COVID-19 has altered several aspects of the way the world looks. The startup ecosystem has prospered, and digitization has made it possible to redefine communication and education. People have become more aware of and resistant to uncertainties. The world has also seen changes in the business, the medical field, and other fields.
On the other side, it witnessed the rise of numerous trends, including bitcoin and digital marketing, which are greatly influencing a variety of businesses. We are witnessing evolutionary growth in many of India’s fastest-growing industries as a result of these trends. While considerably boosting the GDP of the nation, these sectors are influencing the direction of our market.
In this blog, we will rank the Top 10 fastest growing industries in India based on their growth over the last two years.
TOP 10 FASTEST GROWING INDUSTRIES IN INDIA
1. ADVANCED ENGINEERING & MANUFACTURING:
With the “Made in India” campaign in full gear, the Indian government is focusing more on engineering and industrial investment and innovation. In doing so, it is protecting intellectual property while also building world-class industrial infrastructure. India is also on its way to overtaking other automakers by focusing its efforts on green technologies. It is predicted that annual EV sales will reach over 4 million by 2025 and 10 million by 2030.
2. PHARMACEUTICAL INDUSTRY:
Pharma is currently one of the buzz feed terms in India. It’s not just expanding significantly; work opportunities are also becoming available. The sector has a promising future as a result of this. The pharmaceutical industry is a boon for the nation because diseases keep evolving, and there is always a prospect for new uncertainties. The improvements in technology, research, and treatments amply illustrate the enormous growth potential over the next ten years.
3. DIGITAL MARKETING AND SOCIAL MEDIA:
India is one of the top countries with the most internet users, having more than 500 million users at present. This increase can be attributed to the “Digital India” program, which saw the Indian government spend significantly in digital innovation. New career prospects and commercial opportunities have resulted from this. On the other hand, it has made it possible for businesses to reach a wider audience more quickly, spend less on advertising, and interact more effectively with customers.
4. ARTIFICIAL INTELLIGENCE AND AUTOMATION:
The word “AI” is now widely used in both the personal and professional spheres. Every other home has Google Assistant or Amazon’s Alexa. Businesses, on the other hand, are integrating AIs for data transmission, consumer behaviour prediction, tailored advertising, chatbots, and other purposes. Automating everything from meal ordering to delivery tracking is a top priority for restaurants and other businesses. One of the fastest-growing sectors in India is undoubtedly programming, maintenance, and operations due to the scenario.
5. ENERGY SECTOR:
Given that it has the second-largest population in the world, India obviously uses a lot of electricity. Because of this, its energy sector is growing astonishingly. Even though natural gas, crude oil, and coal remain India’s main energy sources, the government is currently placing more emphasis on renewable energy. The government actually set a goal to produce 500 GW of renewable energy by 2030. The growth of green energy is also helping India’s energy sector rank among the fastest-growing industries in terms of growth.
6. CONSTRUCTION:
Construction has always had a favourable impact on the Indian economy. Over 16% of the working population in the nation rely on this sector for their livelihood, making it the largest employer in the nation. It makes about 5% of the GDP of the nation and has produced 45 billionaires in India.
7. TELECOM:
As of August 2022, India’s telecom sector had 1.71 billion subscribers, making it the second largest in the world. The industry has expanded by 65% in the last seven years. The number of mobile towers climbed from 400,000 in 2014 to 660,000 in 2021. India has an overall tele-density of 85.15%, of which the rural market, which is mostly untapped, has a tele-density of 58.44%, and the urban market has a tele-density of 134.71%. It is clear from the data that it is one of India’s fastest-growing industries.
8. RETAIL:
The Indian retail market is expanding at a 20% annual rate and is worth $500 billion. After agriculture, it is the second largest employer and creates more than 35 million work opportunities. Retailing, both organized and disorganized, contributes to the expansion. Although purchasing from supermarkets and specialty shops is on the rise, the unorganized sector still controls 95 to 97% of the retail market. This is a result of extensive rural penetration and a sizable number of mom-and-pop shops in urban regions.
9. MEDIA AND ENTERTAINMENT:
The media and entertainment (M&E) sector in India is a rising one for the economy and is progressing significantly. Rising salaries, widespread adoption of digital technology, and easy access to the internet all contribute to its success. It gives businesses continuous data to learn more about their customers. The VFX field in this nation has enormous potential, and it is well known for producing quality content.
10. TOURISM INDUSTRY:
One of the crucial cornerstones of the nation’s “made in India” initiative is the tourism industry. Additionally, it is an important economic multiplier and a job creator. Compared to $28.9 billion in visitor exports in 2018, India’s tourism and hospitality industry is predicted to generate $50.9 billion by 2028. By 2028, there will likely be 30.5 million foreign visitors. According to estimates, the tourist industry will contribute 250 billion USD to the country’s GDP and 137 million jobs by 2030.
WRAP UP
That completes the list of the top 10 fastest growing industries in India. It’s important to remember that industries are the backbone of our nation because they significantly contribute to India’s GDP, which helps to grow the country’s economy.
All of the aforementioned industries are thriving and are the fastest-growing in India, so they will undoubtedly see a boom by 2030. These industries are influencing India’s future and giving its people jobs, which is a critical contribution, particularly in the post-covid period.
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Business Talk is a digital business magazine that caters to CEOs, Entrepreneurs, VC, and Corporates. While working with entrepreneurs and business executives, we focus not only on their achievements. Our mission is to shed light on business entities, including their innovations, technological benchmarks, USPs, and milestones/accolades.
