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Navigating the rising cost of living in India: Top career choices for graduates to beat inflation

Jan 14, 2025 02:26 PM IST

For today’s graduates, relying solely on traditional career paths may not be enough.

India’s economic landscape is undergoing a significant transformation, marked by rapid technological advancements, globalisation, and radical shifts in consumer preferences. Simultaneously, inflation has made navigating these more complex, particularly for young professionals whose financial aspirations differ greatly from those of previous generations.

Instead, a combination of diversified skills, strategic financial planning, and alignment with high-growth sectors is essential to thrive.(Shutterstock)
Instead, a combination of diversified skills, strategic financial planning, and alignment with high-growth sectors is essential to thrive.(Shutterstock)

India is generally thought to have a relatively lower cost of living compared to Western nations. However, over the years, the cost of living has been consistently on the rise, and it now directly affects fresh graduates as they enter the volatile, ever-evolving job market. For instance, the annual inflation rate in India soared to 6.21% in October 2024 from 5.49% in the previous month, well above market expectations of 5.81%, marking the highest inflation rate in over one year.

For today’s graduates, relying solely on traditional career paths may not be enough. Instead, a combination of diversified skills, strategic financial planning, and alignment with high-growth sectors is essential to thrive. The good news is that India’s expanding economy presents lucrative opportunities across sectors, particularly for those who adapt quickly and upskill proactively. This article explores industries with high-paying roles, strategies to maximise financial growth early in one’s career, and the importance of upskilling to ensure long-term success in an inflation-hit economy.

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Industries with high-paying roles for freshers

In a world of rapid technological evolution, industries like technology, finance, and consulting have emerged as powerhouses for high-paying entry-level roles. The technology sector, in particular, remains a top choice for fresh graduates, with the IT industry projecting a 20–25% rise in fresher hiring for FY25. Emerging technologies such as AI, machine learning (ML), Internet of Things (IoT), and generative AI create an ever-growing demand for data analysis, product management, and cybersecurity roles. Additionally, global capability centres (GCCs) are expected to increase their fresher intake by 40% compared to 2023, driven by digital transformation projects.

The banking and finance sector attracts top talent with competitive starting salaries, particularly in investment banking, financial consulting, and fintech. Aviation is another high-growth industry, offering diverse career opportunities as air travel regains momentum globally. Consulting firms remain a lucrative choice, with demand for business strategists and data-driven decision-makers consistently high. These industries provide financial rewards and platforms for continuous learning and rapid career progression, making them ideal for ambitious graduates.

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Maximising financial growth early on

To combat inflation effectively, young professionals must adopt sound financial practices from the outset of their careers. While securing a high-paying job is a significant milestone, it is equally important to manage finances wisely. Graduates should prioritise building an emergency fund, setting aside 3-6 months’ worth of income. Early investment in diverse portfolios, including mutual funds, stocks, and fixed deposits, can help build long-term wealth while counteracting the impact of inflation.

Leveraging employee benefits such as employer-matched provident funds and corporate health insurance is another practical way to reduce financial strain. It is equally crucial to maintain a budget that differentiates between essential and discretionary expenses. Graduates can also explore freelance opportunities or part-time projects to diversify their income streams. Content creation, for instance, enhances communication skills and serves as a viable source of additional income.

Skill development equals career advancement

In today’s dynamic job market, continuous skill development is essential for staying competitive. The rise of digital transformation has created an unparalleled demand for skills like data analysis, digital literacy, AI/ML expertise, and leadership. According to recent industry reports, technology-driven sectors offer junior employees salary hikes of 35–45% during job transitions, emphasising the financial rewards of staying relevant through upskilling.

Participating in corporate competitions and challenges hosted by top brands can be a game-changer for graduates. These platforms help enhance problem-solving and analytical skills while providing a gateway to internships, pre-placement offers (PPOs), or pre-placement interviews (PPIs). Companies value demonstrated skills over traditional qualifications, and these opportunities allow graduates to showcase their potential directly to recruiters.

Furthermore, certifications in emerging fields such as cloud computing, blockchain, and user experience (UX) design can significantly enhance employability. Graduates must actively seek online courses, workshops, and industry-specific certifications to remain ahead of the curve.

Choosing the right career path

The key to navigating inflation lies in aligning one’s career with high-growth industries. The technology sector, driven by AI, cybersecurity, and IoT, offers unparalleled growth opportunities. Similarly, the healthcare industry, with an increasing focus on telemedicine and biotechnology, is a promising avenue for science graduates. Renewable energy, propelled by global sustainability goals, is another emerging field with immense potential for job creation.

Moreover, careers like content creation and digital marketing are becoming viable career paths beyond traditional roles. As brands increasingly rely on digital strategies, skilled communicators and creative minds are in high demand. The rise of the creator economy offers graduates the flexibility to build a personal brand while contributing to their financial stability.

Choosing a career in these thriving sectors ensures competitive remuneration, job security, and longte-rm prospects. research market trends, understand the skill sets required, and align their career goals with industries poised for expansion.

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Summing up

Although the rising cost of living presents a fair share of challenges, it compels young professionals to be more self-sustained, resourceful, and strategic while building their careers. The journey to financial stability begins with proactive planning, consistent upskilling, and the willingness to seize opportunities in a rapidly evolving job market.

( Author Ankit Aggarwal is Founder and CEO of Unstop. Views are personal.)

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