Currently, India is the second largest growing economy in the world after China. That is no mean achievement but the good news is the prediction of India leapfrogging its neighboring country in next 8-10 years. The famous Economist Magazine has forecasted that “India will overtake China as the fastest growing major economy by 2018”. India is likely to maintain its above 6-7% growth rate and in next few years, the growth rate might well be exceeding 8%. It simply shows the vast potential of the Indian economy and how it is going to play a bigger role in world economy in coming times. India has already left behind many other developing economies in terms of FDI. India has acquired the reputation of providing safest investment avenues to dollar rich foreign investors.
The growth of any economy is very much determined by its business verticals and industries. Since the day, new economic policies were adopted in early 90s, signaling the arrival of liberalization and opening the doors to investors, Indian economy has never looked back. Most of the Indian business industries have showed their strengths in tough global competitive arena and have acquired commendable reputation. Talking about particular industries, we must first mention the sunshine industry, i.e., software sector.
Presence of English speaking scientific professionals and huge talent pool of technical young people has contributed significantly to the phenomenal success of Indian software industry. This industry also helped in establishing India as a service sector economy.
There is certain similarity in all the business industries in India. The reason is all-round development of Indian economy in all verticals and rising per capita income of Indian population. For instance, steel industry has registered impressive growth rate in last two decades and the simple reason is infrastructural requirements. New roads, highways, ports, power plants, factories, buildings etc are being built in every part of the country. This has resulted in rising steel production, establishment of several mega power plants and increased cement production. So there is a simultaneous growth across all the industries.
The lifestyle needs of the people have also changed. This has given rise to a retail, mobile phones and textile industry. People are looking for branded products and for that they are not hesitating in shelling out huge sums. The result is arrival of multinational retail and textile giants on Indian soil. Same can be said about manufacturing, automobile and health & insurance industries.
India truly offers huge potential for businesses. India is certainly the country to look forward to.