Booming Industries in India
For some time, India has been feted to become the largest economy in the world. Historically, the businesses that have succeeded and seen global success are the large and traditional ones, businesses that rely on textiles, spices, raw materials, and minerals. However, investment in cutting edge technology has seen significant growth in many other areas such as digital agriculture, MedTech, medical tourism and gambling. Furthermore, a myriad of micro and small enterprises were also set up.
COVID-19 also changed the landscape of some businesses – some of which are thriving and others which are struggling. Lockdowns led to more people spending more time online and some firms followed suit. It would appear that even after lockdowns were lifted the newfound growth for these sectors has continued.
Social Media
Sheroes, a social network for women saw extraordinary growth during the pandemic. Almost four million women joined the network in less than two months. People who had previously not been active internet users found the platform a safe space to be and are now shopping online, accessing education, and just hanging out with other women.
Gametion’s Ludo King also saw its user base jump from 13 million players to 50 million players in less than 2 months. It is the fastest-growing gaming company in India.
Digital Agriculture
This refers to the process of digitally storing, analysing, and sharing information about agricultural successes. It uses AI and machine learning to transform agricultural value chains and modernise operations. Agriculture is one of the major sectors of the Indian economy. It is worth an estimated $370 billion. Companies such as Sisco, Jio Agri and ITC are developing platforms to help farmers improve crop yield, control pests, and reduce workloads.
MedTech
Again, it is the investment in technology that has seen Indian businesses thriving in this area. By developing products and software which can help prevent, cure, monitor, treat and care for patients, Indian MedTech companies are helping to shape the future of healthcare both at home and globally. This sector is worth in excess of US $10.36 billion and is expected to be worth $50 billion by 2025.
Medical Tourism
Also known as health tourism or surgical tourism, this sector of the economy receives support from the Indian Government to promote the exceptional health care services that the country has to offer at a minimal cost compared to other developed economies. This area was growing rapidly pre-pandemic with over 700,000 visitors with a medical visa in 2019. The number of visitors was down by 80% in 2021 and it is expected that it will take up to three years to return to pre-pandemic levels, but it is still seen as a huge potential growth area for the economy with new clinics being built.
Gambling
Gambling in India includes lotteries, sports betting and casino gaming. The industry itself is estimated to be worth US $112 billion in the next four years. When it comes to gambling in casinos, it is only allowed in three states: – Sikkim, Goa, and Daman. The nations love for cricket has seen an uplift in sports betting and there has been an explosion in online gambling. Despite the rise in gambling activities, the laws surrounding what is and isn’t legal online remains a grey area so it is worth checking out a trusted site such as LeoVegas India as it is one of the top mobile brands on the market.
MSME Sector
India has seen an explosion in the number of micro, small and medium-sized businesses and start-ups succeed in recent years in a large part due to the entrepreneur-friendly laws and the MUDRA bank which allowed them to access financial aid. These businesses include everything from T-shirt printing to cleaning companies and online education platforms.
Photo by RODNAE Productions from Pexels
In conclusion, businesses in India are riding the storm and the economy is living up to the promises of global growth.
