Although technically a third-world country, India is touted to outdo first-world countries like Japan and Germany whose aging populations are expected to stunt growth in 10 years. According to a Goldman Sach's report, another 30 years could put India ahead of the US, making it a magnet for investments. This forecast puts the country on the map of the world's most lucrative career hubs - a fact that will surely have every expat thinking about choosing India as a new home.
India has a wealth of multinational companies operating in the country, topped by Proctor & Gamble, Glaxo, General Electric, Siemens, IBM, Royal Dutch Shell, and Pfizer. Its growth as an investment center is fast gaining momentum and its pro-labor policies make it perfect for expatriates seeking professional and financial independence in this part of Asia.
Eligibility
Eligibility to work in India requires a permit or employment visa valid for one year or until the employment contract expires. This may be obtained either from the Indian Embassy or High Commission in the resident country or in India with evidence of a job offer from an Indian employer. Immediate family members will be allowed to accompany the applicant but need to secure individual permits if they are seeking employment. A residential permit from the Foreigners Regional Registration Office will also be required, both for the primary applicant and for each accompanying family member.
Work permit extensions may be applied for and processed in Delhi but,conversion of Visitor to Work status can only be requested at the Indian Embassy in the resident country.
E-visas may be granted to those seeking intra-company transfers depending on the Indian consul's assessment of local labor availability and the applicant's academic qualifications and experience. Although not mandatory, a four-year university diploma is favorable.
Compensation
Expats in India can expect varied monthly remuneration offers from the different employers depending on the field and level of expertise.
In the Banking and Finance Sector, a salary range of 7,500 to 38,000 RS applies. Engineering and Technical jobs usually pay between RS 7,000 and RS 75,000. Those in Human Resources and administrative positions make from RS 8,000 up to RS 100,000 RS while occupations in Sales and Marketing offer from RS 5,000 to RS 125,000. So far, the highest-paid professionals in India are Information Technology specialists who receive monthly compensations of up to 150,000 RS.
At present, a national minimum floor level wage applies at 80 RS daily.
The Provident Fund
Contributions to the Indian government's statutory Provident Fund, a compulsory savings program, are collected from all expatriates and citizens working in India. However, exceptions apply to those earning below 6,500 RS. The Employee's Provident Fund Act requires employers to deduct 12 percent of employees' wages and allowances each month from their salaries. A working expat is eligible to withdraw his accumulated contributions after ten years of service.
Careers
Jobs in Information Technology continue to thrive in India, even with an 800,000-strong workforce raking in up to 10 percent of the country's national income. Varied opportunities await expatriates hoping to find their place in a dynamic sector that is world-famous for software development and Business Product Outsourcing. Engineering firms are revving up innovations in biotechnology, aeronautics, agriculture, and controversial nuclear resources, among others. Meanwhile, the recent surge in the Information Technology and Services sector spurs massive recruitment of accounting and finance personnel, as well as sales and marketing professionals, including those in the Business Outsourcing industry.
India's workforce is predominantly English speaking and while workers need not speak the language for all aspects of their work, employers require daily use of it. This, in turn, has created plenty of opportunities for native English speakers and writers.
Taxation
Working expats in India pay an income tax of 33 percent including surcharge. Corporate income tax is higher than in other countries and is in addition to other taxes such as property, dividend, and insurance contracts.
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