Although the salary hikes could see significant variations across sectors, pharmaceutical and automobile industries are likely to see the maximum increases, HR experts said.
"The expected hike is estimated to be 15-20 per cent. It should be better as economy is looking upwards," HR firm Unison International's Managing Director Udit Mittal said.
According to him, some multinational companies might also extend additional perks to their senior level executives.
Latest projections by executive search firm MANCER Consulting showed that middle and senior level professionals in the country are likely to get a pay hike in the range of 10 to 20 per cent. Similar increases could also been with respect to bonuses.
MANCER Consulting CEO Satya D Sinha said executives especially in the pharmaceutical, automobile and realty sectors, are expected to see better appraisals next fiscal.
While pharmaceutical industry is anticipated to get salary hike of 14-15 per cent, that in automobile segment is likely to 13-14 per cent. Real estate sector is projected to register 12-14 per cent increase in pay packets.
Executive search firm Spectrum Talent Management's Director Vidur Gupta said that sectors such as pharmaceutical, chemicals and consumer goods sectors -- that are largely dependent on domestic economy -- could see significant hikes.
"With a general election to be concluded by the end of May 2014, many are looking to the country's next government to break India out of its economic doldrums.
"A stable government will definitely have a positive impact on the overall economic condition and hence there will be something good for employees as well," he said.
Striking an optimistic note for the coming months, Sinha said services, mining, construction and infrastructure are expected to up their hiring activities as well as increase salaries.
"A hike of 2-4 per cent is expected in hiring in 2014. This is owing to positive growth in GDP and high expectations from Lok Saba Elections in 2014," he noted.
Experts also opined that companies need to be careful while carrying out appraisals since there is need to retain performers and provide them with decent pay hikes.