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Boom time for jobs in India
siddlobo
| 29 April, 2008 23:28
India is booming. With a rapidly developing economy, the country is attracting both foreign capital and talent with equal ease. With a GDP of approximately 8.5% growth this year, India offers an optimism only few others can match. This has led to a profusion of jobs at all levels in a variety of sectors. It is estimated that this year alone, India will create about 1025000 new jobs, an impressive figure that’s only marginally lower than the previous year. And here’s the best news… the growth is not concentrated in just one area but has had a spill-over effect into a range of different sectors. Let’s take a deeper look at the hottest sectors in one of the hottest economies today.
Real estate: Property prices are soaring in India. In some cases, prices have doubled in less than 2 years! This has led to a spur of real estate development projects and a corresponding rise in careers in this sector. Infrastructure development has also caused a spurt in hiring activity as many real estate companies vie for infrastructure development projects that fall under public-private partnerships.
Hospitality: The increasing affluence of the local population combined with the growing numbers of foreign tourist has propelled the growth of the hospitality industry. There is an estimated 430,000 new jobs that will be created in this sector alone.
Retail: The retail sector in India is poised to see a surge in action this year. Major international players like Wal-Mart and Carrefour are set to enter the market. Transforming the retail market in India will be a challenging job and one that will offer many opportunities for locals and foreigners alike.
Health care: As the population grows, the demand for high quality healthcare increases. This sector is now booming thanks to corporations opening branded hospitals and spreading their networks beyond the metropolitan cities. This has resulted in a vast number of openings for highly qualified people in the healthcare sector.
BPO: Despite the sub prime crisis in the US, there is an optimistic mood in the outsourcing industry. Smaller cities like Vishakapatnam, Nagpur, Chandigarh are expected to be the emerging hotspots.
IT: Funnily enough, if there is a slowdown in any sector, it will be in IT. Salary at the junior levels in this sector has stabilized and there is a 3% dip in average salary for engineering positions compared with the same time next year. But there is still a huge demand for talent especially in roles as technical architects or product managers.
Finance, Banking, Insurance: If all the above sectors are growing, they will need some help from the banking industry to provide them with finances and ensure that their assets are properly insured. Hence, needless to say, the banking and financial industry is a thriving, action-packed place to be in right now.
Number of opportunities for locals and expatriates in India
As is obvious, there are a number of opportunities for locals and expatriates in India. Some of the key talents, advantages and experience that expatriates can bring with them are:
Foreign languages and understanding of foreign cultures: As more Indian companies increase their reach and conduct business internationally, more opportunities arise for the ‘bridge’ between countries. A good knowledge of foreign languages like German, French, Spanish etc and an understanding of their cultures can come in handy.
Specialist skills: From design to supply chain logistics, there are a number of specialist skills that people from the developed economies can bring and share with the Indian market.
Management Skills: Top level management and best-practices from other countries and sectors to improve and leapfrog development in the Indian sectors.
Key roles and opportunities: While most of the Western countries are in a ‘slow’ mode, Indian companies are in high drive and offer opportunities and challenges that are difficult to find elsewhere. These jobs also let you play a key role with daily access to decision makers.
Challenges to watch out for
Working in India is not a complete bed of roses though. There are a number of challenges that expatriates to India need to be aware of. Key among them include:
Work permits: Though expatriates might be able to land jobs and work permits in India, their spouse doesn’t automatically get working permits as well.
Comparatively low salaries: Even a good pay package in India will be a poor package compared to US or the West. Typically, a competitive Indian package will be about 25%-30% of an average US salary. Having said that, the value of the income will be much more than the value of salary earned in the US.
Competition: There is tough competition from a well educated middle class who will work at Indian pay. So you really need to be able to bring something different to the table.
Connections: Personal connections and networking are still the best ways to land a job in India. Without this, it might be a bit tougher to break into the market.
Despite the challenges, the benefits make for a rewarding experience. If India sounds like an interesting stop for your next job, log onto http://www.expat-list.siteblast.com/
Sidd Lobo
Freelance writer based out of Munich
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