A Boom in Indian Economy Attributed To Exponential Growth of Indian Industries

India is currently the fifth largest economy of the world and is developing at a fast pace. The maximum growth is reported from the construction sector and minimum growth is observed from the agriculture sector. The primary industrial economic sectors are identified as mining and farming and the country’s industrial and agricultural sectors account for 28% of the gross domestic product. The economic reforms brought by the Government have led to greater privatization and an enhancement in the production of consumer goods. The industries benefit the country economically but are a major cause of pollution in the environment as they destruct the flora and fauna and cause health hazards.

The government has prepared an environmental list of industries demarcating them with colors red, orange and green. The color red depicts maximum pollution followed by orange and green. The industries that fall in the red zone are aluminum, cement, construction, dairy, diamond, fertilizer, mining, rubber, etc. Those that are enlisted in the orange zone include, automobile, cotton, hotel, pharmaceutical and weaving. The industries marked with green are advertising, banking, agriculture, cosmetic, electronic, garment, furniture, etc. The Indian industry for tourism is growing at a rapid rate by the efforts of the Government. The number of foreign tourists visiting India has greatly increased in the past years as a lot of effort has been put to improve the infrastructure of all the tourist destinations across the country. In India, industries are grouped into categories such as, auto and ancillary, finance and banking, consumer durables, health care, information technology and communication, power and service sector.

Among the list of Indian industries that are gaining business, the printing industry is a prominent name. It has undergone many transformations and is expected to be the world leader by 2015. The liberalization of the economy has led to the exponential growth of this sector which offers low cost production and is ready to adopt innovative technologies. The agriculture based Indian industries are a major source of employment in the country. Approximately 70% Indians depend on agriculture or agro-based industries for their livelihood.

The Indian economy is growing at a fast pace due to the liberalization and globalization strategies formulated by the government. Five sectors have been identified which promise a good stead in creating employments and generating business. These are namely information technology, telecom, healthcare, infrastructure and retail. The IT sector is rightly called as the India’s sunshine sector by some as it portrayed a transformed picture of the country globally.

The telecom sector is under burning competition and has significant employment opportunities. The medical treatment cost in India as compared to other countries is quite low and this sector is expected to generate around 40 million jobs by 2020. The infrastructure sector is also growing steadily at a rate of 7-10% and is a significant employment generator. The higher per capita income and urbanization has boosted the demand of this sector. With more international players competing in Indian market, the retail industry shows great potential. All the industries demand well qualified and trained individuals for specific tasks.

The Indian economy has survived the global downturn very well. It has posted one of the highest rates of economic growth in the world despite other major industrial giants lagging behind. List of Indian industries, environmental list of industries, Indian industries, Indian industry, India industries.

Share This Post

Post Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.