India, which has a large population and a diversified culture, has one of the fastest-growing economies in the world. India has experienced impressive growth across numerous industries because of its welcoming business environment, component workforce, and vibrant entrepreneurial spirit. Multiple aspects of how the world appears have changed as a result of covid -19. As a result of digitization, the startup environment has flourished, and communication and education have been redefined.
Uncertainty resistance and awareness have both increased. The commercial world, the medical industry, and under sectors, have all undergone crisis. On the other hand, it saw the emergence of a number of phenomena, such as Bitcoin and digital marketing, which have a significant impact on a range of enterprises. These factors have led to evolutionary growth in several of India’s fastest-growing industries. These sectors are affecting the course of our market while significantly increasing the nation’s GDP.
Read also – Top 20 Agritech Startups in India 2024
According to numerous experts, the stock market will likewise have advanced and grown to become the first largest in the world and have the highest market capitalization. Market expansion is supported by a number of stepping stones, including government initiatives, international ties, market dynamics, etc. We will examine the top 10 industries in India that are expanding in this blog article, their potential, and the chances they offer for both job seekers and investors.
10 Best Growing Industries in India
Here is the list of the Top 10 Growing Industries in India: The Land of Opportunities.
Information Technology and Software Development
With a sizeable portion of the nation’s exports coming from the IT sector, India’s IT sector has been a significant contributor to economic growth. India continues to be a major outsourcing hub due to its pole of qualified professionals and friendly government policies. Demand for Digital transformation, cloud services, cyber security, Artificial Intelligence (AI), and blockchain Technology is increasing in this industry.
Read also – Top 10 Best Internship Websites In India in 2024
Due to several variables including a talented workforce, cost benefits, worldwide delivery capabilities, emphasis on quality, and Technology know-how, where services business in India has experienced significant expansion. Indian Software service providers have demonstrated their ability to provide top-notch solutions, unable organizations all over the world to use technology for their expansion and success. The Information Technology sector in India was valued at USD 7.15 billion and recorded a 7.4 % year-over-year growth compared to 6.4 % in 2022 according to the International Data Corporation ( IDC).
Pharmaceutical Industry
“The healthcare and petcare industry is growing faster in India. India has emerged as a major market for pharmaceuticals and healthcare with significant global exports.”
In India right now, one of the buzzwords on feeds is “pharma”. Not only is it growing considerably, but job possibilities are also becoming available. As a result, the sector has a bright future. India’s status as a significant manufacturer of generic medications has earned it the title of“ pharmacy of the world”. Pharmaceutical firms in the nation have excelled at producing economical generic medication, improving access to the affordability of health care for both home and foreign.
Read also – List of Unicorn Startups in India 2024
Diseases are always changing and there is always a chance for new uncertainties, the pharmaceutical business is advantageous for the country. The advancements in science, technology, and medical procedures clearly show how much can be grown in the next 10 years. India’s domestic pharmaceutical market is estimated at USD 41 billion and 2021 and is likely to grow to USD 65 billion by 2024 and is further expected to reach USD 130 billion by 2030.
Energy Sector
India needs a lot of electricity because it has the second-largest population in the world. As a result, its energy sector is expanding startlingly. Although coal, crude oil and natural gas continue to be India’s primary energy sources, the government is currently emphasizing renewable energy sources more.
Read also – Top 10 Profitable Unicorn Startups in India in 2024
In fact, the government established a target of 500 GW of renewable energy production by 2030. In terms of growth, the expansion of green energy is also assisting India’s energy sector to rank among the fastest-growing sector. It has increased rapidly from 2010- 2019 by 3.7% every year.
Financial Technology
India’s fintech industry is undergoing a transformation as it uses technology to upend established banking and financial services. The financial landscape is changing as a result of digital payments, mobile banking, peer to peer lending, and insurance technology ( Insurtech).
Read also – Top Gaming Companies in India
The development of this industry is being fielded by the government’s push for financial inclusion and the embrace of digital transactions. The fintech market opportunity is estimated to be USD 2.1 TN by 2030. Indian fintech was the second most funded startup sector in India in 2022. Indian fintech startups raised 5.65 billion in 2022.
E-commerce and Online Marketplaces
The expansion of The E-Commerce sector in India has been motivated by the advent of the Internet and the adoption of smartphones. E-Commerce has revolutionized how Indians shop, transforming everything from online retail to food delivery and digital payments.
Read also – Top India’s Spacetech Startups
A rising middle class, improved internet connectivity, and increased digital knowledge are all expected to promote the sector’s predicted exponential expansion. India’s social commerce has the potential to expand to US dollars 16-20 billion in 2025, growing at a CAGR of 55-60%. India’s e-commerce market is expected to reach US $ 111 billion by 2024 and US $ 200 billion by 2026.
Artificial Intelligence and Automation
Nowadays, both in the personal and professional realms, the term “AI “ is frequently employed. Amazon’s Alexa or Google Assistant are in every other home. On the other side, businesses are incorporating AI for data transmission, consumer behavior prediction, customized advertising, chatbots, and other uses.
Read also – Top 10 Pet Care Brands in India in 2024
For restaurants and other businesses, automating everything from meal ordering to delivery monitoring is a big priority. Programming, maintenance, and operations are clearly among India’s Industries with the quickest growth rates as a result of the situation. The AI market in India is projected to grow at a CAGR of 20.2% to reach US$ 8 billion by 2025 from US$ 3.1 billion in 2020. The number of AI startups increase 14 times from 2000 till September 2022.
Food Industry
India, which is predominantly an agricultural country, is the second largest food producer in the world. Vegetables and fruits, Milk and dairy products, chocolate grain processed, poultry and meat, fish, hatcheries, sweets and plantations are just a few examples of the diverse items produced by India’s food industry. Agribusinesses continue to expand, and agriculture products are partially or entirely exempt from taxes.
Read also – Top 10 Startup News Websites in India 2024
India is a major player in the production of processed food, which has grown significantly in recent years. Through programs like 100% export-oriented units (EOSs), subsidies, industrial licenses, and partnerships, the government supports the industry. The market is expected to grow annually by 8.40% ( CAGR 2023-2028). The market’s largest segment is the segment bread and cereal products with a market volume of USD 174.30 billion in 2023.
Tourism Industry
India is a popular tourist destination due to its rich cultural heritage, varied landscapes, and historical landmarks. The help from domestic and international travel, medical tourism and the hospitality sector is steadily expanding. Is growing as a result of investments made in hotels, resorts and tourism infrastructure.
Read also – Top 20 Best Startups in Gurugram
The tourism sector is one of the key pillars of the countries, “Made in India” policy. It also has a significant role in economic growth and job creation. By 2028, India’s tourism and hospitality sector is expected to produce USD 50.9 billion, up from $ 28.9 billion in visitor exports in 2018. There will probably be 30.5 million foreign visitors by 2028. By 2030, the tourism sector is expected to provide 137 million employment and 250 billion USD in GDP for the nation.
Electric Vehicles and Electric Mobility
India is gradually embracing clean mobility including electric automobiles while the rest of the world transitions to sustainable transportation. The expansion of the industry is being fueled by governments’ promotion of EV use, incentives, and the construction of charging infrastructure. There is a growing market for electric two-wheelers, three-wheelers, and buses, providing opportunities for producers, battery suppliers, and the construction of related infrastructure.
Read also – Top 20 Best Startups in Mumbai
The Indian electric vehicle industry is estimated to grow at a CAGR of 90%. The sales of electric vehicles accounted for barely 1.3 of the total vehicle says in India during the year 2020-2021. The EV two-wheeler and three-wheeler market is going rapidly.
Real Estates and Infrastructure
Urbanization, government efforts, and rising foreign investment have all contributed to the tremendous expansion in India’s real estate and infrastructure sector in recent years. Opportunities are being created for developers, investors and construction forms through initiatives involving affordable housing, smart cities and infrastructure development.
Read also – Top 20 Best Startups in Delhi
The real estate industry in India is estimated at USD 265.18 billion in 2023 and is expected to reach USD 828.75 billion by 2028, growing at a CAGR of 25.60 %, during the forecast period (2023-2028).
Conclusion
The various economy of India offers a wide range of chances for Business expansion and investment. Information technology, e-commerce, renewable energy, healthcare, fintech, food industry, real estate, tourism, and electric transportation are among the top 10 industries that are developing, they all show how the country is changing. India can realize its potential as a global economic powerhouse and promote inclusive development by taking advantage of these emerging industries.
This was our selection of the Top 10 Growing Industries in India. We hope this is useful to you. The order of this list is random.
Frequently asked questions (FAQs)
Which industry is growing faster in India?
The healthcare industry is growing faster in India. India has emerged as a major market for pharmaceuticals and healthcare with significant global exports.
Which industry will boom in 2024 in India?
The financial technology industry which is also known as fintech is expected to grow to 150 billion dollars by 2024.
Which sector will grow in 2023 in India?
The sectors which will grow this year are Automobile, Energy, housing finance, etc.
In which sector India needs to develop?
There are various high-potential sectors like electronic and capital goods, textiles and apparel, auto and auto components, pharmaceutical, and medical devices these are sectors that need more development.
Which are The Top 10 Growing Industries in India?
Information Technology and Software Development, Pharmaceutical Industry, Energy Sector, Financial Technology, E-commerce and Online Marketplaces, Artificial Intelligence and Automation, Food Industry, Tourism Industry, Electric Vehicles and Electric Mobility, Real Estate and Infrastructure are The Top 10 Growing Industries in India.
