CTC Packages Exceeding INR 1 Crore: An Insight into India’s High Salary Bracket

As of my last knowledge update in August 2023, the number of salaried individuals in India earning a Cost to Company (CTC) package of over INR 1 crore annually was relatively small but growing. Estimates suggested that this number was around 1-2 per thousand of the total salaried workforce, largely concentrated in sectors like technology, finance, and consulting.

Recently, Zomato was in the news for offering a 1.6 crore salary at IIT D, with a breakdown of INR 60 lakh in gross pay and INR 100 lakh in Restricted Stock Units (RSUs). However, the net pay for this offer was a guess, as the scheme was ultimately revealed to be a marketing stunt and was withdrawn. A few years ago, startups were offering crazy salaries, with freshers reportedly making INR 25 lakh net. Now, such offers are a rarity.

High-Salary Roles in Consultancies

Even in fairly senior positions within reputable consulting firms, net salaries are often below INR 1 crore. This reflects the reality that the majority of high-salary roles are not widely available, especially in fields like investment banking, where opportunities have dried up significantly.

Why High-Salary Roles Are Scarce

Several factors contribute to the scarcity of high-salary roles in India. Firstly, the job market faces fluctuations based on economic conditions and industry trends. Secondly, certain sectors like technology and finance, which often offer high salaries, are increasingly crowded with competition. Lastly, regulatory changes and market realignments can create volatility, making it challenging to predict long-term salary trends.

Exploring High-Income Paths

A survey conducted on Twitter revealed that the top three methods to make a crore in India, according to survey participants, are:

Politician: Although politicians can make a lot of money, becoming one is extremely difficult and requires a substantial initial capital. Course Selling/Content Creation: While content creation can be rewarding, it often takes a long time to generate significant income. The supply of content has skyrocketed, leading to a competitive market. Investing: Attempting to make a crore solely through investments is generally not a viable option. It requires substantial capital, and the returns can be unpredictable. Investing is best used to protect wealth from inflation rather than a primary source of income.

For sustainable annual returns of 15-20% from the market, before taxes, such returns are commendable. However, trying to achieve returns above these figures often involves taking on high risks.

Recommendations for Making a Crore in India

Based on my research and the current market trends, the best ways to make your first crore in India in 2024 are as follows:

Corporate Jobs: Secure a solid corporate position where you can steadily grow and accumulate wealth. Many large corporations offer lucrative packages and growth opportunities. Niche Business: Start a niche business where you have a competitive advantage or less competition. This can be particularly effective in areas with less supply than demand. Working Abroad: Many multinational companies offer competitive salaries and benefits. Working in a foreign country can also provide new opportunities for skill enhancement and career growth.

In conclusion, while high CTC packages exceeding INR 1 crore are rare, gaining a deeper understanding of the job market and exploring alternative high-income paths can help you achieve your financial goals.