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Project Manager Salary in India: 2023 Insights
Project management is an exciting and challenging career path, and one of the main motivators for professionals to pursue it is a good salary package. The demand for skilled project managers in India has been on the rise, and with this demand, there has been a steady increase in project manager salaries.
If you are considering a career in project management or are curious about project manager salaries in India, you have come to the right place. In this article, we will provide insights into project manager salaries in India in 2023.
Project Manager Salary in India: An Overview
Various factors, including location, experience, industry, and education, influence project manager salaries in India. According to Payscale, the average salary of a project manager in India is INR 1,150,000 per year. However, the salary range for project managers in India is vast, with entry-level project managers earning around INR 486,000 per year and senior-level project managers earning as high as INR 3,736,000 per year.
Factors Affecting Project Manager Salary in India
Several factors affect project manager salaries in India. The following are some of the most critical factors:
● Industry:
The industry a project manager works in plays a significant role in determining their salary. For example, project managers in the IT and software development industry tend to earn higher salaries than those in the construction industry.
● Location:
The organization’s location also plays a significant role in determining a project manager’s salary. Project managers working in metro cities such as Mumbai, Bangalore, and Delhi tend to earn higher salaries than those in smaller cities and towns.
● Experience:
Experience is another crucial factor that affects project manager salaries in India. Project managers with more experience earn higher salaries than those without experience.
● Certification:
Certification in project management is becoming increasingly important in India. Project managers who possess relevant certifications tend to earn higher salaries than those who don’t.
● Education:
Education also plays a role in determining project manager salaries in India. Project managers with higher education qualifications tend to earn higher salaries than those without.
Project Manager Salary by Industry
As mentioned earlier, the industry in which a project manager works plays a significant role in determining their salary. The following is a breakdown of project manager salaries by industry in India:
● IT and Software Development:
The IT and software development industry is one of the highest-paying industries in India, and project managers tend to earn between INR 1,200,000 to INR 3,000,000 per annum.
● Construction:
Project managers in the construction industry tend to earn between INR 500,000 to INR 1,500,000 per annum.
● Finance:
Project managers in the finance industry tend to earn between INR 800,000 to INR 2,000,000 per annum.
● Healthcare:
Project managers in the healthcare industry tend to earn between INR 500,000 to INR 1,500,000 per annum.
● Education:
Project managers in the education industry tend to earn between INR 500,000 to INR 1,500,000 per annum.
Top Industries Hiring Project Managers in India
Project managers are in high demand in several industries in India. The following are some of the top industries hiring project managers in India:
● IT and Software Development
● Construction
● Healthcare
● Finance
● Education
● Manufacturing
Conclusion
In conclusion, project management is highly rewarding in India, with competitive salaries across different industries. The salary of a project manager in India is influenced by factors such as industry, location, experience, certification, and education. Project managers with relevant certifications and higher education qualifications tend to earn higher salaries than those without. It is also essential to note that project management is highly competitive, and continuous professional development is necessary to stay ahead.
Education Nest is a leading platform that provides comprehensive information and guidance on various career paths in India, including project management. Whether you are a student exploring career options or a professional seeking career growth, Education Nest has the resources and expertise to help you achieve your career goals.