end of this year, as
compared to the global average of 48% employees. Such high employee expectations are pushing employers to pull up their socks to attract and retain talent. Increasingly, employee retention is not just about high salaries, but also about creating mid-career training opportunities to help people stay ahead.
Hiring intentions India is pegged to create 0.85 million new jobs in 2014. Covering a sample of 5006 employers across India, the Manpower Employer Outlook Survey found solid hiring intentions for Q1 2014. 30% employers are looking to increase headcounts while just 1% contemplate layoffs. At the same time, India continues to build its reputation as a strong destination for Foreign Direct Investment (FDI), in turn pushing growth in key sectors of the economy. Strong domestic market demand, an educated workforce, and competitive labor costs spur growth in production and consumption.
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Key sectors If you work in consumer products, industrial sector, technology, media and telecom (TMT), or life sciences, there is immense potential for growth in the next 2 years. As the economy moves away from traditional channels such as agriculture and manufacturing, there are massive investments being made in infrastructure, business services, automotive, retail, consumer goods, financial services and life sciences. However, in spite of the slow decline in manufacturing, the sector still leads in terms of capital inflows and job creation. In 2012, on average, a single manufacturing project was worth US $81 million and created 349 jobs, as compared to services projects that were worth US 25.1 million and created 129 jobs, on average.
The country is also in the process of issuing new banking licenses, thus sparking growth in hiring in banking and finance. McKinsey predicts that India will need 200 thousand data scientists and analytics professionals over the next few years. Verticals like Big Data, mobile applications’ development, social and digital media are already ramping up hiring. Solutions architects, program managers and CTOs too are in demand, thanks to industry-wide adoption of cloud technology for operational and cost efficiencies. Increase in consumer spending will spark 6% growth in hiring in retail and Fast Moving Consumer Goods (FMCG). Supported by a huge population of which a gigantic chunk is now looking for quality healthcare and lifestyle services, India’s pharmaceuticals and healthcare industry is set to grow by nearly 14% this year. This sector, along with infrastructure, promises growth in hiring. Other industries looking to hire include:
- Mining and construction
- Information Technology (IT)
- Pharmaceutical industry
- Education & training
- Knowledge-intensive & heavy industries like industrial machinery, equipment and tools, textiles, rubber, business machines, printing, packaging, et al
- Sales managers
- Accounting and finance managers
- R&D researchers
- IT managers
- Management/ Executives
Top cities By 2020, India will be among the world’s top 3 growth economies. Most countries in the Middle East and Southeast Asia are upping their investments in the country, following in the footsteps of the US, Europe and Japan.
For expats heading to India, Mumbai and Delhi are the two cities that offer the most opportunities for career growth, as also the best, most cosmopolitan lifestyles. In addition, cities like Bengaluru, Chennai, Pune, Hyderabad, and Chandigarh are also making their mark on the global map. Interestingly, Mumbai, the wealthiest city in India – which used to be considered a rather expensive city to live in – was recently ranked by Economic Intelligence Unit as the least expensive city in the world, for expats. In the same study, Delhi was ranked the third least expensive city in the world, thanks to low wages for household staff, government subsidies, and easy availability of goods and services.
The top Indian cities are home to hundreds of international companies. After Mumbai and Delhi, Chennai has the third largest population of expats, and is a big player in the international Information Technology (IT) industry. In 2012, Chennai also emerged as the second largest exporter of business-process outsourcing (BPO) services in India. Similarly, the manufacturing hub of Hyderabad has now built a reputation for its burgeoning pharmaceuticals and biotechnology industries. Expat outlook Many companies are actively looking to hire qualified people from overseas who bring certain niche skills, domain expertise, and international exposure to the table. If you can add value in booming sectors like IT, ecommerce, healthcare, telecom or infrastructure, India offers you some bright prospects this year. The 2013 Expat Explorer Survey ranked India 7th out of 37 countries. The country was also considered the fourth least expensive destination, because of the low cost of living it offers. At the same time, The Economic Times reports a 15-20% growth in the number of expats living and working in India this year, over last year. The economic recession in Europe and the US drove many senior professionals to relocate to India to take advantage of the country’s relatively stable economy, increasing job opportunities, and the high salaries that are typically offered to expats.
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