FASTEST GROWING BUSINESS INDUSTRIES TO START A BUSINESS IN INDIA
Searching for the most profitable industries? For the business enthusiasts who are wondering how to start the business in India and the industries they should invest their valuable resources of time and money especially in 2020, we have accumulated some of the most profitable business industries in India.
India has been one of the fastest-growing economies in the world and has been one of those where most of the industries are boosting with each passing day. The Indian business scenario over the years has evolved backed by its strong democracy and partnerships. As time and again, the Indian market is considered a very lucrative market for starting a business, the country has been facing unprecedented scenarios of lockdown due to coronavirus pandemic. There has been an unimaginable impact on the global economy along with the loss of various lives, the challenges in India are intimidating with the battered economy.
AUTOMOBILE INDUSTRY
Amid coronavirus and its recovery, the industry that comprises a wide range of companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles is getting ready for its comeback. Earlier as China was the leading country in the industry, it is today replaced by the self-sufficient-focused India which will be working on the efficiency of the industry post the stabilization of Covid-19.
FOOD INDUSTRY
While this industry has also been impacted a lot, the main agriculture industry includes raising crops, livestock, and seafood. Manufacturing: agrichemicals, agricultural construction, farm machinery and supplies, seed, etc along with the food processing industry is one of the fastest-growing industries in India.
COTTAGE INDUSTRIES
The industry that is business or manufacturing activity carried on in people’s homes with major examples in India including Cotton weaving, carpet making, leather industry, etching, basket making, textile making, pottery, etc are some examples of cottage industry products. While this industry has been claimed as an industry that has a huge potential to offer employment opportunities to people, the cottage industry can be regarded as a self-employment-focused one as well.
FERTILIZER INDUSTRY
The fertilizer industry has been a key area in the Indian economy keeping in mind the agriculture dominance as an industry contributing to the economy. The fertilizers are something that supports the agriculture industry being substances that supply one or more of the chemicals required for plant growth. Fertilizers can be both organic and inorganic. As per industry experts, it is said that sixteen elements are necessary for plant growth.
HOTEL INDUSTRY
What do we mean by the hotel industry? Well, the hotel industry term covers the services that deal with guest accommodation or lodgings while majorly referring to hotels among other accommodations like motels, inns, and guest houses. One of the four segments of the hospitality industry, the hotel industry has been growing over the years.
METALS INDUSTRY
From the location and extraction of the metal and mineral reserves around the world to it being used as global reserves and jewelry making, industrial applications, and investments, the metal industry has been of the fastest growing industries. The industry is primarily concerned with metallurgy and metalworking.
CHEMICAL INDUSTRY
When we talk about the chemical industry, it essentially means talking about the companies that produce the industrial chemical. The industrial chemical has various categories like industrial inorganic chemicals; plastics, materials, and synthetics; drugs; soap, cleaners, and toilet goods; paints and allied products; industrial organic chemicals; agricultural chemicals; and miscellaneous chemical products.
BANKING INDUSTRY
An industry that handles cash, credit, and other financial transactions, the banking industry essentially covers banks that provide a safe place to store extra cash and credit. They offer savings accounts, certificates of deposit, and checking accounts. An RBI (apex bank) licensed company is needed to start a banking business in India with a minimum capital requirement for the banking sector being Rs. 300 crores.
HANDICRAFT INDUSTRY
Indian handicrafts are famous across the world. The handicrafts sector is a sector that is engaged in the production of products that are produced either completely by hand or with the help of tools. The Indian handicrafts industry is highly labor-intensive, cottage based and decentralized
MANUFACTURING INDUSTRY
Manufacturing industries are those that engage in the transformation of goods, materials or substances into new products. Among the most important manufacturing industries are those that produce aircraft, automobiles, chemicals, clothing, computers, consumer electronics, electrical equipment, furniture, heavy machinery, refined petroleum products, ships, steel, and tools and dies.
PHARMACEUTICAL INDUSTRY
Including the development, production, and marketing of drugs or pharmaceuticals licensed for use as medications, the pharmaceutical industry is also on this list. The industry includes pharmaceutical companies which deal in generic and/or brand medications and medical devices.
IT INDUSTRY
Information Technology (IT) offers a lot of scope for the business being a business sector that deals with computing, including hardware, software, telecommunications, and generally anything involved in the transmittal of information or the systems that facilitate communication.
LOGISTICS INDUSTRY
From sourcing of goods, manufacturing, inventory, handling/sortation, transportation, to storage/warehousing, etc, the logistics industry can be defined as the science of obtaining, producing, and distributing material and products to the correct place and in the correct quantities.
RETAIL INDUSTRY
The retail industry focuses on the process of selling consumer goods or services to customers through multiple channels of distribution while the retailers are the people who satisfy demand identified through a supply chain. Backed with a very ancient history, retailing examples are the traditional brick-and-mortar stores.
SOFTWARE INDUSTRY
One of the fastest-growing industries in India, the software industry includes businesses for the development, maintenance, and publication of software that are using different business models. They are mainly either “license/maintenance based” (on-premises) or “Cloud-based” (such as SaaS, PaaS, IaaS, MaaS, AaaS, etc.). the software industry is involved in development, marketing, and sales and is multifaceted.
STEEL INDUSTRY
Majorly focused on processing iron ore into steel, which in its simplest form is an iron-carbon alloy, and in some cases, turning that metal into partially finished products or recycling scrap metal into steel. The industry takes the molten metal output and then solidified it into semi-finished shapes before it is rolled, drawn, cast, and extruded to make the sheet, rod, bar, tubing, beams, and wire.
TELECOM INDUSTRY
Another industry on the list of the fastest-growing industries in India is the telecommunications sector which consists of companies that transmit data in words, voice, audio, or video across the globe. This industry also has telecom equipment (the largest), telecom services (next largest), and wireless communication.
TEXTILE INDUSTRY
The textile industry is primarily concerned with the production of yarn, and cloth and the subsequent design or manufacture of clothing and their distribution. The raw material may be natural, or synthetic using products of the chemical industry.
WOOL INDUSTRY
As an industry, relying on sheep to produce a natural fiber, the wool community is naturally concerned with and committed to animal welfare. In addition to clothing, wool has been used for blankets, horse rugs, saddle cloths, carpeting, insulation, and upholstery.
SILK INDUSTRY
The silk industry is the industry that is involved with the breeding of silkworms and the manufacturing of the silk they produce into thread and fabric. In India, the five Indian states of Karnataka, Andhra Pradesh, Tamil Nadu, West Bengal and Jammu and Kashmir Mysore and North Bangalore contribute to 97% of the raw mulberry silk produced.