The animal spirits have been awakened and you have a business plan but are apprehensive of the bureaucratic maze. We will navigate you through the regulatory labyrinth so that your dreams can become a reality.
The Indian economy is now estimated at around $1.78 trillion. Measured by purchasing power parity, India is already the fourth-largest economy in the world at over $4 trillion of GDP, breathing down the neck of the Japanese economy. It is expected to grow 4-5 times over the next 18 years. According to the Asian Development Bank, India’s middle class will increase to 1.2 billion by 2030 and 1.4 billion by 2050. India is set to become one of the world’s top five consumer markets. There are business opportunities waiting to be tapped in almost every sector of the economy.
Starting from the farm gate. Entrepreneurs eyeing food production and processing have a bright future. This is not only because of booming population but also increasing disposable incomes. There are talks of need of a second Green Revolution. There are a few who dream of and advocate vertical farming or farm-scrapers. The Food Security Bill will raise the bar and create opportunities.
India’s need for infrastructure is zooming. The technology, execution and processes need to be adapted to local conditions. An example is the use of plastic waste in laying roads. The economy would need an infrastructural autobahn. Modernisation of physical, telecom and IT infrastructure will continue to provide opportunities.
To ensure that the demographic dividend does not become a population time bomb, the workforce would need to be educated and skilled. This means preparing people not only for white-collar jobs but also training them in blue-collar skills. Concomitant with this growth is the requirement for support services such as coaching and online services. New ideas which ensure value for money i.e. improve prospects of doing well educationally and professionally are sure to prosper in this age of knowledge economy.
A better educated and skilled workforce would have higher disposable incomes. Indians put a premium on experience and discounts over brand loyalty. It means innovators in retailing will always have a chance to grab a slice of this growing business pie.
Multinationals are making a beeline for Indian pharmaceutical companies and market. This is not just because of their abilities in the field of generics. Indian companies are foraying into biotechnology, where India’s excellence in IT provides an edge.
The IT and ITES industry has been the poster boy of success of reforms which has changed the way the world looks at Brand India. Though it has been around for quite some time but its evolving nature will keep it on the sunrise sector list. It shall remain not only a fountain but also goldmine for new business ideas.
Robotics will be increasingly used in a wide number of fields. Starting from home to factories to medicine to boldly going where no man has gone before, the use of robots will only keep growing.
Early bird catches the worm. Reliance, Bharti Airtel and Infosys are three examples in India where the founder’s were able to smell an opportunity and grab the first mover’s advantage. There may be ideas whose time has come and others who are ahead of their time, that’s a decision the markets will make. There are some sectors today which show signs of sunrise sectors but there could be many waiting to be discovered by the pioneers.
(Disclaimer: The information has been aggregated through secondary research. IFIE is not responsible for errors if any)