Sectors grow rapidly: Post pandemic in India
As India’s economy sought to regain its footing, localized lockdowns during the second Covid-19 wave slowed economic activity in April 2021; however, the impact will not be as severe as it was in 2020. Despite the constraints, business activity is picking up this year. The current second wave will only cause a “short-term setback,” and the medium-term growth prognosis for the remainder of 2021 remains stable.
Below are some of the job fields that are continuing to grow in India and are expected to drive bigger percentage compensation increases:
Vaccine firms hired at an all-time high after the COVID-19 outbreak broke out. However, due to India’s limited skill pool, this has been difficult. We anticipate a significant amount of recruitment in this field, as well as fostering existing talent to retain top talent. In 2021, the average annual pay increase for this sector is predicted to be 8%. New hires in this area who are changing jobs can expect a 15 to 20% raise over their previous wage. Investment in research and development talent, among other things, will be increased in existing settings. The government’s focus on the “Aatmanirbhar Bharat” or “Self-Reliant India Mission,” as well as its goal of implementing more favorable criteria for API makers, will help the industry thrive in 2021 and beyond.
Manufacturing and international sales and marketing talent will be in high demand as a result of this.
In 2021, the average annual wage increase for this sector is predicted to be 7.3 per cent. Professionals changing professions in this industry might expect a 15 to 25% raise over their previous wage.
In the SaaS, health-tech, Ed-tech, and gaming industries, there has been a surge in hiring. Start-ups are also giving the right personnel the option to work from anywhere or in a hybrid model. Various tracks of artificial intelligence (AI) and machine learning (ML) are in high demand. Cloud use and migration have also been widespread, spanning public, private, and hybrid models.
With the rise of e-commerce, more tech-enabled platforms in logistics and warehousing have emerged. In 2021, the average annual wage increase for this sector is predicted to be 7.5 per cent. New hires in this area who are changing employment can expect a 16 per cent rise over their previous income. To meet community demands, essential delivery start-ups and hyperlocal start-ups have emerged, increasing demand for P&L heads and product management specialists. Many start-ups are focusing on M&A and fundraising/investor relations, resulting in a rise in demand for these specialists.
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