Average Monthly Income In Urban India Sees Growth By 7.5% In 9 Months: Report – News18

The average monthly income of a salaried individual in urban areas in India has increased from Rs 20,030 in quarter 2 of fiscal year 2022 to Rs 21,647 in quarter 1 of fiscal year 2023, according to an ICICI Securities report. This means that the average monthly income in urban areas has increased by 7.5 per cent in 9 months.

Daily wages have also increased from Rs 385 per day in Q2 FY 2021 to Rs 464 per day in Q1 FY 2023, as per the data provided by the Periodic Labour Force Survey (PLFS). On the other hand, in rural areas, the average salary is Rs 14,700 per month over the 18-month period ending in Q1 FY 2023. However, the daily wages of labourers have increased from Rs 302 per day in Q2 FY21 to Rs 368 in FY23.

Nearly half of the population of India, or around 46% of people, is dependent on agriculture for their earnings, and this year’s weather conditions are creating a lot of troubles in farming, which might result in bad income, as per reports. Farmers are heavily dependent on the weather which is always a major risk to their livelihood.

Speaking of income and employment in India, the main concern about growth in the private sector in urban areas lies in IT and start-up sectors where hiring is doused The reports by Insight Tracker have shown a slide down of 7 per cent in hiring compared to last year. The reason behind this could be the economic slowdown, which has also forced companies to cut down on expenses, which also include the recruitment process. Also, the ongoing technological disruption in industries is leading to job changes, which is generally impacting the hiring process.

Sectors like BFSI, banking, insurance and financial services have experienced a decline of 10 per cent this year, and the reason behind this could be rising inflation, supply chain disruptions, interest rates, and other factors as well. The industries that have seen an increase in recruitment compared to last year are the shipping/marine industry, which has seen a 45 per cent increase. Advertising, public relations and marketing research industries have seen a growth of 28 per cent. The tourism sector has witnessed a growth of 27 per cent, while 4 per cent growth has been seen in the office equipment and automation sectors, compared to last year.