With 1.35 billion people in India, the quantity of the workforce is not a problem. India is a country of a dynamic and youthful workforce, but for national growth, the workforce should be more skilled.
The Information Technology sector is already known as the most promising sector in India for several years now. Information Technology’s contribution to India’s Gross Domestic Product is enormous and goes from 1.2% in 1998 to 7.7% in 2017. Thanks to the IT sector, the image of India is now changing from country with slow-developing rate to a long-run player in the global industry which will provide world-class technology solutions.
Experts from India Brand Equity Foundation (IBEF) calculated that the IT industry is now reaching $225 billion per year. Indian experts also predict that by 2020, the Indian IT sector will employ more than 30 million which will become the highest sector employer.
Healthcare Industry in India
When we talk about top industries we must talk about the health care industry as well. The health care industry is one of the most important industries in India and a huge contributor to the Indian economy. This sector is one of the leaders not only when it comes to revenue but also when it comes to employment. The reasons why India’s health care industry is growing are income levels, living habits, and lifestyles.
In India’s healthcare sector, private companies have emerged as leaders and not just on the national level but on the international level as well. They contribute to 70% of India’s total healthcare earnings. The Indian government now has the goal to develop healthcare as a global medical power and to help foreigners as well.
The Indian government and industry experts stated in their reports that by 2020 there will be approximately 40 million jobs created in the healthcare industry alone. Thanks to this, India will overcome all other developing countries and it will become a global hub of medical tourism. It is estimated that by 2022, the Indian healthcare market will be worth 8.6 trillion.
Fast-Growing Retail Industry in India
The Retail industry in India is reaching the number one place in the Indian economy. Over several years, the retail industry in India has become one of the fastest-growing industries. The reason for this is the entry of many big players and increasing demands because of the growing population.
The retail industry in India is now more than 10% of the country’s GDP and approximately 8% of the workforce. As we all know, India is the second-largest population on Earth with fast-growing urbanization, Internet access, and affluent middle class, all this creates a huge potential for the retail industry. Furthermore, the retail development index in 2017 has shown India as the number one country for retail development.
It is also estimated that by 2025, India will be in the third-largest position in the world’s consumer economy, and consumption level will exceed 400 billion dollars.
SAAS & REMOTE-WORKING TOOLS
Saas & Remote Working Tools fall right in the path of success in such times. With the temperamental changes that we are likely to witness, SaaS applications & Remote Working Tools would facilitate the ongoing projects and pave the road map for future endeavors to greater extents.
These applications would serve the founding stones for the majority of business operations in the future and a haven for existing ones. Supporting the need of the hour, while accentuating the current work culture to better productivity, these would help position or in the transition to a better stance for numerous brands across the globe.
E-COMMERCE & DELIVERY BASED SERVICES
With national lockdown imposed in various countries, social distancing being practiced as the new normal for upcoming months if not years, and people refraining from gathering up at markets, grocery stores and public places, the E-commerce & Delivery based sectors are booming at large. These offer a safe and distanced way to procure essential and non-essential commodities, which is advised as precautionary measures for COVID-19, the industry is to see a spike in customer-retail operations.
Given the advent of the technological revolution and interface management systems, this industry was already on a growth trajectory. But the recent turn of events just catalyzed the entire game to unprecedented levels. People who refrained from using online ordered utilities; services and commodities are now adapting to procure for their daily needs.
OTT PLATFORMS & ONLINE GAMING
Over the top media and online gaming has surfaced above the conventional ways of entertainment. With bans and restrictions on movie theatres, gaming hubs and other recreational-amusement installations, these OTT platforms and the online gaming world had to fill in the gaps.
Soon enough, those who were not accustomed to these would be habitual and the need for heading out to garner some entertainment would be replaced by these. These have proven to be time & cost-efficient, provide a more personalized version of the same experience and one can experience these at the comfort of home.
PHARMA, LIFE SCIENCES & LABS/PATHOLOGY
Another major sector that came out to be a winner is the Pharma, life sciences and pathology sector. May it be children, adults or the elderly, in the wake of COVID-19 spread, the majority of the human population would wish to have enough health medication and facilities handy.
Once a vaccine is successfully developed, the shape of our current Pharma industry would change for good. Every single human being would require a dose and to provide for the demand at hand will be on the shoulders of our Pharma industry. These people would be providing for a noble cause, but to make a fortune for them is more than certain.
MANAGED OFFICE SPACES
Another sector that would rise above the rest is the managed office spaces for corporates, startups and commercial real estates. With the prevailing wave of remote working culture combined with businesses cutting costs aggressively, the need for cost-efficient, comfortable managed office spaces is observed.
With people unlikely to travel for work, these managed office spaces would provide a suitable alternative to the need at hand. Startups, SMEs, and even corporate bodies are looking forward to cost-cuts in order to balance things out and these spaces provide the perfect solution to the same. These are safer than conventional office hubs and come for a fraction of operational costs for the same.
Conclusively, the future is bleak for the most of us. Economies are uncertain for growth, widespread unemployment looms over us for the upcoming quarters, but not for the sectors and industries stated above. These would continue to shine even in the cloudiest of weather. After when the storm passes by, these would emerge as the knowledge and industry leaders to behold.