New Industries That Are Set to Boom in India
Despite the difficulties that have affected the world over the last 15 months, India’s economy is still predicted to grow by 9.5% this year. It’s a sign that industries in the country are set to continue growing and successfully developing.
This momentum does not look like stalling anytime soon. This is good news for a country with such a youthful population. But, which industries are likely to provide the most opportunities for the youth of India? Let’s take a closer look at those industries which are likely to experience the biggest boom now and in the near future.
Advanced Engineering and Manufacturing
The “Make in India” campaign brought a whole new mindset to the way the Indian government develops industry in the country. The focus changed to increasing investment, protecting intellectual property and creating a top-performing infrastructure.
In the automotive sector, India is leading the way with an emphasis on green technology. The defence and civil aviation sector is also thriving having experienced significant expansion.
Online gaming is one of the most exciting and innovative industries in India. So, it’s hardly surprising that the industry is expected to achieve revenue of around $50 billion this year. It’s not surprising that the country has so much potential in the online gaming market given that it has access to such a young, and digitally savvy, population.
One branch of this industry that is distinct in itself is online gambling. You only have to look at the list of newly launched sites available to Indian players to see that there is an appetite for these games in the country. The lack of countrywide gambling regulation still hampers the potential of Indian based development of casino games right now but there is a chance that this will change in the foreseeable future.
There are around 687.6 million Internet users in India right now. Access to that huge number of people opens up a range of opportunities for digital innovation in the country. This is being helped by the Indian government’s Digital India Initiative.
The aim of this initiative is to create a digitally empowered society. As this happens there is an ongoing demand for technology related services such as payment systems, web and mobile apps, and broadband infrastructure. This is good news for an industry that is experiencing a boom that is sure to last.
Given the size of its population, it’s not surprising that India has the fourth largest level of energy consumption in the world. Traditionally, coal, oil, and gas have been the most important sources of energy in the country.
However, the government is committed to adding 175 Gw of capacity in the renewable energy sector by 2022. This represents valuable opportunities for a boom in the industry.
India has already invested millions of dollars in infrastructure including roads, ports, and airports. This has included the formation of initiatives including the 100 Smart City Mission (SCM) and the Atal Mission for Rejuvenation and Urban Transformation (AMRUT).
Although there has been some delays to the scheme to create 100 smart cities in the country, it’s still very much up and running. The associated prospects for a continued boom in the Indian infrastructure industry are exciting. All five of these industries are prime to continue booming for several years. It will be interesting to see exactly how the situation plays out.