Typical Income For Business Intelligence Designer In India – If you’re wondering what the average salary is in India or how much it costs to hire an employee in India, we’ve got you covered.
In 2023, the average salary in India is 31,900 INR (Indian Rupees) per month or 383,000 INR annually. This is 387 USD per month as per June 2023 exchange rate.
Typical Income For Business Intelligence Designer In India
Like anywhere else in the world, salaries in India are influenced by various factors including an employee’s education, city, gender, age and work experience.
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The average Indian salary is significantly lower than the average salary in countries like the USA (7,900 USD) or even Russia (1,392 USD). And this makes India one of the most popular outsourcing destinations in the world.
In this article, we will discuss in depth the average salary in India, its comparison with other countries and the minimum wage in India. We will also discuss the top 3 industries commonly outsourced in the country.
According to Salary Explorer, the national average salary in India is USD 387 per month as of June 2023 exchange rate.
However, other key indicators such as median salary and average salary range can help you get a broader overview of the country.
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This implies that half of the Indian population earns less than 27,200 INR per month, while the other half earns more than 27,200 INR.
Average salary represents the middle value of all salaries considered, while average is the sum of all salaries divided by the number of salaries considered.
For example, let’s say employee A earns 20,000 INR, employee B earns 30,000 INR and employee C earns 50,000 INR. In this case, the average salary is 33, 333 INR, while the average salary is 30,000 INR.
The average salary range in India ranges from 8,080 INR (98 USD) per month to 143,000 INR per month (1,734 USD).
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The average salary range considers only those salaries that fall between the average minimum salary and the average maximum salary in India.
Salary data like national average salary, median salary and salary range can help you understand the Indian population and economy.
While it’s easy to determine the average income in any country, what you actually pay an employee depends on a number of variables.
The average base salary in India varies widely across different sectors like IT, manufacturing, customer care, etc. Salary is also different based on the job profile and type of job (full time, part time, freelance etc.) among each. of this sector.
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In most countries, you’ll earn a bigger paycheck if you have a higher education. The scenario is no different in India.
A study by salaryexplorer.com shows that employees with a certificate or diploma earn 17% more than their peers who only graduated from high school.
Employees with a bachelor’s degree earn an average of 24% more than those with only a certificate or diploma. Similarly, professionals with a master’s degree make 29% more than those with a bachelor’s degree.
Ph.D. Holders earn higher salaries that are about 23% higher than those with a master’s degree for the same job title.
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Salary Explorer’s salary report reveals that, on average, a person’s starting salary typically doubles by the time they pass the ten-year experience mark.
If you are planning to hire employees in India, this salary data will help you plan the salary structure and decide on the total salary of your employees and the compensation budget of the company.
Now that we have looked at the various factors that determine the national average salary in India, let’s discuss the salary hike in the country.
Unlike most countries, India does not have a fixed national minimum wage. It is set by both the central and state governments under the Minimum Wages Act, 1948. This is the reason why the average wages vary in different states of India.
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For example, the minimum wage for an unskilled laborer in New Delhi is 612 INR (7.42 USD) per day. But in Bihar, the minimum wage is set much lower at 304 INR (3.69 USD) per day.
So the average hourly wage or daily wage that you pay your employees will depend on the state in which you operate.
The United Nations World Economic Situation and Prospects (WESP) 2021 report classifies all countries in the world into one of three economic categories:
Let’s take a look at the average salary of countries in this category and how it compares with India:
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This salary trend is mainly due to the low cost of living in India. On average, the cost of living in India is 65.24% lower than in the US.
For example, India produces about 1.5 million engineers every year from 4,000 institutions—far more engineers than the United States and China combined. This scenario has led to a situation where the demand for engineers decreases and the supply increases every year.
India offers a qualified talent pool at a lower cost than most developing economies. This is why India has emerged as a preferred destination for outsourcing.
While you can outsource almost any non-core task to India, here’s a closer look at some of the most popular:
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The total market size of the Indian IT market is over USD 235 billion. Additionally, the IT outsourcing industry is the fifth largest industry in India.
India boasts of prowess in industry and advanced infrastructure. You can acquire these skills affordably due to the low average salary in India.
For example, the average monthly salary of an IT service manager in India is 1,365 USD Hiring the same manager can cost 3,466 USD per month in China and 5,440 USD per month in Canada.
IT services that you can outsource to India are technical support, software development and website and mobile app development.
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India has been a reliable BPO service provider for reputed companies in the past. The global IT and BPO services market in India is likely to grow at a compound annual growth rate (CAGR) of 8% between 2021 and 2024.
Among the wide range of BPO services, India is a popular outsourcing destination for customer care services This popularity is due to the low average salary for BPO services in India.
For example, the average salary of a call center agent in India is 201 USD per month. The same rent can cost 318 USD per month in the Philippines and 397 USD per month in Mexico
Managing large volumes of data requires a large number of resources and a specialized workforce. And with a low average salary in India, you can access these KPO services at a nominal cost by outsourcing to the country.
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The average monthly salary of a data analyst in India is 666 USD. You’ll pay much more for data analysts from other popular outsourcing destinations such as Romania (718 USD per month) and Poland (1,293 USD per month).
Outsourcing to India or any other offshore destination can make it difficult to ensure your outsourced team is productive.
Fortunately, you can monitor the productivity and performance of your outsourced employees by introducing employee productivity management software like Time Doctor.
With Time Doctor, you can effortlessly track your employees’ time, attendance, schedule and productivity even when working remotely.
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Additionally, Time Doctor’s payroll features make payroll management very easy. You can pay your Indian employees in any currency including INR, USD, etc. and set up customizable salaries for salary or hourly wage employees.
This is why you get access to a qualified talent pool at an affordable cost, making India a popular choice for outsourcing.
Use the information we cover here to understand average salaries in India and determine whether outsourcing is the right move for your business Learn all about the role of a Business Intelligence Engineer including responsibilities, skills and career outlook |
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A business intelligence engineer is a professional who designs, develops and maintains various BI systems and technologies such as data warehouses, dashboards and various reporting systems to help organizations unleash the power of information to make decisions, stay competitive and achieve.
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