Product Manager Salary in India 2024

Product Manager Salary in India – The average starting salary of a product manager ranges from 7 lakhs to 10 lakhs. However, the range can even go up to 35 lakhs after getting a certain level of experience.

The position of a product manager stands out in the modern, dynamic company environment as a crucial connection between innovation, strategy, and consumer pleasure. The need for knowledgeable Product Managers has increased as businesses work to create goods that appeal to their target market. You might be wondering how much money you can make as a Product Manager in India.

In this article, we will be talking about the salary of a Product Manager in different aspects along with skills and responsibilities aligned with them.

Product Manager Salary

What Is Product Management?

The multidimensional subject of product management involves planning the creation, introduction, and lifespan of goods that satisfy consumer needs. Product managers link the engineering, marketing, sales, and design teams to generate successful products.

A Product Manager, or PM for short, is like the captain of a ship but for products. They’re the ones who make sure cool stuff gets made and actually works well. They do everything from coming up with ideas to making sure those ideas turn into real products. It’s a bit like being a chef in the kitchen, cooking up great products instead of meals! Cross-functional cooperation and coordination across teams like engineering, marketing, sales, and design are at the heart of product management.

Read More: “What is Product Management?“

Salary of a Product Manager in India(2024)

The salary of a product manager in India may vary depending on the job role. Here are some of the most common job roles for product managers in India and their average salaries:

Job Role	Average Salary
Associate Product Manager	₹5,00,000/- per annum
Junior Lead Product Manager	₹15,00,000/- per annum
Product Manager	₹17,00,000/- per annum
Senior Product Manager	₹25,00,000/- per annum
Lead Product Manager	₹39,00,000/- per annum

Average Salary of Product Manager in India

The average salary of a Product Manager in India depends on variety of factors such as the experience, company, role, location, etc.. Product Managers are in high demand across India, especially in tech-centric cities like Bengaluru, Hyderabad, and Pune. They typically enjoy competitive compensation packages that include base salary, bonuses, and stock options.

Product Manager Salary

The Average Salary of Product Manager ranges from 13 lakhs to 30 lakhs per year, dependent on experience and skills, product managers in India earn an average of about Rs. 16,60,000 yearly. The starting salaries are sizable at 5-8 lakhs per year, profit-sharing benefits can increase starting earnings by 50,000 to 1 lakh. The compensation depends on various variables, including geography, industry, background, and firm size.

Product Manager Salaries in India: Based on Companies

In the last decade, India has emerged as a thriving hub for technology and innovation. This has made it an attractive destination for Product Managers seeking rewarding career opportunities.

To help you navigate this dynamic landscape, here are some of the top-paying companies for Product Managers in India. These companies have historically been recognized for offering competitive compensation packages to top talent in the field.

Here’s a detailed breakdown of the top-paying companies for product managers in India:

Product Manager (Company)	Average Salary in (INR/year)	Range (INR)
ICICI Bank Product Manager Salary	15,00,000	2 Lacs to 2 Crore
Paytm Product Manager Salary	23,91,427	3 Lacs to 44 Lacs
Flipkart Product Manager Salary	30,52,427	2 Lacs to 81 Lacs
Amazon Product Manager Salary	30,35,288	1 Lacs to 1 Crore
Jio Product Manager Salary	19,78,375	2 Lacs to 50 Lacs
TCS Product Manager Salary	13,24,037	2 Lacs to 1 Crore
HDFC Bank Product Manager Salary	10,00,000	3 Lacs to 38 Lacs
BYJU’S Product Manager Salary	10,00,000	3 Lacs to 42 Lacs
Kotak Mahindra Bank Product Manager Salary	14,38,959	5 Lacs to 26 Lacs
ICICI Lombard Product Manager Salary	11,17,573	3 Lacs to 21 Lacs
Google Product Manager Salary	25,00,000	3 Lacs to 1 Crore
IDFC First Bank Product Manager Salary	15,00,000	3 Lacs to 38 Lacs
Bharti Airtel Product Manager Salary	25,09,087	6 Lacs to 38 Lacs
Microsoft Product Manager Salary	30,43,634	3 Lacs to 62 Lacs
Axis Bank Product Manager Salary	10,55,616	3 Lacs to 33 Lacs
Yes Bank Product Manager Salary	18,09,269	3 Lacs to 38 Lacs
Ford Motor Company Product Manager Salary	15,67,070	5 Lacs to 50 Lacs
Bajaj Finance Product Manager Salary	11,00,175	3 Lacs to 25 lacs
L&T Financial Services Product Manager Salary	9,17,233	3 Lacs to 50 Lacs
Tata Consultancy Services Product Manager Salary	7,72,943	3 Lacs to 38 lacs

Product Manager Salary in India – Top Paying US Companies

Here are some of the top paying US companies for product managers:

Company	Salary
Stripe	$470,000
Indeed	$359,000
Twitter	$332,000
Meta	$322,000
Google	$310,000
Amazon	$305,000
Airbnb	$295,000
Microsoft	$285,000
Uber	$275,000
Salesforce	$265,000

Product Manager Salary in India: Based on Location

The following are the average salaries for product managers in different locations in India:

City	Salary Offered
Chennai	₹11,21,478 per annum
Hyderabad	₹10,72,249 per annum
Delhi	₹11,38,421 per annum
Bangalore	₹10,02,973 per annum
Mumbai	₹10,22,564 per annum
Gurgaon	₹8,84,682 per annum

Product Manager Salary in India: Based on Experience

The salary of a product manager in India also varies depending on their experience. Here are some of the average salaries for product managers in different experience levels in India:

Experience	Average Base Salary
Entry Level	₹8,85,000 per year
Mid Career Level	₹14,13,175 per year
Experienced	₹27,00,000 per year

Product Manager Roles and Responsibilities

A product manager is responsible for the overall success of a product or product line. They work with a variety of stakeholders, including engineers, designers, marketers, and sales representatives, to define the product vision, develop the product roadmap, and ensure that the product meets the needs of the target market.

Here are some of the specific responsibilities of a product manager:

• Define the product vision
• Develop the product roadmap
• Work with engineers, designers, and other stakeholders to develop the product.
• Market the product
• Track the product’s performance
• Ensure that the product meets the needs of the target market

Skills Required to Become a Product Manager

The success of a Product Manager hinges on many key and essential skills. Apart from understanding of market dynamics and customer needs, a product manager should be able to identify pain points and multiple opportunities to solve these issues.

Below are the essential skills for a successful product manager –

• Product managers require a solid understanding of technology to work efficiently with development teams and make wise judgments.
• Product managers are adept at finding the best solutions to problems by applying their subject expertise.
• Effective communication promotes stakeholder alignment, transparency, and progress monitoring interpersonal finesse.
• Product managers analyze complicated problems and pick strategic solutions while solving them.
• A result-oriented approach drives successful project execution.
• Understanding users’ requirements improves product acceptance and satisfaction. This is known as empathic user-centricity.
• Effective job management is made possible by delegating with tact.
• Analyzing information, weighing possibilities, and using imagination to make wise decisions are all examples of conscious critical thinking.
• Leadership excellence and new products result from continuous learning about changing markets and technology.

Read More: “Breaking into Product Management Courses“

How to Become a Product Manager

Here are the career path steps to become a product manager:

• Earn a Bachelor’s Degree: Pursue a business, marketing, or related field degree. Courses in communication, economics, and statistics can provide a strong foundation.
• Consider a Bootcamp: Product design boot camps offer an accelerated way to gain specialized skills for product management. They simulate real-world experience and can be full-time, part-time, or self-paced.
• Gain Work Experience: Take on projects within your current organization to gain relevant experience. Showcase problem-solving and team-building skills in a project portfolio.
• Earn a Certification: Though not mandatory, certifications can enhance your credentials and commitment to learning.

Read More: “How to Become a Product Manager”.

Best Product Management Certifications

There are many product management certifications available, each with its own focus and benefits. Here are some of the best product management certifications:

• Product Manager Certification™ (PMC): Offered by Product School, this program provides hands-on experience, mentoring, mock interviews, and resume assistance. Options include full-time and part-time courses delivered live online.
• Certified Product Manager® (CPM): Administered by AIPMM, this certification covers core skills throughout the product life cycle. Various course formats are available, including live online, in-person, and on-demand.
• New Product Development Certification (NPDP): Offered by PDMA, NPDP certification requires passing an exam and meeting education and experience requirements.

Conclusion

In this article we have covered the salary of a Product Manager in different aspects and how they are in demand in the present day.

Product managers are in great demand due to their expertise and crucial contribution to product success, resulting in market-competitive pay across numerous sectors. With information on negotiation tactics, the worth of certificates, and the significance of education, this guide equips readers with the knowledge you need to make well-informed professional decisions.

Read More: “How to Become a Product Manager Without Tech Experience“.

Product Manager Salary in India – FAQs

What is the average salary for a product manager in India?

The average salary for a product manager in India is 13 lakhs to 30 lakhs per year.

What are the factors that affect the salary of a product manager in India?

The factors that affect the salary of a product manager in India include:

• Location: Product managers in major cities, such as Bengaluru, Gurgaon, and Hyderabad, tend to earn higher salaries than product managers in smaller cities.
• Experience: Product managers with more experience tend to earn higher salaries than product managers with less experience.
• Skills and expertise: Product managers with specialized skills and expertise, such as in the healthcare or financial services industries, tend to earn higher salaries.
• Company size: Product managers in larger companies tend to earn higher salaries than product managers in smaller companies.
• Industry: Product managers in the technology industry tend to earn higher salaries than product managers in other industries.

What is the minimum salary of a Product Manager in United States?

According to Glassdoor, the average salary for a product manager in the United States is $147,037 per year. However, the salary can range from $58,913 per year to $265,000 per year.

What company pays the most for Product Manager?

According to levels.fyi, Stripe is the highest paying company for a product manager in the United States. The average total compensation for a product manager at Stripe is $470,000. This includes base salary, bonus, and stock options.

What are the skills that are in demand for product managers in India?

The skills that are in demand for product managers in India include:

• Technical skills: Good understanding of the technical aspects of product development, such as software development, data analysis, and user experience design.
• Business acumen: Understand business goals of the company and achieve the goals.
• Communication skills: Communicate effectively with a variety of stakeholders, including engineers, designers, marketers, and sales representatives.
• Problem-solving skills: Identify and solve problems that arise during the product development process.
• Leadership skills: Lead and motivate teams to deliver successful products.

How can I become a product manager in India?

There are a few things you can do to become a product manager in India:

• Get a relevant education
• Gain experience
• Network with other product managers
• Get certified
• Build a portfolio
• Apply for jobs
• Get a mentor