For decades, India’s economic strength has centred around a number of key industries, each of which has become vital to the country’s growth and stability.
One of the foremost employers of I.T. and software specialists in the world, India is also renowned for its disruption of the banking, automobile and textile sectors.
But this is a nation that is evolving and continuing to see development in new and exciting areas, and that is one of the reasons why India is projected to have the third-highest GDP on the planet by 2034.
So which are the sectors that are likely to power such dramatic growth?
Agriculture & Farming
In a world in which innovative tech has largely been the key to economic growth, India continues to thrive in agriculture and farming.
This sector enjoyed annual growth of 10.87% as recently as 2020, and as the global population continues to rise so too does the demand for foodstuffs like rice, grains and cereals – of which India remains one of the largest producers on earth.
Surprisingly to some, India also had the biggest population of cattle as of 2021, which of course is vital in the production of meat, milk, cheese and so on.
FinTech
India boasts the highest FinTech adoption rate in the world – 87% compared to a global average of 64%.
There are more than 6,600 FinTech start-up companies in the country, of which 16 have been granted ‘unicorn’ status with a valuation of over $1 billion (£800 million), and estimates suggest this sector alone could be worth north of $150 billion (£120 billion) by 2025.
The global market will be watching India’s FinTech infrastructure develop with interest, and there will surely be opportunities for overseas growth given that the Indian sector enjoys ‘first-mover advantage’ in one of the fastest-growing industries worldwide.
Online Gambling
Some Indian states have introduced their own rules when it comes to betting on sports, casino and games of skill.
And so many Indian people have access to a burgeoning online gambling sector, with brands based all over the world which enable players to deposit and wager using Rupees – rather than having to exchange them for USD and so on. The number of licensed and trustworthy operators is growing, and as supply and demand meet in the middle the growth of the industry is assured.
According to estimates, online gaming in India is a sector growing by around 30% year on year – making it one of the fastest-developing areas of media and entertainment in a country with a population of around 1.4 billion people.
Renewable Energy
On a global scale, India ranks fourth for renewable energy capacity and wind power and fifth in solar energy production.
This is a sector that is backed by government finance too, with around $2.5 billion (£2 million) dedicated to green energy and solar power projects in the Union Budget for 2022-23.
So renewable energy, as well as the other sectors mentioned, is going to be vital as India’s growth as a global economic powerhouse continues.