Similarly, at present the average wage in U.S. is 7.5 times more than in Mexico, but the gap could be less than 4 times by 2030. Over the same period, the average monthly Chinese wages could rise to around half of that of Spain.

"As an increasing population moves into middle income brackets, aspirations and expectations from both governments and private enterprise will change, with greater demands for meritocracy, use of technology in all spheres, transparency and society building." Padmaja Alaganandan, leader - people and change practice, PwC India, said.

"With an increasing base of young workforce, India will continue to enjoy wage arbitrage. Coupled with relative high growth rate of incomes, companies will continue to reap the benefit of the demographic dividend fuelling the demand side growth over the next few decades," he further said.

"Places like Turkey, Poland, China and Mexico will become more valuable as consumer markets, while low-cost production could shift to other locations such as the Philippines. India could also gain from this shift, but only if it improves its infrastructure and female education levels and cuts red tape," PwC chief economist John Hawksworth said.

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