Let’s talk about India’s Top 05 Growing Industries in 2024, As India propels itself into a new era of economic growth, several industries are emerging as key drivers of this transformation. Discover the top five sectors witnessing remarkable expansion, contributing not only to the nation’s GDP but also shaping its socio-economic landscape. From cutting-edge technology to sustainable energy, these industries are laying the foundation for a dynamic and prosperou2024s future.
Top 5 Growing Industries in India
- Energy Sector
India’s energy sector is undergoing a transformative surge, showcasing remarkable growth and evolution in recent years. As the nation grapples with the challenges of a burgeoning population and rapid industrialization, the energy landscape is adapting to meet these demands while embracing sustainability and innovation. 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 2022-2023 by 7.2%.
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Electric Vehicles and Electric Mobility
The Indian market is experiencing a notable surge in the adoption of Electric Vehicles (EVs) and the broader embrace of electric mobility. This transformative shift is underpinned by a confluence of factors, signaling a pivotal moment in the nation’s transportation landscape at the forefront of this transformation are concerted efforts by the Indian government. Initiatives like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme demonstrate a commitment to incentivize and promote the adoption of electric vehicles. Through a combination of subsidies, incentives, and infrastructure development, the government is fostering an environment conducive to the growth of electric mobility. Meanwhile, the Economic Survey of India 2023 forecasts a robust 49% compound annual growth rate (CAGR) in India’s domestic electric vehicle market revising 2022 to 2030, with an estimated 10 million annual sales by 2030.
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Real Estates and Infrastructure
The real estate and infrastructure sectors in India are undergoing significant growth and development, contributing substantially to the country’s economic landscape. This expansion is fueled by various factors that collectively shape the trajectory of these sectors. Urbanization and population growth are driving increased demand for housing and commercial spaces. This surge in demand has led to the development of numerous residential and commercial projects across major cities in India. Government initiatives such as “Housing for all” and “Smart Cities Mission” have played a pivotal role in propelling growth in the real estate and infrastructure sectors. These initiatives aim to provide affordable housing and improve urban infrastructure, fostering sustainable and inclusive development. Foreign direct investments (FDI) in real estate have also contributed to the sector’s growth. The ease of doing business and favorable investment policies have attracted global investors, leading to the development of large-scale projects and the infusion of capital into the Indian real estate market. As per National Real Estate Development Council (Naredeco) & Knight Frank joint report India’s real estate sector is expected to expand to $5.8 trillion by 2047, contributing 15.5% to the GDP from an existing share of 7.3%.
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Pharmaceutical Industry
The COVID-19 pandemic has showcased the agility and resilience of the Indian pharmaceutical industry. Rapid development, production, and distribution of vaccines, along with the production of critical medications, have positioned India as a key player in the global fight against the pandemic. This crisis has underscored the industry’s capability to respond swiftly to global health challenges. The pharmaceutical industry is actively embracing digitalization and technology adoption. The integration of artificial intelligence (AI), data analytics, and digital platforms is enhancing various aspects of drug discovery, development, and distribution. This technological integration not only streamlines processes but also contributes to the overall efficiency and effectiveness of the industry. As of 2021, India’s APIs market is worth $11.8 billion and is forecasted to grow at a compound annual growth rate of 12.24% until 2027. Several Indian companies manufacture APIs.
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Information Technology and Software Development
The Information Technology (IT) and software development sector in India have witnessed remarkable growth, establishing the country as a global hub for technology-driven innovation and solutions. Several factors contribute to the continuous expansion and prominence of this pivotal industry. India’s IT sector is renowned for its skilled workforce, making it a preferred destination for outsourcing and offshoring services. The country’s abundant pool of engineering and IT graduates, along with a strong focus on technical education, has fueled the industry’s growth, attracting global corporations seeking cost-effective and highly skilled talent. Outsourcing services, including software development, IT consulting, and business process outsourcing (BPO), have been key drivers of the IT sector’s success. Indian IT companies provide a wide array of services to clients worldwide, ranging from application development and maintenance to system integration and digital transformation. The outsourcing model has not only enhanced global business efficiency but has also significantly contributed to India’s economic growth. Indian IT revenues grow fastest in a decade to $227 billion in COVID-19 pandemic -hit FY22. NASSCOM in its Strategic Review predicted that the IT industry can achieve the ambitious target of being a US$ 350 billion by FY26 growing at a rate of 11-14 per cent.
The various economy of India offers a wide range of chances for Business expansion and investment. Renewable energy, healthcare, real estate, Information technology and electric transportation are among the top 05 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 05 Growing Industries in India. We hope this is useful to you. The order of this list is random.