The business sector of India is quickly changing, with digital, IT, finance and other such sectors picking up more and more, and starting to take over other industries.
It is actually quite interesting how we are moving away from the traditionally big industries like textile, cement, chemical, and to newer industries that are in accordance with the latest developments around the world. Granted these businesses are still big, however, the newer ones are also picking speed in how much profit they bring home.
Here we take a look at some of the hotted industries in India and how well are they doing:
Gaming is certainly looking the golden child of profits at the moment. With it being one of the biggest industries around the world, and expected to reach a whopping revenue of $180.1 billion by 2021, it is seeing no slowing down as of yet.
As per reports over more than 2.5 billion people around the world are engaged in gaming in some way or another. Games like PUBG and Call Of Duty being the big earners, where the former taking the title of the best selling and most played video game ever, having a total of 400 million players worldwide and the latter having over 250 million players.
In 2018, PUBG Corp made over 1 billion dollars in revenue and India might have some hand in this since the country has over 50 million players currently. Overall India with its 250 million mobile gamers is especially taking a big liking to online gaming and even online casinos.
Even though physical gambling is illegal in the country, but online gambling is perfectly legal. While games like Poker and rummy are currently fan favourites, however, as reported by casinocaptain.com, live dealer tables, jackpot slots and Andar Bahar are also popular games among Indian players.
In fact, not long ago, Mukesh Ambani one of the richest man in India and biggest entrepreneur even said that “Gaming will be bigger than music, movies and television shows put together.”
#2. Solar Energy
Solar power in India as an industry is developing at a rapid speed. India is already the fourth-largest energy consumer in the world and now the Indian government has laid emphasis on developing renewable and sustainable energy.
As per the India Brand Equity Foundation (IBEF) it is estimated that by 2028, India’s investment in the renewable energy sector can reach almost US$ 500 billion. Already 2018 saw about US$ 11.1 billion of new investments in the clean energy sector. According to Department for Promotion of Industry and Internal Trade (DPIIT) since 2014 more than $42 billion has been invested in this sector in India.
#3. Mobile Payment
Whether the whole demonetization issue really brought back black money of India or not is debatable. But it worked wonders to not only upstart but give a massive kick to the mobile payment sector.
Reports have suggested that India could see one of the fastest growths in the digital payments transaction between 2019 to 2023. Unified Payments Interface aka UPI has reportedly earned over Rs. 1 trillion in December, 2018 itself, seeing a massive jump from their earlier 620 million transactions.
With businesses like PayTm, UPI and more just seeing more and more growth, and other Indian mobile payment apps also springing up, this sector is on a steady upward rise. Perhaps more interesting than anything is how widely used they are becoming, from big mall shops to small convenience store and even the random autowallah and vegetable seller having it.
#4. IT Industry
The IT industry of India continues to remain one of the most profitable and ever rising one till yet. By 2025 it is expected that the IT industry will be earning a revenue of around $350 billion with the digital sector providing 38% of it. Apart from this the ever expanding nature of Artificial Intelligence (AI) and machine learning is said to add about $1 trillion to the Indian economy by 2035.
In 2017, NASSCOM revealed that the approximate revenue of IT sector of India stood at a good $160 billion, and with it rising its contribution to Indian GDP to 7.7% from its earlier 1.2% in 1998.
Indian IT firms in the fiscal year of 2018-19 brought in one of the highest revenues standing at $181 billion.
It is certainly an exciting time for new start-ups in India to explore otherwise unknown areas, as who knows what the next big thing could be.
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