When the global economic machinery grinds to a halt, what can entrepreneurs and start-ups expect? Back in India, we've seen the business sector, as well as the government, work tirelessly to help entrepreneurs and start-ups get back on their feet.
Our finance minister highlighted in Budget 2020 that start-ups are the engines of our economy's growth and that entrepreneurship is our strength. Since then, not much has changed in terms of feeling. Indeed, the Covid 19 crisis has spawned a huge number of local ambitious businessmen who have managed to adapt to the changing times and emerge stronger than before.
In light of this enticing backdrop, we've chosen five high-potential industries that are expected to dominate the entrepreneurial environment shortly.
1. Agricultural Industry
The Indian government has played an important role in the country's agricultural development. The government, through the Ministry of Agriculture, is adopting several initiatives to boost agriculture growth. For example, the government set aside USD 505.1 million in 2018 for the Paramparagat Krishi Vikas Yojana (PKVY) initiative, which encourages and supports farmers to grow organic vegetables. Pesticides and residues will be absent from the produce, which will help to improve consumer health. As a result, sustainable agricultural practices will aid in the country's agricultural development.
Due to growing investments in the agricultural sector, the country's agriculture sector is predicted to grow at a CAGR of 4.9% supporting the country's agriculture industry.
2. Chemical Industry
India's chemical sector is immensely diverse, covering over 80,000 commercial goods and can be divided into bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, polymers, and fertilizers. India produces 16 %of all dyestuffs and dye intermediates in the world. With a global market share of 15%, the Indian colorants sector has emerged as a major player. India is a global leader in chemical exports and imports, ranking 14th in exports and eighth in imports.
India benefits from economies of scale due to its closeness to the Middle East, the world's largest supply of petrochemical feedstock. The Indian chemicals industry was valued at US$ 178 billion in 2019 and is predicted to grow at a 9.3% CAGR to US$ 304 billion by 2025. By 2025, chemical demand is predicted to grow at a rate of 9% per year. By 2025, India's chemical sector is estimated to contribute $300 billion to the country's GDP.
3. Textile Industry
The industry is tremendously diverse, ranging from hand-spun and hand-woven textiles to capital-intensive complex mills on the other end of the spectrum. The textiles sector is dominated by the decentralized power looms/hosiery and knitting sector. India's textile sector has the potential to create a wide range of products suitable for various market segments, both domestically and internationally.
In 2018-19, India's textiles sector provided 7% of total industry output (by value). In the fiscal year 2018-19, the Indian textiles and apparel industry contributed 2% to GDP, 12% to export earnings, and 5% to global textiles and clothing trade.
4. FMCG Industry
The fast-moving consumer goods (FMCG) industry is India's fourth-largest, with domestic and personal care products accounting for half of all FMCG sales. The sector's main growth drivers have been increased awareness, easier access, and changing lifestyles.
The urban segment (which accounts for about 55% of the total income generated by the FMCG sector in India) is the most important contributor to the overall income earned by the sector. However, in recent years, rural India's FMCG sector has developed at a quicker rate than urban India's. Semi-urban and rural areas are rapidly expanding, with FMCG products accounting for half of all rural expenditures.
The government has approved 100% FDI in food processing and single-brand retail, as well as 51% FDI in multi-brand retail.
Bottom Line
The Indian government has taken tremendous steps to boost the country's economic credentials and make it one of the world's most powerful economies. Start-ups concentrating on high-growth areas such as mobility, E-commerce, and other vertical-specific solutions are quickly establishing themselves in India, creating new markets and spurring innovation.
Suggested Links
Start an Industry in Andhra Pradesh (AP), Click Here
Start an Industry in Arunachal Pradesh, Click Here
Start an Industry in Assam, Click Here
Start an Industry in Bihar, Click Here
Start an Industry in Chandigarh, Click Here
Start an Industry in Chhattisgarh, Click Here
Start an Industry in Dadra and Nagar Haveli and Daman and Diu, Click Here
Start an Industry in Delhi, Click Here
Start an Industry in Goa, Click Here
Start an Industry in Gujarat, Click Here
Start an Industry in Haryana, Click Here
Start an Industry in Himachal Pradesh, Click Here
Start an Industry in Jammu and Kashmir, Click Here
Start an Industry in Jharkhand, Click Here
Start an Industry in Karnataka, Click Here
Start an Industry in Kerala, Click Here
Start an Industry in Ladakh, Click Here
Start an Industry in Lakshadweep, Click Here
Start an Industry in Madhya Pradesh, Click Here
Start an Industry in Maharashtra, Click Here
Start an Industry in Manipur, Click Here
Start an Industry in Meghalaya, Click Here
Start an Industry in Mizoram, Click Here
Start an Industry in Nagaland, Click Here
Start an Industry in Odisha, Click Here
Start an Industry in Puducherry (Pondicherry), Click Here
Start an Industry in Punjab, Click Here
Start an Industry in Rajasthan, Click Here
Start an Industry in Sikkim, Click Here
Start an Industry in Tamil Nadu, Click Here
Start an Industry in Telangana, Click Here
Start an Industry in Tripura, Click Here
Start an Industry in Uttar Pradesh, Click Here
Start an Industry in Uttarakhand, Click Here
Start an Industry in West Bengal, Click Here
NIIR PROJECT CONSULTANCY SERVICES (NPCS) is a trusted name for integrated strategic consulting services in the manufacturing environment. NPCS have vast industry expertise and familiarity with architects, planners, specialists, accounting advisors, economic researchers, and architecture experts.
Tags
#businessplan #business #entrepreneur #businesstips #businessowner #businessgrowth #businessmindset #startup #businessgoals #businessstrategy #marketing #businessdevelopment #entrepreneurship #businesssuccess #businesscoach #motivation #businesstip #smallbusiness #businessplanning #businessadvice #businessconsultancy #marketingstrategy #investment #businessmodel #finance #FMCG #textile_business #Indian_chemicals_industry #chemicals #agrochemicals #petrochemicals #polymers #indian_economy #FDI #food_
processing #Ministry of Agriculture
