India’s economy is all set to become a superpower in years to come and the industrial growth and globalization have a big role to play in the same. Here is a look at top 5 industries that would give a boost to India’s economic growth
After the unveiling and implementation of ‘Make In India’ initiative, the government has been taking various steps to make India at par with global standards. The industrial corridors and development of smart cities along with repairs and maintenance of existing infrastructures like railway stations, airports, highways, hospitals, and schools etc., offer a lot of scope for the infrastructure business and its allied sectors like cement, steel and others to grow at a steady rate. The way development is engulfing even the smaller cities and towns of the country; this sector is sure to boom in this current year.
All thanks to Paytm and other financial apps, India now boasts of these most advanced mobile payment systems in the world and the sector is flourishing like never before. Also with the boundaries between urban and rural decreasing day by day, the awareness of financial services is reaching every part of the country and with increased awareness comes the prospects of more banking and mutual funds, credit, insurances and even technological gateways to bridge the gap. With over a billion people operating mobile phones in India, the growth opportunity for financial services institutions is enormous.
Whether we talk infrastructure or financial services, technology is common to factor to almost all the developing industries in today’s time. India has the second largest population of mobile users in the world and technology has grown leaps and bounds in India and as of now, there is no stopping. Smart gadgets, equipment, apps, social media, digitization is taking over the country in every regard and to keep growing as a country, technology offers a lot of ways forward.
Many leading international players are entering the Indian market and also set up their manufacturing units in the country, which definitely means more jobs and growth of the sector. Also, the income rise has given a focus shift towards 4-wheeler segment and even the domestic players like Tata Motors and Maruti have seen an increase in sales. Brands keep coming up with newer models and the customer base keeps rising year on the year giving the industry a boost.
All thanks to the development in technology, the healthcare sector is also seeing substantial growth. Although India is a young country, ailments and also the awareness about ailments is leading the population to a healthier lifestyle and thus the businesses related to healthcare sector are experiencing a good time overall and expected to grow rapidly this year too.