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    India’s Top 5 Thriving Industries Helping To Build The Economy

    Published on September 26, 2021

    Some of the wealthiest business people in the world come from India, with the richest man called Mukesh Ambani worth $89 billion. Although much of India is poverty-stricken, it’s actually the 5th wealthiest economy in the world. Like most global economies, India is unstable at times. Recently, the UN declared that India should see a 7.1% rise in its economic wealth by the end of 2021. But it’s predicted to decelerate to 6.9% by the end of 2022.

    Still, that’s not much deceleration. And considering the economy was worth $3.05 trillion at the end of 2020, that’s good going. A few major industries are contributing to the steady growth of India’s economy. Let’s explore below.

    Pharmaceuticals

    The pharmaceutical industry in India is huge and is the birthplace of over 150 billionaires native to India. That’s probably because India is the largest supplier of generic drugs, such as paracetamol, to the rest of the world. In terms of general production, India ranks 3rd for the total amount of pharmaceutical products produced. Interestingly, India supplies over 50% of the world with the various vaccines we need.

    There are a vast number of world-renowned scientists and engineers taking the industry to the next level, combining science with technology to create groundbreaking pharmaceutical products. Currently, the pharmaceutical industry is worth $42 billion.

    Strong ties to the US, of which India supplies 50% of their pharmaceutical products, and to the UK, of which India supplies 25% of their products, contribute towards India’s pharmaceutical industry being one of the biggest contributors to the general economy.

    Gaming

    The gaming industry is an up and coming contributor to the economy, and it is by no means even close to the wealthiest industries in India. What it is, however, is an up and coming star with the potential to generate billions. In 2016, the gaming industry was worth a mere $534 million. By 2020, it was worth $1.07 billion.

    Experts predict this will only rise. One industry expert comments on the impressive growth of the gaming industry, growing at an exciting CAGR of over 20% and holds tremendous potential for economic growth and careers.

    Interestingly, online gambling is an industry on the rise in India. Over 560 million people now actively use the internet in India, and that’s opened up an avenue for online casinos. Indian online casinos are becoming more popular, and online gaming, in general, is becoming more regulated.

    Similar to America, India has 28 states, each with its own governments and regulations for online gambling, which is why the Karnataka Government has recently amended state law to ban online gambling simply because they can. However, that doesn’t mean the industry can’t thrive. The state of Sikkim, for example, has totally regulated and legalized online gambling with their Online Gambling Regulation Act of 2008.

    Telecommunications

    India is home to the world’s 2nd largest telecommunications industry and has the most concentrated amount of telecommunication call centres that handle calls from people worldwide. Companies in the US and the UK capitalized on call centres in India because of the lower costs. Currently, the telecommunications industry is worth around $1.5 billion, and that’s set to grow year on year.

    Interestingly, India is also on its way to being the world’s 2nd largest market for smartphone devices. And, with the introduction of 5G, more telecommunication companies are establishing than ever before. To be precise, experts predict the introduction of 5G will contribute $450 billion to India’s economy between 2023 and 2040.

    Agriculture

    Agriculture is by far one of the most essential industries in India, even though its share in the total GDP has dropped to 14%. Its importance stems from the fact that over 50% of the population still rely on the agricultural industry. Many of India’s poverty-stricken cities are kept alive by the agriculture sector.

    Plus, it’s India’s agricultural contribution to the rest of the world that’s impressive. India is the largest supplier of milk and pulses; and the second-largest of rice, wheat, vegetables, and fruit.

    India has multiple bustling industries contributing to the overall astronomical economy that continues to rise. In fact, India’s leading economic experts want it to have an economy worth over $5 trillion by the end of 2025. Many expect that to come to fruition.