With an estimated population of 1.35 billion, India does not lack in quantity but the quality of manpower. India is a home of a youthful and dynamic workforce, yet it’s unskilled workforce emerges as a hurdle in the national growth.
Growth in the industrial sector is one of the important figures that affect the Gross Domestic Product (GDP) in any country. The Indian government has considered this as a serious issue and tried their level best to overcome with flying colors.
There are many industries which had evolved and will emerge as one of the many large-scale industries contributing to the world’s fastest-growing economies.
Let us have a quick look at some of the existing sectors that will be catapulting India to the league of developed economies over the next decade and hold us in the good position in the near future in terms of business growth and employment generation.
- IT industry
The Information Technology (IT) sector has been recognized as the sunshine sector of India for quite some time from now. It has immensely increased its contribution to India’s Gross Domestic Product (GDP) from 1.2% in 1998 to 7.7% in 2017. The IT Industry has contributed significantly to changing India’s image from a slow developing economy to a long-run player in the global scenario in providing world-class technology solutions.
According to the India Brand Equity Foundation (IBEF) figures, the Indian Information Technology (IT) industry is all set to touch $225 billion by 2020. The National Association of Software and Services Companies (NASSCOM), predicts that by 2020, the Indian Information Technology workforce will touch 30 million becoming the highest sector employer.
- Healthcare Industry
Talking about the top industries and not discussing the health care industry will be an injustice. Health care industry is one of the major and most important sector contributing to the Indian economy. Indian healthcare has become one of the largest sectors not only in terms of revenue but in terms of employment as well. The lifestyles, living habits, income level and other factors will be the key reasons for the growth in the Indian healthcare industry.
In India’s healthcare industry, the private players have emerged as the leaders, both nationally and internationally. They contribute to approximately 70% of India’s total healthcare expenditure.
The Indian government aims at developing India as a global medical hub and reaching all the children under two years of age and all pregnant women for routine immunization for which the government has created a programme called Intensified Mission Indradhanush (IIM).
All India Management Association, Boston Consulting Group and the Confederation of Indian Industries (CII) released a report titled ” India’s New Opportunity -2020″ states that by 2020 there will be more than 40 million job opportunities generated succeeding India over other developing countries and become a global hub of medical tourism. By 2022, the Indian healthcare market is expected to be worth ₹ 8.6 trillion.
- Retail industry
The Retail industry is one of the biggest assets of the Indian economy. Over the recent years, the Indian retail industry has taken the shape of one of the most dynamic industries, the reason being the entry of many players and increasing demands and living of the growing population.
The Indian retail industry accounts for more than 10% in India’s GDP and approximately 8% of the employment. Being the second largest population with immense growth of the internet, rapid urbanization, and affluent middle class, Indian retail industry has immense potential. Moreover, India ranked first in the global retail development index in 2017.
By 2025, it is expected that India will be in the third largest position in the world’s consumer economy and will reach $400 billion in consumption.
- Textile industry
The textile industry of India is one of the oldest as well as the largest contributors of India’s GDP. Today textile industry contributes 13% of the total Indian exports.
The textile industry is divided into two broad categories. First, the unorganized sector which includes handlooms, handicrafts etc which operate at a small scale and through traditional methods. The second one is the organized sector which includes spinning, garments, etc.which operate on a large scale and through modern techniques contributes to the economy of the country.
The Indian textile industry is the largest sector not only for exports but also in employment. Textile industry provides more than 45 million jobs to the people thus becoming one of the largest sources of employment in the country. The Indian textile industry contributes 14% to the industrial growth and 4% to GDP.
The new textile policy which the government is going to launch in a couple of months is about to tentatively achieve textile exports worth $300 billion by 2024-25 along with 35 million jobs in addition.
- Tourism and Hospitality industry
India is a land of cultural diversity. We have everything in our country which a voyager wish for. We are the mixture of tradition and modernization too. We follow our tradition and accept modern values too. From food to festivals to culture, India is a land of unmatched travel and hospitality welcoming everyone with open arms. The tourism and hospitality sector contributes a major portion to India’s GDP.
The number of Foreign Tourist Arrivals (FTA) was 1.05 million in February 2018 and is expected to reach 20 million by 2020.
In February 2018, India earned approximately $2.706 billion foreign exchange from the tourism sector. In 2017, Indian ranked seventh in the world in terms of travel and tourism’s contribution to the total GDP.
The tourism and hospitality sector in India has a lot to give if given the focus in developing skills.
There are many other industries in India which have immense potential to contribute in the country’s GDP. What is needed is that to support them and provide more skilled professionals and make India the most skilled manpower in the globe.
