India has been growing steadily since quite a few years now. With urbanization leading the way, a lot of sectors are vividly moving in different directions reaching heights making the country one of the fastest growing economies in the world. Though there are various sectors that are contributing to the growth of the country, given below are five major sectors that have been leaving their mark over time.
The mobile payment system is India is apparently the most advanced. While there may not be a very quick growth in brick and mortar banking solutions in rural areas, in the urban cities, digital banking is what’s establishing its dominance. More than half the population has an access to mobile phones which makes implementing the digital services even simpler. In a diverse and huge country such as India, the assurance of financial services is essential for growth and to change the way the country carries out all its financial transactions. Furthermore, as more and more consumers choose to opt for digital transactions, it could possibly open up new routes for progress in this sector.
To enter the modern world and see progressive changes take place, India had to move forward with their infrastructure, and the government is quite aware of that fact. This is why the ‘Make in India’ initiative took birth in 2014. The initiatives of building industrial corridors and smart city projects have been doing their successful rounds ever since. Apart from just focusing on infrastructure, focusing on improving the infrastructure resources and improving the workforce is also been given importance.
Sustainable development in India is crucial as it goes hand in hand with the other growing sectors. Combination of technological and sustainable efforts to make the key sectors more successful will make it possible to eradicate environmental issues and also poverty to an extent. Sustainable development in India also goes beyond these developments. It is more about letting the growth continue without any hindrance due to issues pertaining to the environment or lack of natural resources.
Technology has made remarkable advancements in India. Today, everything can be done digitally and in seconds. India is the second most technologically active nation in the world, the first one being China. With the increase in consumer spending and use of technology for the basic things, even in a few rural areas, is what looks promising on the technological front at present. The government is highly promoting digitization which is why consumers are forced to rely on it, leaving no choice but to get involved with technology. This apparently can have no disadvantages as technology is proving its worth with every step taken.
According to IBEF, the automobile industry accounts for 7.1% of the country’s GDP (Gross Domestic Product). The ‘Make in India’ initiative taken by the government has developed a major boost in the interest for production. Currently, the sector has sized to $260 billion industry from $74 billion, and now stands to be among the world’s top 3 automotive industries.