As the economy grows in India despite US slowdown, Salaries are set to be raised once again.

Financial Express reports

India is likely to top salary hikes in Asia for a fifth year in 2008, but Companies in India are finding it hard to retain talent, a new survey said Tuesday.

Indian salaries are expected to rise by an average 15.2 percent in 2008 after rising 15.1 percent last year, according to an annual survey conducted by global human resource company Hewitt Associates.

Real estate and energy Companies were seen offering the biggest hikes of 25 percent and 17.5 percent respectively.

China is expected to come in second with projected raises of about 8.5 percent, followed by the Philippines with 8.3 percent, the survey said.

However, the high salary growth is fueled by a talent demand and supply mismatch, it said.

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