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TOP 10 FASTEST-GROWING INDUSTRIES IN INDIA
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WE LISTED OUT TOP 10 FASTEST GROWING INDUSTRY IN INDIA WITH TOP COMPANIES AND THE GDP OF PARTICULAR INDUSTRIES
1. Information technology (IT) and software services :
The software development, IT outsourcing, and business process outsourcing services provided by India's IT industry are well-known. It has a large footprint on the international market and is home to several multinational IT enterprises.
The IT industry in India makes a considerable contribution to the GDP of the nation by offering software services and IT solutions to customers throughout the world.
Contribution: As of 2021, about 7.7% of India's GDP was contributed.
Top Indian IT firms include Tata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies, and Tech Mahindra.
2. Telecommunications:
With millions of customers and a fast-growing digital infrastructure, India has a sizable telecom sector. Because mobile devices and data subscriptions are now more inexpensive, the sector has experienced significant growth.
The telecommunications sector is very important to the economy and helps to link individuals across the nation.
Contribution: As of 2021, almost 6.5% of India's GDP was contributed.
Top Indian telecom firms include Reliance Jio, Bharti Airtel, and Vodafone Idea.
3. E-commerce:
Due to rising internet usage, easy payment options, and a sizable consumer base, e-commerce in India has experienced exponential development.
Rapid e-commerce development has changed the way individuals buy and sell products and services.
Contribution: Between 2 and 3 percent of India's GDP as of 2021.
Top Indian e-commerce firms include Amazon India, Flipkart, Snapdeal, and Paytm Mall.
4. Pharmaceuticals and healthcare:
India is a significant producer of generic medications and vaccines in the global pharmaceutical market.
One of the biggest in the world and a major driver of the Indian economy is the pharmaceutical sector.
Contribution: Between 3.5 and 4% of India's GDP as of 2021.
Top Indian pharmaceutical firms include Sun Pharmaceutical Industries, Dr. Reddy's Laboratories, Cipla, and Biocon.
5 Financial Technology (Fintech):
With cutting-edge digital solutions like peer-to-peer lending, insurance technology, and digital payments, fintech startups in India are transforming the financial industry.
Fintech firms have played a crucial role in advancing financial inclusion and modernizing financial services.
Contribution to GDP: As of 2021, it made up around 1% to 2% of India's GDP.
Top Fintech Companies in India include Razorpay, PolicyBazaar, Paytm, and PhonePe.
6. Renewable energy:
To lessen its carbon footprint and sustainably satisfy its energy needs, India has been investing in renewable energy sources including solar and wind power.
India's emphasis on renewable energy sources supports both a growing economy and a sustainable environment.
Contribution to GDP: As of 2021, it made up around 1% to 2% of India's GDP.
Top Renewable Energy Companies in India: Suzlon Energy, Azure Power, and Adani Green Energy.
7. EdTech (Education Technology):
India's EdTech market has expanded rapidly, particularly after the COVID-19 outbreak, with a concentration on online learning environments and technologically advanced teaching resources.
By offering chances for online education and skill development, the EdTech industry supports the economy.
Contribution to GDP: As of 2021, India's GDP was between 1 and 1.5% higher.
Top EdTech Companies in India include BYJU'S, Unacademy, Edukart, and Toppr.
8. Automobiles and auto parts:
The automobile business in India produces a broad variety of vehicles, including two-wheelers, automobiles, buses, and trucks.
The manufacture of automobiles contributes significantly to India's manufacturing sector and total GDP.
Contribution to GDP: As of 2021, manufacturing, sales, and services together accounted for around 7.1% of India's GDP.
The four top automakers in India are Tata Motors, Mahindra & Mahindra, Maruti Suzuki India Limited, and Bajaj Auto.
9. Infrastructure and Real Estate:
Construction, development, and administration of properties as well as many infrastructure projects are all part of India's real estate and infrastructure industries.
The development of infrastructure and real estate is essential for influencing India's urban environment and economy.
Contribution to GDP: As of 2021, India's GDP was about 6-7% higher.
The top three real estate firms in India are DLF Limited, Godrej Properties, and Oberoi Realty.
10. Tourism and Hospitality:
Through hotels, travel agencies, and related services, tourism and hospitality support the economy.
Contribution to GDP: As of 2019 (pre-pandemic statistics), around 6.7% of India's GDP was contributed.
Indian Hotels Company Limited (Taj Hotels), ITC Hotels, and OYO Hotels & Homes are the top hospitality companies in India.
In conclusion, a wide range of industries that have significantly boosted India's Gross Domestic Product (GDP) are responsible for the country's varied economy. The information technology (IT) and software services industry was a global leader as of the most recent update in 2021, supplying software solutions and IT services to clients all over the world and contributing around 7.7% of India's GDP. With millions of individuals connected throughout the nation, telecommunications contributes around 6.5% of the GDP and is supported by a developing digital infrastructure. E-commerce has changed how products and services are bought and sold, contributing around 2% to 3% of the GDP, thanks to rising internet usage and practical payment options.
Additionally, India's healthcare and pharmaceutical sector, one of the biggest in the world, produces a broad variety of generic drugs and vaccines and contributes between 3.5 and 4% to the GDP. Companies that specialize in financial technology (Fintech) have been instrumental in digitizing financial services and account for 1-2% of the GDP. With a GDP contribution of about 1% to 2%, India's concentration on renewable energy sources like solar and wind power supports both economic development and environmental sustainability.
The education technology (EdTech) industry has had a rapid expansion, particularly in the years after COVID-19. It now offers chances for online learning and skill development and makes between 1% and 1.5% of the GDP. The production of a broad variety of automobiles by the automobile industry, which as of 2021 accounted for around 7.1% of the GDP, makes a substantial contribution to the manufacturing sector and total GDP. About 6-7% of the GDP is contributed by the real estate and infrastructure industries, which help to shape India's urban environment. Additionally, the tourism and hospitality sector in India, which as of 2019 (pre-pandemic figures) contributed around 6.7% to the GDP, highlights the country's diverse culture and natural assets.
It is important to keep in mind that these numbers may have changed since the last update, and it is recommended to check official sources like the Reserve Bank of India (RBI) or the Ministry of Finance, Government of India, for the most up-to-date and accurate information. Due to its robustness and potential for future expansion, India is a prominent player in the global economy thanks to its diversified economic sectors.
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