Every individual working in India knows we are the world’s largest software exporters and most of the white-collar jobs are getting generated from this sector in India. But, other than that which are those sectors that contribute to India’s economic growth? let’s find out in this article. The data in this article is collected from various sources and could differ as the numbers are tentative and keep on changing as the government records are updated.
Agriculture & Forestry
The Government of India approved the Indian Agriculture Export Policy 2018 in December 2018. The new policy aims to increase India’s agricultural export by $60Billion by 2022. India became the world’s largest milk producer and has helped many small village families and encouraged them to produce high-quality milk that is being used in manufacturing multiple milk products.
India’s agriculture exports have shown an increase of 17.37% for the financial year 2020-2021 as compared to exports during 2019-2020. India is utilizing its coastline and farmlands to produce coconuts and different vegetables and fruits of export quality. India holds the share of 21% production of coconut in the world. Horticulture of country contributes 29.5% of agriculture to GDP.
Automobile & Auto components
The automobile industry is in its top gear as the demand for personal vehicles is rising in the domestic market. At the current stage, India’s automobile market is the 4th largest vehicle market in the world.
The automobile industry of India currently manufactures 26 million vehicles including passenger vehicles, commercial vehicles, two & three-wheelers; in the FY 2020-2021, of which 4.7million were exported. India has a strong position on the international heavy vehicle scene, as it is the largest manufacturer of tractors, the second-largest manufacturer of buses, and the third-largest manufacturer of heavy trucks in the world.
Other than its massive size and turnover, many skilled individuals get job opportunities in this industry. Hike in demand for hybrid and electric vehicles is pushing the R&D department to introduce innovative vehicles that could fulfill the environmental and economic benefits.
Fintech & Financial services
India has initiated the journey of becoming a digitally independent nation with its products like UPI and Rupay which are revolutionizing the payment system in the country.
Fintech startups are rising at a rapid pace in India as the public has accepted the digital payment method. To date, India has over 17 Fintechs that have gained ‘Unicorn status’.
Many individuals in India have started investing in the stock market that has up to a certain extent supported the market from the free-fall due to FII. All the credit goes to those investment Fintech startups that simplified investment in the stock market.
The rollout of 5G technology and IoT are driving the accelerated adoption of smart electronic products. Digital transformation has driven the growth of smart electronic devices, and internet penetration has supported the same.
After the outbreak of the Wuhan virus (Covid19), the education sector stumbled for a while, and later, the demand for educational devices such as smart mobile phones, computers, laptops, and tablets for kids went high on demand.
Not just that, WFH boosted the further demand for Giga fiber net that has shown the acceptance for change in the working environment across the nation.
The above-mentioned industries are the trending ones in India and have a huge population depending on the same. Other than those, a few more industries need to be addressed which are: Food processing, Fisheries & Aquaculture, IT & BPM, Aviation, Media & Entertainment, Medical & Pharmaceuticals, Mining, Crude Oil & Gas, Railways, Travels & Tourism, etc.