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Over the centuries the Indian economy can be seen an enormous success story. Despite historical ups and downs, it has developed into one the world’s biggest.
Even in the pre-colonial era it was considered the largest economy in the world.
The present predictions for Indian industry are very positive in a pessimistic world where that is often a rarity.
One of the obvious strengths is that the country itself is so big it provides a massive market for its own goods.The internal Indian marketplace is one the biggest in the world.
This is combined with the workforce of around 500 million, also one of the world’s largest. Add in the Indian ethos of hard-work, diligence and innovation and you have the recipe of great economic success.
India is of course a nation of huge contrasts. The country has one of the highest number of billionaires in the world, while only two per cent of the population pay any income tax at all.
Overall it is in a very strong position. India is already the world’s sixth-largest manufacturer and has the fourth highest foreign exchange reserves.
Major industrial sectors include pharmaceuticals, where India is probably the world’s biggest producer. Other thriving industries include IT, chemicals and textiles.
Let’s look at some examples of India’s booming industrial sector.
Automobiles
India’s car and truck manufacturers are now the fourth largest in the world. This is a remarkable growth for a nation that only began constructing cars under the guidance of the British Austin Corporation after the Second World War.
By 2030 India is expected to be the world’s number three vehicle producer. It is already the second-biggest bus manufacturer, third largest heavy truck builder and the number one tractor builder.
The transition to electric vehicles is also expected to suit the agile Indian manufacturing sector. India is on course to produce 10 million EVs a year by 2030.
Online casinos
India’s booming IT sector, the rapid rise and availability of technology and the spread of internet access have helped create the ideal conditions for this completely new industry.
The online gaming world didn’t exist a generation ago. Now it is growing at an astronomical rate.
Online gamers have a wide choice of gambling sites to choose from in India, including some of the world’s leading operators in the field. The number of online players is already estimated to be around 420 million – second only to China.
The iGaming market has seen a huge increase in popularity – and profits. There has been soaring demand for esports and console gaming.
The subcontinent has seen the same booming use of remote internet connection as most of the world has. The penetration of smartphones is fuelling the massive demand for online entertainment.
Best of all there has been an explosion in the numbers of local young talent joining the industry as game designers and digital creatives. With this new generation of expertise, the industry is forecast to continue its rapid increases.
Organic agriculture
India has long been one of the world’s largest agricultural producers. It has a vast rural area with a huge workforce of skilled small farmers.
One interesting offshoot of this industry is expected to become another Indian success story. Indian culture has long been conscious and aware of the dangers of chemical use in agriculture.
Pesticides and preservatives are often disapproved of. The concept of organic farming already has its roots in many Indian farming practices.
The increasingly affluent middle-class consumer is looking for higher quality organically produced fruit and vegetables. This is funding a boom in all forms of organic farming across India.
With many family small businesses in this sector, it’s an area of low-investment but potential high yields.
Web design
Tens of thousands of small companies across India have spent the last decade discovery the importance of the internet. They all need websites, social media and blogging.
This has resulted in a boom in web design, site building and digital marketing. These online skills are in high demand.
Online shopping is soaring in the subcontinent. India’s internal online shopping market is expected to reach 220 million by 2025.
The size of the digital and creative field has been growing to cope with this huge demand. It has become one of India’s most profitable industries.
Interior design
As the Indian economy has grown, so have the levels of decorative taste in people’s homes. Creating attractive houses used to be the sole preserve of the ultra-rich elite – now it’s something everyone expects.
The standards and styles of modern interior decoration have suddenly become one of the most sought-after services in the subcontinent.
The current market for interior design in India is estimated to be around US$25 billion. Middle class families in particular are demanding modern fitted kitchens, quality upholstery and fashionable colour schemes.
This has become one of India’s most profitable businesses, encompassing a wide range of services,from building renovation to online influencers. One thing they all have in common – there are large profits to be made.
In every industrial field, businesses in India are full of positivity in the present economic climate. The country has one of the world’s fastest-growing economies.
This increasing level of disposable income is a great chance to fuel many new industries.
The verdict of economic experts is that the future offers a host of opportunities for Indian entrepreneurs – whatever area of industry they choose to develop.
