Industries play a crucial role to build a nation’s economy. If a country lacks industrial support, it becomes difficult for the economy to perform well In countries like India, there exist plenty of industries. These industries are all set to increase the nation’s GDP. This is a country where the service sector gives the greatest contribution, although it is not a primary sector. The primary and the secondary sector together contribute to the country less than that of the service sector. In total, there are several industries that are still booming in India. We will learn about them in this article.
Top Industries That Are Still Booming In The Country
If India is on the list of top-performing nations, then it is due to the IT industry. You can find major cities like Bangalore, Hyderabad, Chennai, and others filled with IT companies. At present, there are millions of startups working on software development, decision-making, and other IT trends. This year only, a new line of IT startups has risen to offer services. As it was quite difficult for people to take benefits of some services, these IT startups helped them with top-quality IT services. For example, there are startups that helped people with groceries and daily buying. Other companies worked on online education, catering, entertainment, and many other services.
The entertainment industry has flourished in the past few years. During the lockdown, people were looking for ways to entertain themselves. The entertainment industry took advantage of the corona situation, and as a result, many platforms got launched to entertain the public. The popular ones like Netflix launched several series to keep the customers to their platform. Talking about the growth of the entertainment industry this year, it has crossed more than 40 billion dollars. India also comes in the list of countries with the biggest entertainment industry all around the world. This industry also flourished because the people of India love to entertain themselves. Even if they have nothing to do, they find some opportunity for entertainment. Because cinema houses were under lockdown, people approached other platforms to watch movies and documentaries.
If something is performing great besides the entertainment and the IT industry, then it is the banking sector. Leaders from all around the world describe the banking sector of India to be a powerful one. Both the public and private banks of India are performing excellently and they are operating their branches all around the world. There are a few countries where the Indian banks are not operating. At present, the State Bank of India and the ICICI bank are the ones having the most branches all around the world. These two have beaten many banks in several major countries. From this, one can easily understand how glorious the banking sector of India has become. It always seems to be bullish when the market does not perform well.
The Government of India always tries to spend most of its budget on the infrastructure sector whether it is an economic downturn or upturn. Be it the railway lines, freight corridors, or the lavishing expressways, the government takes care of every infrastructure needs within the country. We all know that India is the seventh-largest country. Millions of infrastructure projects run across all corners of the country. Other countries also spend funds in India as it is sure they profit from the infrastructure industry here. This sector is growing from the time the country got its independence. In the future, it is expected that the Indian infrastructure sector will be the first one on the list.
5. Consumer Electronics
Last but not least, we have the electronics industry that serves well to the GDP of the nation. IBEF(Indian Brand Equity Foundation) describes that this sector will double by the year 2025. People love to add facilities to their lifestyles and for that, they purchase electronic goods and equipment like television, refrigerators, ACs, washing machines, etc. Although people can live without much of these things in rural areas, it is not possible to survive without them in major cities. The temperature remains quite high in these cities. Due to high temperatures, ACs and refrigerators are counted as two of the basic needs of people living in big cities.
These are the top five industries that are still booming within the country. There is no limit to where these sectors can go in the coming years. India is a country where every industry has a possibility to rise. Other new industries can also become the booming industries in India because people try to find something new in India. As of now, the economy of India is not performing well due to the pandemic. However, the experts across the globe are confident in saying that it will again be the fastest-growing one within a few years.