Fastest Growing Sectors in India
Top Fastest Growing Sectors in India – An Indian economy is a place where millions of industries. The newer ones are quickly getting a place to grow in the Indian market. Recent years have seen a tremendous Growing Industries like tourism, hotel, app development, and many more. Many industries like pharma, chemical, and ceramics, and textiles are established since ages and still enjoying a lead in the market.
Here we have listed the Top 5 Fastest Growing Industries in India. The rapid urbanization, modern lifestyle, communication ways, and food habits have caused many industries to develop at a fast rate.
List Top 5 Fastest Growing Industries in India
Some of the sectors like, pharma have seen strong growth right after independence till today. While some sectors like digital technology and hotel have witnessed a boom in past few years.
1. Healthcare Industry
The Healthcare Industry is having a big place in the fastest growing industries in India.Pharmaceutical or healthcare is a huge market in India. The industry is also having remarkable export globally. Various forms of healthcare include medicines, hospitals, medical plans, medical kit, health insurance etc.The private and public healthcare both are a big industry in the country. With the rising population of above 60 and with the rise in many lifestyle diseases, the pharma sector is going to be strong. As per the speculations, the industry will see a gigantic growth of 16%. The private hospitals in India are also rising very fast.
2. Food Industry
Basically, we are an agricultural nation. India is the 2nd leading food manufacturer in the world. In India, the food industry is comprised of vegetables and fruits, milk and milk products, chocolates, grain transforming, chick and meat, fish hatchery, sweetmeat,and plantation.The food industry is growing day by day and all the agricultural products are wholly or partially tax exempted.The country also has a strong place in the manufacturing of the processed food that is expanded in last few years. The government is supporting the industry with 100% EOUs, subsidies, industrial licenses, and collaborations.
3. Digital Industry
India’s traditional rapid communication medium telegram is already ceased a few years back. The traditional means of messaging have been replaced by the newer smartphone apps, social media, and internet TV. The way digital technology is influencing the way of communicating is just too big. It’s difficult to think about digital tech and communication separately. Especially considering the way the communication is revolutionized is India is wonderful.
4. Financial Industry
With the rise of smart apps and internet, digital payments have seen a tremendous growth recently. The demonetization added further boost to the financial services in the form of digital payments. At the same time, the government of India is also promoting digital payments. India’s mobile payment system is also one of the most advanced in the world. The government is also supporting the technology in the form of CSC or Common Service Centres in the rural areas.
5. Infrastructure Industry
For growth of any modern industry and to reach its benefits to the rural areas, infrastructure is important. Building and constructing have seen a boom after the promotion of “Make in India” program by the Prime Minister Mr Narendra Modi. Infrastructure development is a gateway to create the smart cities equipped with airports, hospitals, schools, good transport facilities, and highways. A good infrastructure has also helped the development of newer tourist sports giving a boost to the tourism industry in India.
The hotel industry, tourism, retail, and e-commerce industries have also seen tremendous growth in past few years. Since some industries are closely related, they have proved quite influential in the overall growth of industries in the country.