In recent years, the product manager’s salary in India has increased dramatically, which is expected to persist in the coming years. But what do you think would majorly impact product manager salaries in India? In this blog, we will learn key insights and more about product managers’ salaries in India. We will explore what factors drive this growth and what you can expect to earn as a product manager in India in 2024.
Why Are Product Managers In High Demand In India?
Product managers (PM) are in high demand in India because they play a pivotal role in product development and innovation. They are responsible for planning, designing, and developing products that meet the needs of customers and markets. Product managers’ salary in India has seen a significant rise in recent years due to the increasing demand for skilled product managers.
The average product manager’s salary in India is around 16-20 lakhs per annum. The salary depends on various factors such as experience, skills, location, and company.
Product managers are in high demand because they can see the big picture and think strategically about product development. The primary reasons behind the need for product managers are:
- India is a rapidly growing market with a large number of product companies.
- Product managers are needed to manage the product development process and drive innovation.
- They are required to have a deep understanding of customer needs and market trends.
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What Is The Average Salary of a Product Manager in India?
The average salary for product managers in India is higher than the salaries of product managers in other countries like the U.S, the U.K, and Australia. As per the findings of a recent study, on average, their salary in India is Rs. 13,69,841 per year. The salary range for product managers in India varies from Rs. 6,67,000 to Rs. 55,00,000 per year.
What Are The Factors Affecting Product Manager Salary In India?
The salary is subject to change according to the product manager’s skillset, experience, and location. Hiring a product manager is not easy, and companies tend to pay a hefty salary to get the right candidate.
Various factors affect product manager salary in India, such as:
Skillset: A product manager should have industry knowledge, technical skills, marketing skills, etc. A professional with a better skillset tends to get a higher salary.
Experience: Generally, product managers with more experience are paid more than those starting their careers. The number of years of experience is directly proportional to the salary. There are different levels in product management- product analyst, product marketing manager, product development manager, etc., and salary varies according to the level.
Location: The job location is another factor that determines the salary. Product managers working in metro cities are paid more than those working in small towns or tier 2 cities.
Industry: The product management salary in India also depends on the industry. A product manager working in an IT company will be paid more than one working in a manufacturing company.
To conclude, the product manager’s salary in India is subject to change according to various factors such as skill set, experience, location, and industry. Product managers play a vital role in a company’s success; hence, they are paid handsomely.
Several factors will contribute to the product manager’s salary in India in the coming years. Here are some key insights:
- The product management role is evolving and becoming more strategic, so product managers are being paid more for their expertise.
- The Indian economy is booming, and there is a growing demand for product managers, driving up salaries.
- The rise of the startup culture in India means that product managers are in high demand and are being paid accordingly.
What Is The Hierarchy of Product Manager Roles?
There are three product manager roles in India, each with different responsibilities:
Assistant Product Manager
Assistant product managers conduct market research, write product requirements and create product prototypes. It is the entry-level product manager role. The salary for this position ranges from 3 to 5 lakhs per year.
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Product Manager
It is the next most popular and in-demand job in India right now. A product manager is responsible for developing and managing products/services offered by a company.
The salary of a product manager, on average, is INR 14,00,000 per year.
- Maximum: INR 30,00,000 per year
- Minimum: INR 4,50,000 per year
Senior Product Manager
The difference between a PM and a senior PM is mainly experience and expertise. A senior product manager is responsible for developing and managing products/services offered by a company. They are also responsible for the product’s profitability and growth.
The average salary of a senior product manager in India is INR 20,00,000 per year.
- Maximum: INR 40,00,000 per year
Lead Product Manager
A lead product manager is responsible for product strategy, product planning, and product development. They are also responsible for product marketing and product management. The average salary of a lead product manager in India is INR 25,00,000 per year.
- Maximum: INR 50,00,000 per year
- Minimum: INR 10,00,000 per year
Director of Product Management
A director of product management is a senior-level professional responsible for the product strategy and roadmap. They are also responsible for product development, product marketing, and product management. The average salary of a director of product management in India is INR 35,00,000 per year.
- Maximum: INR 70,00,000 per year
- Minimum: INR 15,00,000 per year
Principal Product Manager
A principal product manager is responsible for product strategy, product planning, product development, product marketing, and product management. They are also responsible for the overall success of the product. The average salary of a principal product manager in India is INR 45,00,000 per year.
Maximum: INR 90,00,000 per year
Minimum: INR 20,00,000 per year
Top Skills For A Successful Product Manage
In product management, skills are everything. To be a successful product manager, you’ll need to have a well-rounded skill set that includes hard and soft skills.
Some of the most critical skills for product managers include:
- Strong analytical skills: As a product manager, you’ll need to be able to analyze data and customer feedback to make informed decisions about product direction and priorities.
- Excellent communication skills: You’ll need to communicate effectively with multiple stakeholders (such as engineers, designers, sales teams, etc.) to ensure everyone is aligned on the product vision and roadmap.
- A product mindset: You should deeply understand what it takes to build a great product, from conception to launch. It includes market research, product strategy, user experience design, and product marketing.
If you have these skills, you’ll be well on becoming a successful product manager.
Will The Product Manager Salary In India Witness Any Further Boom?
No matter what country you are in, the job of a product manager is always in high demand. After all, they are the ones who develop strategies and plans to ensure that a product or service meets the needs of customers or clients. They are also responsible for its quality and profitability. In India, the product manager role has recently gained popularity.
There are several reasons why the product manager salary in India has been on the rise.
Firstly, the country is home to some of the world’s largest companies. These companies are always looking for talented individuals who can help them develop and launch new products or services.
Secondly, the Indian economy is growing at a rapid pace. It has led to an increase in the number of middle-class families now able to afford products and services that were once out of their reach. As a result, there is a greater demand for product managers who can cater to this growing market.
India’s product manager’s salary is expected to grow even further in future years. It is because the country is expected to play a major role in the global economy. With more and more multinational companies setting up bases in India, there will be a greater need for product managers who can understand the needs of these companies and develop products or services accordingly.
If you want to make a career in product management, then there has never been a better time. The product manager’s salary in India is on the rise and will only grow in the years to come. So if you have got what it takes to be a product manager, start your journey today!
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Why is Product Management A Thriving Field?
Product management is a field that is currently thriving in India. It is because product managers are responsible for the success or failure of a product. They manage the entire product life cycle, from ideation to launch to post-launch analysis. Businesses will never stop making products they need to sell, and product managers will always play an essential role in ensuring that these products are designed, developed and marketed well.
The product management field is thriving for several reasons:
The ever-changing landscape of technology creates new opportunities for product managers to fill.
As product managers become more comfortable with technology and its role in product development, they can contribute more value to their organisations. Be it artificial intelligence or the internet of things, product managers are in a credible position to help shape the future of products.
Globalization is creating new markets for product managers to explore
As businesses expand their reach into new markets. They need product managers who understand the nuances of these different cultures and can help them develop products that will be successful in these regions.
The complexity of products requires product managers to have a deep understanding of both the technology and the business:
Product managers need to understand the technology that goes into their product and the business in which their product will be used. It allows them to make informed decisions about developing and marketing their product.
The growth of e-commerce and the rise of new product categories created new challenges for product managers.
Product managers need to be able to create products that are successful in the online world and navigate the complex world of e-commerce. They need to understand the different channels through which their product can be sold, as well as the different customer needs in each channel.
Indian economy is fueling the demand
India is one of the fastest-growing economies in the world, and this growth is creating new opportunities for product managers. As more businesses expand into India, they need product managers who understand the Indian market and can help them develop products that will be successful in this region.
The product management field is complex and ever-changing, but that is what makes it so exciting. Product managers who can keep up with the latest trends and understand the complex product landscape will be in high demand.
The Bottom Line
Product managers in India can expect to earn a salary of around Rs 15,00,000 per year. This figure will vary depending on experience, location, and product focus. The most experienced product managers can earn up to Rs 95,00,000 per year.
With the rapid growth of the Indian economy and the rise of the middle class, there is an increasing demand for products and services. As a result, product managers are in high demand in India. Companies are looking for product managers who can help them develop and launch new products that meet the needs of Indian consumers.
If you’re considering a career as a product manager in India, it’s essential to understand the local market and the key trends shaping it.
More Information:
11 Crucial Product Management Metrics and KPIs
Product Management Learning- Key Areas