With the appearance of new technologies, we see the introduction of whole new markets and also the decreasing fortune of some old ones. We can take the instance of e-commerce. This is an item of the web and telecommunication revolution, and today this industry is set to test the high old traditional stores. Expanding industries creates an opportunity for complementary organisations, such as suppliers and suppliers. Thus, there is a lot of emerging opportunities in business. There is growth in more than one sector in India right now, e.g. tourism, automobile, IT industry, design,etc. Let’s take a look at the top industries that are forecasted to give potential service changes in the coming years.
Here’s a list of the emerging business opportunities in India
The tourism sector in India:
According to the World Travel & Tourism Council, in 2012 alone the tourist market amassed 6.4 trillion, and the payment of the tourism sector to India’s GDP that year was 6.6 per cent. The tourism sector in India employed 39.5 million people. The tourism sector in India is expected to expand by 7.9 per cent between 2013 and 2023. Visitors, mostly from the US and UK, comprise the mass of the international traveller inflow. Even with all this, we need to confess that India’s tourism infrastructure is underdeveloped. And that creates some company opportunity — India rates at number 65 in the Travel & Tourism Competitiveness Report 2013. The chances lie in the field of resort industry and also airline companies organisation. Besides, India is ending up being a hub for clinical tourist, sports tourism and educational tourist, showing at the availability of several untapped chances.
The textile sector in India:
The textile sector in India earned $55 billion in 2009-2010. Fabric industry’s contribution to exports throughout April– July 2010 was 11.04 per cent. Its share in commercial production is 14. Whereas it contributes 4 per cent to India’s GDP. It also makes up 17 per cent of India’s exports. Moreover, this industry is the 2nd highest possible work creating sector in India. The difficulty and possibility thus depend on taking the textile sector in India closer to the international market.
The Automobile sector in India:
India generated 3.9 million systems of automobile and business cars in 2011. It’s the 6th largest automobile producer worldwide. India had 40 million traveller cars in 2010. India’s vehicle sales were 4 million units in 2017. A production target, as substantial as 4 million units, certainly needs the services of a great deal of auto parts producers. In 2010, the automobile sector in India had 3,695 vehicle components producing factories. Moreover, a typical manufacturing facility earned $6 million in annual revenue. Thus, the automobile sector in India is booming and will continue booming.
IT Industry in India :
The IT industry in India makes up the software and BPO sectors. It increased its payment to India’s GDP from 1.2 per cent in 1998 to 7.5 per cent in 2012; the same year software industry furthermore made $100 billion in profits. The software application sector is supplying work to 2.5 million individuals, and India is also becoming one of the greatest IT resources of the globe. This IT industry in India anticipates to producing several changes in due course of time.
The design industry in India:
The design industry in India is split into two main parts, heavy engineering and light design. Indian engineering field contributed $ 56.7 billion to the overall export in 2012-13. The bulk of Indian engineering exports include transport devices, heavy machinery, fasteners and castings. The factor for the development of this field is facility building in sectors such as infrastructure, power, mining, oil and gas, refinery, steel, automotive, and consumer durables. This sector, which is growing at the price of 30.1 per cent, anticipates contributing $ 65 billion to India’s export. The design industry in India is rapidly developing.
The Food Processing sector in India:
The Confederation of Indian Industries predicts that the food processing sector will certainly attract $33 billion investment in 10 years and has the possibility of creating work of 9 million individual days. The size of the refined food market is presently around $29.4 billion. The factor for this extraordinary development is possibly the accessibility of sizeable disposable income. This food processing sector in India provides organisation opportunities, packaged food manufacturing, fast food manufacturing, farming, and marketing of fresh fruits and food grains.
India created 1.34 million statistics tons of certified natural products consisting of sugarcane, cotton, Basmati rice, pulses, tea, spices, coffee, oil Seeds and fruits in 2015. In 2012-2013, India also exported 135 products with a total quantity of 165262 MT amassing $374 million. India has a complete area of 5.21 million Hectare under organic farming, thus making it among the leading ten nations with optimum cultivable land under natural accreditation. The substantial demand for organic products makes this an attractive market to check out for organisation opportunities.
The Indian biotechnology sector was making $ 11.6 billion in profits by 2017, reports India Brand Equity Foundation. The biotech market in India contains nearly 300 laboratories and universities. In the financial year 2013, earnings of the biotech industry got to $ 2.2 billion. The development of this industry fuels by the growth in contract solutions, demand for biotech products and focus on research and development efforts. Opportunities exist in the application of biotechnology in agriculture, cultivation, fowl, milk farming and fruit and vegetable production.
What are you waiting for? The power of the emerging business opportunities in India compels you! Go and start the next big enterprise.