New Delhi: India is the world’s largest growing economy in the world. Currently, it is a mid-level developing economy that has seen steady growth throughout the past few decades. As our country’s economy grows, there has been an increase in the number of industries perfect for new businesses and startups. These emerging industries hold a lot of potentials to benefit startups and new businesses.
Searching for the right industry for your startup or business, especially in a country like India, where the market is very fierce and competitive, can be hard. To make things simpler and easier for you, we have come up with some of the top emerging industries in India that hold a lot of potential, and you can consider for your next startup. Let’s find out:
Healthcare Industry
Healthcare in India is a massive issue because there are not enough resources to be shared among the population. Despite having such a large economy, India is a poverty-stricken country, having the second-largest population in the world but not having enough resources to distribute among the people, due to which healthcare has become a big problem for the people.
It is difficult for people to get the treatment they need because there is a huge demand for healthcare services without adequate resources. This has led to an increased demand for businesses related to the healthcare industry, which has increased exponentially in the past few years, making this industry an emerging industry that holds a lot of potentials.
Healthcare is mandatory, and it cannot be neglected. In a country like India, where healthcare is a big problem for the general population, this industry holds a lot of potentials that can allow certain startups to grow to their full potential in just a few years.
Pharmaceutical Industry
Along with the healthcare industry, the pharmaceutical industry is another emerging industry that has followed in the footsteps of the healthcare industry and has seen huge growth in the past few years.
Both the healthcare and pharmaceutical industries are two emerging industries with a lot of potential for new startups. In addition to that, the government of India has implemented and introduced some schemes to promote the production of key starting materials, drug intermediaries, and active pharmaceutical ingredients.
Information & Technology Industry
Information and Technology is one of the leading industries in India. All over the world, India has made a name for itself in the information and technology industry. Even though this is a huge market, since it is related to the internet and technology, this industry keeps getting bigger. Companies from all over the world have invested in Indian IT companies to get help regarding IT solutions; still, there is room for more companies in this industry. International companies such as ShareMe, Instagram, Snapchat, and GBWhatsApp strongly focus on the Indian consumer market due to the sheer volume of internet users.
Despite its humble beginnings, this has been India’s biggest industry, but even with all of this, this industry has room for more growth. What’s even more exciting is that the government of India will adopt such measures and reforms in the future that will accelerate the growth of this industry. The Digital India Program by the government is a perfect example of the government doing its best to help the IT industry growth and also help the citizens.
Telecom Industry
The Indian telecom industry will only improve in the upcoming years. We live in a world of technology and smartphones where everything has become digital, and even exam results are now available digitally, which has led to increased smartphone penetration and internet accessibility in India. This smartphone penetration is very helpful for the telecom industry as it will fuel the growth of this industry.
As of February 2022, there are over 1.175 billion mobile telecom subscribers in India. As smartphone penetration and internet accessibility will increase across the nation, so will this industry, which ultimately means more chances for startups and new businesses to flourish in this industry.
These are some of the top emerging industries in India that hold the potential for startups to grow and flourish. If you are looking to start your own business or startup in India, consider these while making the final decision.
