How is the labor market in India?
There are three main factors which describe the lndian labor market: low cost of labor, large labor pool and increasingly more competitive competition for talent. India is a leader in labor cost competitiveness, where labor costs average US $0.92 per hour. Furthermore, India is also one of the largest producers of human capital in the world, with an estimated workforce strength of 450 million. Besides, there is high competition for talent. For example, senior executives in the information technology and business process outsourcing industry assess competition for graduates as ‘high’ in many Tier 1 cities. Turnover rates can surpass 25 percent in these cities, while the national average for the industry hovers between 15 and 20 percent.
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