What are the fastest growing industries in india
Industries are the energy of the Indian economy. It plays a significant role in increasing the GDP growth of India. The industrial sector is overgrowing for several years. It is also because of the development of technology.Industries play a crucial role in developing the country. More than half of the percentage of our GDP depends on the growth of enterprises.
Industries help the country in generating a variety of consumer goods at a minimum cost. It provides various kinds of products that fulfill the needs of humans.
If an industry is developing in the right way, it assures that the other sectors will also increase in a balanced way. Industry helps in the growth of the Indian economy. It also provides various job opportunities to the eligible ones.
Industry helps in diminishing the inflation in a country. Several industries are running in India and providing a lot of opportunities and benefits to the country. Some of them are sugar, jute, cement, petrochemical, paper, iron, and steel industry.
The growth of the industry in any country helps in reducing deprivation and unemployment. It brings more foreign money by converting the finished goods in the international market. Thus industry increase trade and commerce in India. Industries convert raw material into finished products and produce useful things for consumers.
Because of the development of technology, we can assume that the demand for the industry will increase in producing more and more goods. Various sectors are already established and set their position in the Indian economy. And there are a lot more industries which are developing and creating their place in the market. They are now at the initial stage of development.
If you desire to start a business or want to enter that industry, which will boom in the next decade, this article will help you a lot.
So, below is the list of some industries which are expected to boom2020-2030 in India.
According to various research and studies, it has proved that the coal industry will be the most growing in India. Coal is used to form electricity. It plays an essential role in producing electricity.
Research says that India and China will continue to use coal in terms of generating electricity. More than one-third part of power is produced by the fuel. People will keep using coal. That is why the coal industry will be growing in the next ten years.
As India is developing, the infrastructure of India is also growing. The construction industry is playing a crucial role in India’s development as it is creating investment opportunities in several sectors. An enormous number of the population’s livelihood depends on the construction industry.
The construction industry is overgrowing, and it will keep growing due to the increasing demand for infrastructure projects and real estate. It contributes almost 5% in national GDP.
It is hoping that the construction industry will boom in 2020-30.
Health care Industry:
No doubt, the Health care industry is developing in India, and it is already a developed USA. The requirement of the health care industry has also improved as Indians are becoming aware of the health care types of equipment and health care education. And it has become one of the fastest-growing sectors of India. It will keep growing in the next ten years also.
The health care industry consists of health care equipment, medical devices, health insurance, hospitals, medical tourism, etc. Due to the incredible growth in India’s healthcare industry, India is considered to be the 3rd most significant health care market by 2020.
The manufacturing industry is taking the lead in Indian development. India is a developing country, and manufacturing, labor cost is low, and the raw material is cheaper than in other countries. But there is no need to worry. India has achieved tremendous growth in manufacturing industries since the last decade.
Due to increment in the business, the requirement of business stuff also increases.
That is why all the responsibility of manufacturing things came on the shoulder of the manufacturing industry. Due to the rise in the industrial revolution and urbanization, we can see massive growth in manufacturing industries in the next ten years.
The automobile industry turns out to be the largest in India. A sector that contributes almost 7% in national GDP and wants to increase its rate to 12%.
As India is developing, the automobile sector is increasing, and demand for automobiles increases rapidly in our country. 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.
It is estimated that the Automobile industry will increase by about 3.5 percent by 2020. Thus, the Indian market can become the market leader in terms of the automobile sector in the next ten years.
Information Technology (IT) Industry:
Its industry in India shows tremendous growth from a period. In 1998 it contributed only 1.2% to the national GDP, but in 2017 the percentage of GDP reached 7.7%.
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 2020-2030.
Tourism is one of the sectors which contribute highly to the Indian economy. According to the previous reports and studies, it was me4ntioned that the Tourism industry contributes approximately 7.2% to the national GDP. And the growth rate will increase by up to 7% in the next decade.
The tourism industry is one of the largest industries in India and helps in generating more foreign exchange. It is an enormous scope of earning foreign money. The government of India puts all the efforts in increasing the tourism industry and find ways to expand it.
The tourism industry in India will definitely be going to boom in 2020-2030.
The pharmaceutical industry will be a considerable rise in the next decade. The sector provides a lot of job opportunities for the unemployed sections of society. It is also overgrowing, and it undoubtedly will keep growing in the future as well.
The Pharmaceutical industry is those industries that trade in brand medications and medical equipment. The main aim of the industry is to produce effective medicines, drugs, and vaccines. In India, where there is a large number of patients, people are suffering from any kind of diseases there the pharmaceutical industry is like a boon for them. It discovers all those medicines which help in recovering fast. That is why the Pharmaceutical industry has more enormous scope to boom in the next ten years.
Industries are the backbone of India that helps increase India’s economy by contributing a massive GDP percentage. All industries mentioned above are overgrowing, and it will, for sure going to boom in 2020-2030.