New Delhi: The wage gap between developed countries and emerging market economies like India, China, and the Philippines, are likely to shrink significantly by 2030, and the average Indian wage could more than quadruple over the said period, says a PwC report.

According to the report, emerging markets like India and Indonesia, which are at the lower end of wage projection in relative terms, are expected to witness spike in average wages levels, and this would in turn re-shape the global businesses.

"India and the Philippines remain at the lower end of wage projection in relative terms, but average wages in India could more than quadruple over the period (by 2030) in real dollar terms," the PwC report said adding that real wages in the UK and U.S. are projected to rise by only around a third over the same period.

"India's current average monthly wage is around 25 times smaller than that of the UK. By 2030, it is likely to be only 7.5 times smaller," PwC said.

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