5 Industries That Will Shape the Future of Indian Economy

The state of the Indian economy has had a roller coaster ride for the past few years. Largely, the current scenario is not in the category of ‘fragile’ as the microeconomic factors remain sound.

The following are five powerful industries with the power to steer the economy,

1. Manufacturing Industry

The manufacturing industry in India has not only helped modernize agriculture but also contributed to eradicate unemployment and poverty. With the contribution of over 10% to the overall Gross Domestic Product (GDP), the economic strength lies in this sector. Government initiatives like Stand-Up Scheme have provided assistance for the implementation of some unique lean manufacturing techniques.

2. Infrastructure

Well, if India wants to enter into a modern world, infrastructure is the first thing it needs to fix. No wonder the government has understood this key element, giving rise to schemes such as Smart Cities or Pradhan Mantri Awas Yojana. All these collectively have played a key role in steering the country’s economy in the right direction.

3. Rental Industry

Though the concept of rental industry or sharing economy has been there in India for quite long, there has been an evolution in the way renting has occurred. Due to strong business models and strategies, the stigma associated with renting in the millennium may not fade away. Tools such as Reservety, are the part of transformation opening new growth avenues for entrepreneurs.

4. Automobile Industry

Being the fourth largest industry in the world, it accounts for about 7% to India’s overall Gross Domestic Product (GDP). Thus, it makes it one of the most important sectors positively impacting the growth of the economy. Make In India, the government’s initiative to ramp up the production in India has proved to be very fruitful for the economy.

5. Healthcare

Though India might be known as a tech-savvy country, the lesser-known fact is that the population in the age group beyond 60 is projected to climb more than 15% by 2050 as per the analysis of the United Nations Population Division. Yes, you heard that right! This could serve to be as one the biggest boon to the healthcare sector.

With the fact that India is already one of the fastest-growing countries regarding medical tourism, the healthcare industry is definitely one of the largest driving forces to turn the economy.

India being a developing country, it must concentrate on uplifting and empowering the above sectors to not only take the country far high but also attract investors. Understanding the drivers responsible for growth and development is extremely important for the profile of investors. Though India’s rank in the Ease of Doing Business Index has improved, the target now is to improve the rank in Global Competitiveness Index and thus it still has a long way to go. Well, companies all around the world, be it in the manufacturing sector, transportation or hospitality are all eagerly looking upwards for the next growth opportunity. So, what do you think is the next big wave?

Ashish Kumar is a content writer and digital marketer. He loves to interact with new trends in technology and digital marketing. At the moment, he handles his blog Heck Oh Yeah.