V A Nageswaran, CEA Compares Massive Rise In Corporate Profits To Small Salary Increments

The Economic Survey for 2023-24 has thrown up an interesting comparison between the massive rise in corporate profits and salaries of employees. According to the survey, corporate profitability hit a 15-year high in FY24, having risen nearly 4 times in a span of just 3 years. According to Chief Economic Advisor V Anantha Nageswaran, this is much more than the rise in employee compensation. The Economic Survey says recruitments and salary growth of employees have not kept up with the companies' profit, adding that, “it is in the interest of the companies to step up hiring and worker compensation".