Switching this year is great?

Ask for promotion. Simultaneously try to switch. If u r lucky u might get an offer before ur promotion. Use that offer to gain promotion. Once promoted, use the new compensation letter to get better package at new co. So in a nutshell, nothing wrong in asking for promotion while trying for a switch. Also try to crack wings 1 .

Switch as you’ll get double in the market but max 15% if he has promoted you