Our Indian economy is one of the fastest-growing industries in the world. It had been one of those where most of the industries are boosting with each passing day. The Indian business scenario over the years has evolved backed by its strong democracy and partnerships.
Here are some of the fastest-growing industries in India that you should know:
1. HealthCare Sector:
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The healthcare industry is having a big place in the field of fastest growing industries in India. The pharmaceuticals or healthcare industry is a huge marketplace in India.
According to the Government, Hospitals, Pharmaceuticals, Diagnostics, Medical equipment and supplies, and medical insurance are the components of the Healthcare sector. The last few years, were tough and challenging for the health care sectors but the industries have learned to overcome and face every hurdle with advanced tech solutions with the help of professionals. With the rising population and the rise in diseases, the pharma sector is going to be stronger within a few years.
As per Invest India research, the Indian healthcare sector is expected to reach $372 billion by 2022. Also, the hospital business in India accounts for 80% of the healthcare industry and it is expected to flourish by 16-17% to $132.84 by 2022. No doubt, it is one of the fastest-growing sectors in India. The industry or sector is having a remarkable export globally, and the private sectors are also growing very fast in India.
2. Food industry:
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The food industry is rising remarkably every day. India is an agricultural nation and the 2nd leading Food manufacturer in the world. Food industries comprise fruits, vegetables, meat, fish, milk, milk products, chocolates, and many other items. India has a strong place in the manufacturing of processed food that has expanded a lot in a few years.
The food industries are growing every day and all agricultural products are wholly or partially exempted. The government of India is fully supporting these food industries with EOUs, Subsidies, industrial licenses, and collaborations. The demand for food is high and the food industries are growing very fast in India.
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For a Growing Country like India, the growth in construction and infrastructure is very fast. We can easily see and notice in India the continuous work of building new airports, railway stations, metro, etc. Infrastructure companies are the key players in the growing countries and hence are obviously this sector of the best sectors the long-term investment in India.
Due to the increase in population, the demand for the construction of more and more real estate is growing high as a result the infrastructure industries are overgrowing and they will keep on growing. The major players in this infrastructure industry are L&T, Adani Ports, GVK Infra, etc.
The construction industry is playing a crucial role in India’s development as it is creating investment opportunities in several sectors, as a large number of the population’s livelihood depends on the construction industry.
The infrastructure industries also contribute almost 5% of the national GDP. It is hoped that the construction industry will boom in 2020-30.
4. Software and Technology (IT):
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It is obvious that this industry has a tremendous growth over the period. According to recent data it has emerged among the fastest growing sector in India. The demand for software developers has gone high by 25% post-pandemic.
The pandemic accelerated digitization for many companies who are pushing them to go for cashless payments and other digital solutions. This move is inevitable, and hence the software & technology industry will surely flourish.
Information Technology in India comprises two major components: IT services and business process outsourcing (BPO). The IT industry is rising and overgrowing. IT industry will be going to boom in 2022-2030.
5. Automobile Industries:
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This industry has a tremendous growth during the last few years, and it is the fastest growing industry in India. The automobile industry turns out to be the largest in India. As India is developing the demand for the automobile sector is also increasing rapidly in India.
The automobile industry covers an extensive scope of those companies, including the design, development, manufacturing, and selling of vehicles. It is one of the vital sectors of India, which creates considerable revenue.
The automobile sector also contributes almost 7% to the national GDP and wants to increase its rate to 12%. As technologies such as electric and hybrid cars gain popularity, the industry has been focused on the engine economy while also adjusting to new industry regulations. The automobile industry will be going to boom in 2022-2030.
These are the major Industries that are the backbone of India that will help to increase India’s economy. Do share your thoughts on this and till then #StayDarooon.