Indians to enjoy highest pay hikes

INDIA SHINING: Robust economic growth has made India one of the fastest-growing millionaires club.

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New Delhi: Indian workers are expected to enjoy the highest pay hikes in the world in 2007, thanks to robust economic growth, talent shortage and lower inflation, a survey showed on Wednesday.

‘Real wage increases’—a figure that represent workers' annual salary rises after taking inflation into account—are expected to climb an average 3.6 per cent in Asia this year, a 50 per cent jump from 2.4 per cent in 2006, according to a survey by human resources firm ECA International.

Robust economic growth has turned Asia into one of the fastest-growing millionaires club in the world. While the private bankers are flocking India, banks such as Merrill Lynch/Capgemini bet that the wealth of Asian millionaires may hit $10.6 trillion in 2010.

“There is too much money chasing after too few managers, so companies have to throw more money at their managers to get them to stay,” Lee Quane, ECA's Hong Kong-based general manager was quoted by the ECA website.

India Incorporated is indeed going through its best phase right now with profits soaring high and economy booming to a record scale. Recently-released, Forbes 2007 Midas list—the annual ranking by Forbes Magazine of the top dealmakers in the world—showed eight Indian names.

The names included India-born entrepreneurs, tech wizards, and IT professionals besides others who have carved a niche for venture capital films in the world of global businesses.

Rounding out the global win on the Forbes list was also Indian job search company Naukri.com.

With inputs from Forbes.com