India is a developing country with massive opportunities across multiple industries. The nation has managed to nurture a good number of small entrepreneurs inside the country, as well as successfully ushering in foreign investments from multiple sectors.
On that note, let us now take a look at a few key sectors of the Indian economy that are all expected to reach the next stage of their respective economic evolutions in 2020.
India has long been famous for unique attractions that range from snowy, Himalayan mountain ranges, to beautiful beaches on the islands of Andaman and Lakshadweep.
The growing tourism industry is slowly developing with every passing year to be more hospitable to travelers from both inside and outside the nation. However, it’s the India outbound tourism market that has seen a somewhat unexpected but very welcome change.
Lately, the middle-class in particular have seen tremendous growth in their income opportunities. As a result, outbound tourism in India is also booming like never before. It is expected that by 2020, the total value of the Indian tourism sector will reach $56 billion. According to the same estimation report from United Nations World Tourism Organization (UNWTO), there will be roughly 50 million outbound travelers from India, by next year.
The upcoming ITB India 2020 Trade Fair provides an opportunity for new businesses to become connected to the industry and take advantage of the constant growth early on.
Software development & management, tech support and various other aspects of IT have long been a major market for the Indian economy, but lately things have become more organized, thanks to several mergers in the sector, connecting Indian Information Technology to an even deeper international market. All estimations point towards the IT industry in India reaching a total value of $225 billion by next year.
In late 2018, India had overtaken the United States in terms of being the second largest smartphone market in the world, second only to China.
However, unlike China, which is both manufacturing and selling more smartphones than any other country in the world, India is mostly a consumer in this sector. Which is also the reason why Xiaomi has managed to sell more smartphones in India than it did in China. In spite of the tremendous competition, India still seems to have room for newcomers in the smartphone industry as well.
Although India is not currently in the top ten list of nations to have the largest eCommerce sector, there is no doubt regarding the fact that the Indian eCommerce sector is also growing at a tremendous rate.
It’s not just about Amazon and Flipkart either, although they are the top players in the nation’s eCommerce segment. Several smaller, more specialized sites are also seeing success in the growing economy, encouraging online entrepreneurship.
While these are some of the top growing sectors in the country, there are several others as well. Construction, steel, food processing, agriculture, mining and fisheries among others, are some of the industrial pillars on which India is sustaining its economic growth currently, and will continue to do so for the foreseeable future.