India is one of the biggest countries in the world with a rich and diverse culture. It’s well known for its beautiful architecture, bustling streets and delicious food. It’s a cuisine that you can find anywhere in the world – although it might not be as good as where it originated from!
It might surprise you to know that economically speaking, India is in the top five countries in the world. This places it one place above the United Kingdom as they come in sixth. We don’t typically view India as somewhere that has a lot of money, but that should be changing with the times.
We’re going to be looking into what sectors are doing well economically and where the future of their economic growth lies.
Top performing industries in India
- Healthcare and pharmaceuticals
Healthcare and pharmaceuticals are big businesses in India. It’s currently predicted to reach highs of $65 billion in 2024, and then move on to make even more impressive numbers by 2030.
Over 200 countries have their pharmaceutical supplies come from India. They supply roughly 50% of the pharmaceuticals in Africa, around 40% of the pharmaceuticals in the US and around 25% of the pharmaceuticals in the UK.
The World Health Organization relies heavily on India for its vaccines. They supply around 70% of the vaccines for the WHO – a substantial amount that they could not do without. It’s yet another industry that is dominated by India.
- Gambling
It might come as a surprise to many, but there’s talk of a growing market opportunity in India for gaming. Currently, there are only a few provinces that allow land-based and online casinos. But the tide could be turning on this, as there is talk that allowing casinos in India could increase the number of tourists.
Online play is already popular in India, revenue is projected to reach US$2.90bn in 2024, revenue is expected to show an annual growth rate of 6.00%, resulting in a projected market volume of US$3.88bn by 2029. This growing online market has also led to the growth of affiliate sites, for example, Casino.org finds casinos in India, rating them as a way to show trustworthy sites in a growing market. With this burgeoning sector, we are sure to see others expanding into the same space sooner rather than later.
- Telecommunications and business services
A lot of telecommunication services are situated in India, with a lot of global companies using India as their communication hub. Other business services are done from India as well. A lot of global companies will house their communication hubs as well as back office operations from India.
This is known as BPO or business process outsourcing and it’s big business in India. This can include marketing, technological sales and assistance alongside general business sales. It might not seem like it’s all that impressive, but the BPO industry was valued at $281 billion in 2023 worldwide. It’s expected to continue to grow, which will only ensure that India’s economy grows with it.
- Industrial services
Industrial services are another element of India’s economy that continues to grow. Chemicals are surprisingly lucrative in India and have continued to contribute substantially to the economy since the 1970s. As industrial services in places like the UK saw a rapid decline, India took up the industry and has kept this up ever since.
Mining is also still a huge business in India. They still have working gold and iron ore mines that continue to produce a huge amount of the worldwide supply. There are also substantial coal mines that are still being used to this day.
Alongside supplies for iron ore and coal, there are a lot of jewel mines that are still operating in India. They still have some of the biggest mines of the rarest gemstones such as diamonds, rubies, sapphires and emeralds. We know that these kinds of stones can reach some impressive figures so it’s no surprise that they’re a great contributor to India’s economy.
What does the future look like for India’s economy?
Despite some issues that have arisen in the agricultural output and a slight worry around inflation, there are a lot of benefits that are coming out of India’s economy. There has been an increase in purchases of luxury items and premium services. This is due to the expansion of India’s middle classes which is always a good sign of economic growth.
The rural population used to lag far behind the urban population in terms of economic health. However, they have also seen an increase in their wealth and this is shown by the increase in purchases such as automobiles and electronic goods. This would suggest that there has been an increase in disposable income which is good news for their economic health.
All of this provides us with a very positive outlook in terms of India’s economy. Hopefully, this will bring about a change in the social views of the country as a whole. It’s coming into its own as an example of financial health and we hope to see this continue
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