India’s economy ranks third position in the world and is expected to shoot up more in the present ruling government.
India will be a global player in the digital economy- Sunder Pichai, Google
On the other hand, inflation rate has been increasing at a rapid rate across the globe. So regardless of the age group, we all need money to withstand the inflation. This large economy provides myriad business opportunities for its huge population. We will be discussing on top five profitable businesses to help you to start a new venture in the right direction without any confusion.
With the splurge of several e-commerce websites and growing internet penetration, the Ecommerce sector in India is expected to reach a whopping $33 billion this fiscal. The most preferred and common method among ecommerce retails is cash on delivery – constitutes to 75% of the e-retail activities.
The biggest e-commerce companies in the country include Snapdeal, Amazon, Paytm and Flipkart. The growing demand for international consumer products is bringing massive changes in this sector.
Retail & Wholesale Trade Industry
The Indian retail landscape is estimated to be US$ 450 billion and ranks fifth in global retail rankings. It has been providing huge opportunities for retail and consumer goods sectors. The retailing sector accounts for fourteen to fifteen percent of country’s GDP.
Big Retail Players in the country:
Reliance retail – Marks & Spencer
RPG Group – Spencer
Future Group – Food bazaar, Big bazaar, Pantaloons.
Tata Tesco – Star Bazaar
The power of earning large number of young populations has enabled this industry to position itself in number three in Asia, behind the giants China and Japan.
IT and IT Services
Information Technology (IT) industry constitutes two distinct components including Business process outsourcing and IT services. The current Indian government run by Narendra Modi has initiated a new project called “Digital India” to secure the sector at a global level.
Currently there are 500 software firms excluding 1000+ start-up companies concentrating their services on world’s biggest IT markets, countries in U.S.A. and U.K.
Among them the top five Indian IT Services Providers are HCL Technologies, Infosys, Tata Consultancy Services, Wipro and Cognizant.
This sector has emerged as one of the major industry in the country due to the steady growth in technically skilled manpower. According to surveys, the Indian IT services sector has expanded almost twice as the U.S IT industry.
India is one of the oldest industries dating back several centuries in the country. This sector has generated huge employment opportunities, approximately 51 million people directly and 68 million people indirectly across the nation.
The overall textile export is forecasted to grow tenfold over the next five years.
The major components of the textile sector include, knitting sector, power looms/ hosiery, sophisticated mills sector and hand-spun and hand-woven textiles sectors.
Real Estate Industry
According to CBRE report, “Real estate sector is forecasted to rise to $10 billion by 2020”.
The real estate investors are positive with an expectancy of steady growth in the sector. The sector has laid a profound effect on country’s economic prospects. The Goods and Services Tax (GST) tax structure applicable to the real estate industry is yet to be announced.
On account of the changing market dynamics, rising household income, rapid urbanization and emergence of nuclear families, the Indian economy has witnessed sharp rise in all spheres of real estate, including commercial, residential and retail.
With nearly 20 agri-climatic regions, India ranks second position in agricultural productions. The country is the largest producer of pulses, spices, tea, milk, jute and cashew in the world, on the other hand it holds second position of oilseeds, cotton, sugarcane, rice and fruits and vegetables.
The contribution of this sector to country’s GDP is growing steadily along with country’s economic growth.
Agriculture GDP is expected to reach above Rs. 1.11 trillion (US$ 1,640 billion).
Most of the agricultural products serve least developed and developing countries across the globe.
The tourism industry has emerged as one of the dominant drivers of the country’s economic growth. The sector has huge growth potential considering factors like historical heritage and variety in ecology and terrains.
The incredible country is forecasted to be ranked among the top five business travel market universally by 2030.
Considering the country’s potential in the tourism industry, the Indian government has announced some initiatives such as global launch of Incredible India campaign, special pilgrimage trains and setting up of special tourism zones.