In the post-COVID 19 worlds, the Indian economy has clearly shown signs of recovery with emerging markets. The year 2021 is expected to be a happier fiscal year after the pandemic struck a slowdown in 2020. The country has bounced back due to the quick decision-making along with the cohesive ecosystem in which the government and the private players joined hands for spontaneous response.
According to a report published in Money Control, ‘the Indian stock market started the year of 2021 on a strong note with the additional gains of about 15% each on benchmark indices. IT, Pharma & Healthcare industries topped the charts and will retain the baton for 2021’.
As the country is advancing at a breakneck pace, here are the top 3 fastest growing industries in 2021:
- Pharmaceuticals & Healthcare
Due to the global pandemic, there is an unquestionable need for a stronger healthcare infrastructure. India along with other countries will now prepare for health emergencies that might again rise in the future. This makes Pharma & healthcare sector as the best industry for business.
To achieve self-sufficiency in terms of production in Chemicals and Pharmaceuticals, the Government of India also launched two schemes in July 2020 for the promotion of manufacturing of active pharmaceuticals ingredients (APIs), key starting materials (KSM), and drug intermediaries (DIs).
- Information Technology
India has been the hub of Information Technology for decades. One of the best industries for business, the IT sector has always been the nation`s sunshine sector. From a slow developing economy to a global player in providing world-class technological solutions, the IT sector has transformed India`s image worldwide.
According to a report by IBEF (Indian Brand Equity Foundation), IT spending in India is projected to increase by 6% to reach US$ 81.9 billion in 2021. The IT-BPM industry`s revenue is growing at 7.7% y-o-y and is estimated to reach US$ 350 billion by 2025.
- Electric Vehicles
In an initiative to make India an electric vehicle hub by 2030, the government has recently announced to establish the infrastructure for at least one electric vehicle charging kiosk at petrol pumps across the country.
According to a report by Avendus Capital, the electric vehicles in India could represent an INR 500 billion opportunity by 2025. Hence, the diverse areas like R&D, sales, manufacturing, driving, and servicing as well as technology will offer a lot of growing business opportunities.
Amidst the pandemic, these fastest growing industries in India will have a first-mover advantage that will lead to an ocean of growing business opportunities for those who want to make a comeback.
If you are looking for an opportunity to start your own business in one of the emerging industries, this is your golden chance. But before testing the tides, it is wise to upskill yourself with the best business skills.
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