New Delhi
Recently a report on US Billionaire Ambitions has come out. According to this report, the number of billionaires in the country has increased rapidly. According to a report by Kantar, the middle class of the country is shrinking. His ability to purchase things has reduced. The biggest reason for this is the slow growth rate in the salaries of the middle class. Now the government has also said something similar.
The government has given some figures which show how much things have changed in 15 years. In these 15 years, while the profits of private companies have been at an all-time high, the salaries of the employees have not increased in that proportion. Chief Economic Advisor V Anantha Nageswaran has also warned private sector companies in this regard.
Falling GDP raises concerns
Indian Express has published a report regarding the increasing profits of private companies and slow increase in the salaries of employees. According to this report, the sharp decline of 5.4 percent in GDP in July-September this year has created concern among policy makers. This is when the profits of private companies have increased four times in the last four years. The salary has not increased in that proportion.
Report prepared in this sector
Industry chamber FICCI and Quess Corp Ltd have prepared the report for the government. In this report, 4 years’ salary of employees in six sectors has been mentioned. These 6 sectors are SFSI (Banking, Financial Services and Insurance Sector), EMPI (Engineering, Manufacturing, Process and Infrastructure), FMCD/FMCG (Fast Moving Consumer Durables/Fast Moving Consumer Goods), IT (Information Technology), Logistics and Retail. Are included.
How much did the salary increase?
According to the data, the average annual salary of employees in these 6 sectors has increased by a maximum of 5.4% in 4 years. This much increase has happened in the FMCD/FMCG sector.
Know how much the average salary has increased in 4 years:
SFSI: The average salary in the year 2019 was Rs 15,184. In the year 2023 it will become Rs 17,475. It grew by 2.8% in these 4 years.
EPI: The average salary in this sector in the year 2019 was Rs 19,659. In the year 2023 it will become Rs 20,509. It increased by 0.8% in these 4 years.
FMCD/FMCG: In the year 2019, the average salary in this sector was Rs 14,608. In the year 2023, it increased by 5.8% to Rs 19,023.
IT: There has been a 4 percent increase in salaries in this sector in 4 years. In the year 2019, the average salary in this sector was Rs 40,333. In the year 2023 it will become Rs 49,076.
Logistics: Even in this sector, there has not been much increase in salaries in last 4 years. The average salary in the year 2019 was Rs 15,844. In the year 2023, it increased by 4.2% to Rs 19,534.
How much did the companies’ earnings increase?
Nageswaran said that there has been a huge increase in the earnings of private companies in the last 15 years. He said that the profit of corporate companies in March 2024 was at its highest level in the last 15 years. According to Nageswaran, the profit of private companies has increased four times in the last 4 years. He said that the biggest concern is in the informal sector where there has been a marginal increase in the salaries of the employees.
