Top 10 Fastest Growing Industries In India 2024

Top 10 Fastest Growing Industries In India – The Indian economy has been changing rapidly, thanks to booming industries that have seen impressive growth. With a growing population, a bigger middle class, and more consumer spending power, India has become a thriving market for many sectors.

In this dynamic environment, some industries stand out for their remarkable potential and role in driving India’s economic expansion. This article explores the top 10 fastest-growing industries in India, discussing what makes them special, what’s driving their growth, and what the future holds for them.

Top 10 Fastest Growing Industries In India 2024

As of 2024, India is experiencing remarkable growth in various industries that are propelling its economic development. These industries are not only contributing to the country’s GDP but also creating job opportunities and driving innovation. Among the top 10 fastest-growing industries in India for 2024 are technology and software services, renewable energy, e-commerce, healthcare and pharmaceuticals, financial technology (FinTech), agriculture and agribusiness, electric vehicles (EVs) and green mobility, logistics and transportation, education technology (EdTech), and sustainable fashion.

The country’s dynamic business environment, a large and young population, and government initiatives to promote entrepreneurship and innovation are key factors fostering the growth of these sectors. India’s evolving economic landscape offers promising prospects for investors and businesses looking to tap into these flourishing industries.

Top 10 Fastest Growing Industries In India 2023

Fastest Growing Industries In India Overview

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The Rising Stars: India’s Top 10 Fastest Growing Industries

India’s economic landscape is witnessing a surge in growth, with certain industries emerging as the stars of this transformative journey. These rising stars represent India’s top 10 fastest-growing industries, and their impact on the nation’s economy is profound. From technology and renewable energy to healthcare, e-commerce, and financial technology (FinTech), these sectors are not only expanding rapidly but also fostering innovation and creating numerous job opportunities.

India’s favorable business environment, coupled with a young and dynamic workforce, is driving the growth of these industries, making them pivotal contributors to the nation’s development and progress. These rising stars are a testament to India’s resilience and potential on the global economic stage.

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Healthcare Industry

The healthcare industry is one of India’s fastest-growing sectors, playing a major role in the global pharmaceutical and healthcare market. It covers various aspects like medicines, hospitals, medical equipment, and health insurance. India’s healthcare sector, both private and public, is thriving due to a growing elderly population and an increase in lifestyle-related diseases. Speculations indicate that the pharmaceutical industry will grow by an impressive 16%. Moreover, the number of private hospitals in India is rapidly rising.

Top 10 Fastest Growing Industries In India 2023

India contributes significantly, about 12.5%, to the global healthcare industry. A notable figure in this field is Cyrus Poonawalla, known as the vaccine king, and he holds the title of the world’s wealthiest healthcare billionaire. His success is primarily linked to his ownership of the Serum Institute, a leading vaccine production institution.

Food Industry

India, primarily an agricultural nation, is the second-largest food producer globally. The food industry here covers a broad spectrum of products, including vegetables, fruits, dairy, chocolates, grains, poultry, meat, fish, sweets, and plantations.

Top 10 Fastest Growing Industries In India 2023

This sector is consistently growing, with agricultural products often benefiting from tax exemptions. India is also a significant player in the production of processed foods, which has expanded considerably recently. The government offers support to the industry through measures like 100% Export Oriented Units (EOUs), subsidies, industrial licenses, and collaborations.

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Digital Industry

Traditional telegram communication in India became outdated a few years ago, giving rise to newer smartphone apps, social media platforms, and internet-based television. Digital technology has completely reshaped how people communicate, and it’s now inseparable from communication itself. The transformative advancements in communication technology in India are truly impressive. Mukesh Ambani, with a net worth of INR 9,090 crores USD, is the wealthiest person in this field.

Top 10 Fastest Growing Industries In India 2023

Financial Industry

With the rise of smartphone apps and the internet, digital payments have seen significant growth recently. Demonetization further sped up the adoption of digital payment services in India. The government has actively promoted digital payments, and India’s mobile payment system is considered one of the most advanced globally. Additionally, the government supports technology implementation in rural areas through initiatives like Common Service Centers (CSCs).

Top 10 Fastest Growing Industries In India 2023

Some of the leading financial institutions in India include Bajaj Finance Limited, Aditya Birla Finance Ltd, L & T Finance Ltd, Tata Capital Financial Services Ltd, Muthoot Finance Ltd, Mahindra & Mahindra Financial Services Limited, HDB Financial Services, Power Finance Corporation Limited, Shriram Transport, and more.

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Infrastructure Industry

Infrastructure is vital for modern industries and spreading their advantages to rural areas. Prime Minister Narendra Modi’s “Make in India” program has spurred construction and development. Infrastructure helps create smart cities with airports, hospitals, schools, efficient transportation, and highways. Robust infrastructure also fosters new tourist spots, bolstering India’s tourism industry.

Top 10 Fastest Growing Industries In India 2023

Software and Services

The software and services sector includes various offerings and is dominated by well-known companies like Infosys, Wipro, TCS, and Tech Mahindra. India has become a favored choice for global investors mainly because of the cost-effectiveness of its IT services. This sector has created the second-largest group of billionaires in the country, with 73 people becoming billionaires. Azim Premji is the richest individual in this field, with a net worth of INR 1,17,100 crore.

Top 10 Fastest Growing Industries In India 2023

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Chemicals and Petrochemicals

The chemicals and petrochemicals sector is a vital part of India’s economy, contributing about 6% to the national GDP. Key companies in this sector include Reliance Industries, Indian Petrochemicals Corporation Limited (IPCL), Gas Authority of India Limited (GAIL), and Haldia Petrochemicals Limited (HPL). Offering a wide range of products to various industries, this sector has made 57 individuals billionaires in India, ranking fourth in terms of the number of billionaires. Notable names like Mukesh Ambani and Sri Prakash Lohia are among the richest in this field.

Top 10 Fastest Growing Industries In India 2023

Textiles, Apparel, and Accessories

The textiles, apparel, and accessories industry in India is one of the oldest, with a rich tradition and history. India is a major global producer of textiles and apparel. This sector provides a wide range of products and has created 36 billionaires. Harish Ahuja is the richest person in this field, with a net worth of INR 5,900 crores.

Top 10 Fastest Growing Industries In India 2023

Real Estate

The real estate sector in India includes housing, hospitality, retail, and commercial segments. India’s real estate market is well-known globally for its substantial property price increases. This industry has created the tenth-highest number of billionaire entrepreneurs in the country, with 33 individuals becoming billionaires. Jitendra Virwani is the richest person in this field, with a net worth of INR 29,900 crores.

Top 10 Fastest Growing Industries In India 2023

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Automobiles and Auto Components

India’s automobile and auto components sector is one of the world’s largest, serving as a significant global manufacturing center for commercial vehicles. Projections indicate a substantial increase in electric vehicle (EV) sales, with estimates suggesting over 4 million EVs sold annually by 2025, potentially reaching 10 million per year by 2030. This field has made 45 billionaires, with Rahul Bajaj & family leading with a net worth of INR 60,700 crores.

Top 10 Fastest Growing Industries In India 2023

The top 10 fastest-growing industries in India represent the nation’s dynamic and evolving economic landscape. As India experiences robust growth and embraces technological advancements, these sectors are driving economic progress. From the thriving e-commerce industry to renewable energy, India is harnessing its immense potential to create new jobs and opportunities for its people.

With a favorable business environment and a strong focus on innovation, these industries are poised for sustained growth, making significant contributions to India’s economic development in the future. As investors and entrepreneurs continue to invest in these promising sectors, India’s economy remains a global growth engine with a bright outlook.

FAQ’S

Which is the fastest growing industry in 2024?

Global Tourism. ... Global Airport Operation. ... Global Public Relations Agencies. ... Global Graphic Designers. ... Global Respiratory Ventilator Manufacturing. 7.6% Global Marine & Container Terminal Operation. 7.3%

Which sector is going to grow in 2024?

With the upcoming budget for the financial year 2024, affordable housing is expected to be a key focus. Considering all these factors, housing finance appears to be one of the top sectors for investment in 2024.

What is the best industry for 2024?

Healthcare. ... Personal Care and Service. ... Travel, Leisure, and Hospitality. ... Commercial and Residential Construction. ... Manufacturing. ... Information Technology and Artificial Intelligence (AI) ... Financial Services. ... Human Resources.

Which sector is best in 2025 in India?

Healthcare and Insurance Sector. ... Renewable Energy Sector. ... IT Sector. ... Real Estate Sector. ... Fast-Moving Consumer-Goods Sector (FMCG) ... Automobile Sector.

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