India’s journey on the path of economic reforms has transformed it into one of the fastest growing economies in the world, with a current annual GDP growth rate of 6.6% India is projected to catapult to the league of developed countries in the coming decade.
The government has been setting the stage for the past 10 years and with the coming of Make in India initiatives, salary hikes, and a boost in a number of start-ups is bringing the country closer to realising its potential.
While the country takes flight you shouldn’t take a back seat. So then the questions arise, what to do and where to go.
Some of the sectors which promise a large amount of growth are
1. Farming: India has been an agro sufficient nation since ages. Even today roughly 60% of our population thrives on agriculture. Though the sector lacks a corporate appeal, a lot of companies have been venturing out to make the sector more attractive for the youth.
For example, start-ups such as Agritech, Agrocan are working towards providing consulting services for farmers. The concept of agro consulting was unheard of till now but now presents itself as a scalable avenue.
The government also supports agro ventures through subsidies (hardly any taxes) and hiring in such firms is always open (employee intensive).
2. Automobiles: Auto industry is one of the largest sectors in India. With an abundance of steel and land, the companies could barely ask for more.
The country has recently made environment-friendly more stringent and as a result, all cars that are more than 15 years old are to be banned. It is estimated that around 3.5 million cars will go off the roads with the new law pulling through creating a wide space for auto companies to fill up.
The sector has also opened its doors to FDI and we now see a lot of foreign brands coming towards the Indian market. Kia Motors and Tesla are 2 of the recent firms planning to enter the Indian market.
3. IT services: Infosys helped India realize its potential as a service provider and since then we have come a long way to become the worlds largest hub for IT and IT related services.
With 75% of the population under the age of 35, we now have the ability to constantly educate and develop our workforce, keeping them updated with the latest trends and practices. Hence, IT will turn out to be very lucrative in the coming days as well.
4. Life sciences: The Indian pharmaceutical industry (Life Sciences) is expected to grow to USD 55 billion by 2020 from the USD 18 billion currently, says a joint report by Assocham and TechSci Research.
The employment opportunities lie in the fact that the industry is highly fragmented with more than 10000 individual manufacturers spread across the country. Most of the companies work on small and medium scale, however, the country also has the presence f large scale global players such as Sun Pharma, Cipla, Manforce, etc.
Indian pharmaceutical companies are now venturing out in order to establish a global presence. Sun Pharma has currently production facilities in 4 countries while exports to more than 25 countries. The sector hence offers a lot of employment opportunities for employees in large, small as well as medium enterprises.
In the midst of all the progress of the country, it is important to realize your strengths and act accordingly. It is only smart to gain height when the country itself is flourishing. So don’t end up sitting on the sidelines and plan your growth.
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