By Nupur Dogra:
Since the advent of industrialization in India we have witnessed setting up of many new industries in various sectors. Indian industrialists after the 65 years of independence have come a long way. Some sectors have developed and some are still developing. Most of the sectors have even attracted foreign investments to the country. Following is an insight to some of the top increasingly booming industries in India.
Tourism is one of the most important industries to any country as it is the best source for inflow of foreign currency into the country. A tourist, with him brings foreign currency and thus his every little spending is contributing in a better way to the country’s economy. Its contribution is around 6.23 % to the national GDP and generates 8.78% of the total employment. It is estimated that around US $375.5 billion will be generated by this particular sector by 2018. India being such a large and diverse destination has become a major attraction for tourists all over the world. The fact that it has 28 different states, and each one has a different and a unique culture of its own, adds to the curiosity of the tourists. There have been efforts to increase new forms of tourism such as rural, medical and eco-tourism. Medical tourism over the years has attracted a large chunk of tourists to Asia especially for plastic surgeries. India, despite having some of the world class medical facilities has suffered due to its low levels of sanitation. This remains one of the biggest hurdles in development of medical tourism here. But one of the major challenges is of security of the tourists. Domestic tourism is over 800 million. Another challenge is shortage of hotels and tourist accommodation places in the country. Lately, government has also started promoting tourism and awareness about tourism in country under the programme of “Incredible India”.
Electricity has become one of the most basic necessities of one’s life today. India has the 5th largest power consuming market in the world. In the 11th five year plan, the planning commission displayed “electricity for all till 2012” as the aim of government but 2012 has arrived and we are not even close to this goal. Power generation sector provides great opportunities to the investors as it promises higher returns. Coal, despite being termed as major pollutant still continues to generate 55% of total power generated. Though government has taken steps to generate electricity from hydro, nuclear and solar energy but there share is still very low as compared the thermal energy.
With increasing tourism and with the advent of modern life styles and westernization this particular sector has witnessed a sudden and massive boom.
Hospitality industry is one of the world’s largest service generating sectors. In India though it is new but people are investing in it and also more people are opting for hotel management course to enter this promising industry.
This sector can be divided into two; the entertainment and accommodations sectors. Discs, bars hotels have become part of the urban lifestyles. On the other hand with an increase in tourism in India has lead to need of more hotels and infrastructure.
This particular sector has witnessed a much required boom over the past few years. With the increasing use of 3D technology in movies and many other animation technologies, this industry has managed to create a demand for creative animators, and other technicians.
According to a study this industry is growing at rate of 30% annually.
A slight government help to the animation industries in terms of loan can provide a futher increase and profit to new but rapidly growing industry.
Food processing industry is another rapidly growing industry in india. The central government has taken many steps to increase the growth of this sector for eg they treat all the agro processing industries with a greater priority and responsibility. This has to some extent brought more organisational factor into the food retail and agricultural sector. This is one sector which has faced a rapid increase in the foreign direct investments. Also, over the time there has been an ever increasing demand of such goods in the Indian market. This industry is growing swiftly and is estimated to cross $200 billion till 2015. This sector currently faces major problem fetching proper investment at various stages of supply. More upgraded technology is the current need of the hour.