India is showing a healthy and promising growth potential in several industries. Which, of course, is exciting news for everyone, as it increases job opportunities and has a welcome positive effect on the economy. Take a look at the top 7 thriving industries that cover a variety of sectors including gaming, technology and tourism.
As one of the top five countries globally, India’s mobile gaming revenue has had a massive growth spurt in recent years. Worth $890 million already, the growth is set to continue with India’s mobile games market predicted to be worth $1.1 billion by 2020 with 628 million projected users.
The upsurge of smartphone users is a significant contributing factor within this industry. This has provided a stable environment for the mobile gaming sector with a projected figure of 530 million smartphone users by the end of 2019.
One section to keep an eye on is e-sports. This has seen serious growth worldwide and has been recognized as an official sport by the Olympic Council of Asia. The potential is for it to be huge in India, with expected 2-5x growth over the next few years. Support from the Indian government would increase that growth exponentially.
Another growth industry that holds the potential to make a substantial economic impact is online gambling. According to Playwin, the state own lottery of Sikkim, the online gambling market is set to be worth $15 billion by 2025. The growth is mainly due to the confusion of gambling laws in India, which has allowed the proliferation of international online casinos taking the lion’s share of the profits. At onlinecasinoguide.in you can check out the controversy that currently surrounds India’s online gambling regulations. For example, all gambling is illegal on a national level. However, as the Indian gambling law is old there is no law preventing Indian national from playing at offshore casinos online.
As a growing nation that wants to compete in the world’s markets, industrial growth has been imperative. To run industries, the government and corporations have had to invest in building the power to run them. Thermal energy continues to be the biggest source of power in India, providing over 71% of the electricity used. Exploring the possibilities of oil, gas, fracking and sustainable energy is being actively encouraged and is certainly one of the booming areas of industry in India to keep an eye on.
India has never been short of visitors; its history, culture and vibrancy have fascinated people for a long time. Tourism has been a big player in keeping India’s economy going, especially with the foreign currency the industry brings into the country. Alongside this is the considerable amount of employment it offers.
While already offering a diverse array of tourism options, the influx of newer avenues is growing. Eco-tourism and medical tourism have also caught the attention of the world. The internet has made India an easy place to plan a range of places to visit and activities to enjoy. Investment in this sector offers many opportunities as tourism grows from strength to strength.
Worldwide a rapid increase in the interest of eco-tourism is growing. The earning potential is considerable in this industry. According to a study from conservationindia.org the annual growth rate for tourism in India is predicted to be 8.8% between 2011 and 2021. However, action must be implemented to ensure that eco-tourism is correctly monitored. This involves putting in place policies to ensure the sustainability of the industry in a way concurrent with the conservation of the area and wildlife involved.
Alongside tourism, the growth in the hospitality sector has been exponential. Interests in our culinary heritage, entertainment and accommodation have grown along with the tourists who come to sample the unique hospitality that is India. Plus, the growth in hospitality and tourism stimulates an increase in the construction industry and employment opportunities. This is a growth industry with multiple infrastructures like food, lodgings, cruising, theme parks, event planning and more besides. All providing many attractive options to explore for investment and growth.
This industry has received substantial support from the government, that in turn has led to an upturn in quality and value. Growth begets investors, and this industry has attracted the interest of private companies. The food processing industry accounts for 32% of the total food market in India. Ranked fifth in terms of production, consumption, export and expected growth, it continues to grow stronger every day.
New concepts in what we eat have influenced India’s organic food market, which is expected to increase threefold by 2020. Vast agricultural resources are a tick box for investors, and there is scope for growth in all aspects of the industry. These include dairy and food processing, canning and packaging, frozen food, and thermo-processing industries.
Once again, technology has opened doors to new avenues. The film and TV industry in India is thriving, and demand is increasing for more animated TV shows, commercials and films. According to a Media & Entertainment Industry Report in 2017, VFX and Indian animation grew by 16.4%, bringing in a revenue of ₹59 billion!
Off-shore giants like Disney and Sony Entertainment are out-sourcing to Indian animation studios of which there are over 300 in the country and the number is increasing rapidly. Many states like Maharashtra, Karnataka and Telangana have announced, or are preparing, policies in support of the animation and VFX industry which will enable it to compete globally. Demand for animation content for kids has also grown with channels such as ChuChu TV and CVS 3D Rhyme. This digital industry has also attracted the likes of Amazon and Netflix into signing exclusive content licensing deals with various studios in India.
India has seen an incredible uptake in the mobile payments sector. Recent reports estimate that between 2019 and 2023, India will see the fastest growth in digital payments transaction values with a CAGR of 20.2%, more than doubling the current $64.8 billion. Companies are flourishing; Unified Payments Interface crossed ₹1 trillion in December 2018 seeing an uptake of 620 million transactions.
The rise in digital commerce, innovations in payment technology using AI, use of blockchain tech, the Internet of Things, and the introduction of POS devices, have all contributed to the growth of this industry, which is estimated to be used by 93.3 million users this year alone. Definitely a booming industry!