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Top 5 fastest growing industries in India 2024

As per current surveys, the Indian economy has been growing at a rapid pace in recent times. Indian economy is expected to grow by 7.3% during the financial year 2023-2024 and 6.4% in 2024-2025. Different organizations are making huge investments in several growing industries in India. Many sectors in India are developing at a faster pace, and investments made by these growing industries are responsible for the overall progress of the Indian economy. So, let’s have all the necessary information below relating to fast-growing industries in India.

Top 5 fastest growing industries in India 2024

Information Technology

Among the most commendable industries in India, the Information Technology sector is responsible for huge development in the Indian Economy. During 2023, Techies from different parts of the country have witnessed huge job growth in the IT field. Top IT companies which have experienced noticeable profit during 2023 are 

Ø Tata Consultancy service 

Ø Infosys

Ø HCL Technologies  

Ø WIPRO Limited

Ø Tech Mahindra Limited

The IT-BPM industry, a growing sector in India, contributed approximately 7.4% of the Indian GDP during the financial year 2022, and it is expected to grow immensely in the coming years. It has also been noticed that the percentage of tech personnel hiring has also surged by approximately 12% to 15%. 

Healthcare Sector

The healthcare sector in India is growing rapidly in recent times. This sector is considered leading among India’s fastest-growing industries in terms of both revenue generation and employment. Hospitals, medical clinics, telemedicine, healthcare devices, medicines, and medical devices all come under the purview of the healthcare industry. Hospitals are the focal area of the healthcare industry, and there is a huge surge in investment in this field from global and domestic investors. 

The Government has allotted Rs 90,171 crore to the healthcare industry during the interim budget 2024-2025. This allocation aims to improve the country’s healthcare infrastructure overall. 

E-commerce

Among the top fastest growing industries next 5 years, no one can ignore the contribution of the online market in the development of the Indian economy. As per a recent report, India will become the second-largest e-commerce company in the world by 2034. The e-commerce sector in India will reach $111.40 Billion by 2025. This is because the demand for online shopping is rising day by day, and people are getting more accustomed to buying products from reliable e-commerce stores. Top e-commerce companies in India are Amazon, Reliance Industries, Flipkart, Blinkit, Myntra, etc.

Besides having a contribution to the Indian economy, these companies are also creating job opportunities for freshers and professionals in different fields. Today, different micro, small, and medium enterprises are also making investments in this sector, and there is a hope that the e-commerce industry in India will reach $99 billion by the end of 2024. 

Renewable energy

This is another impressive and profit-making sector in India. This industry is contributing hugely to socio-economic development, and at present, India’s total renewable capacity is 136.57 GW. A noticeable growth in the Renewable energy sector can be noticed due to cost reduction in solar technology. This cost reduction has helped in enhancing the manufacturing of solar units. The total installed PV capacity in India is 75,751 MW, which is quite impressive. MNRE, or the Ministry of New and Renewable Energy, has announced that it will re-establish the selected models of Solar Photovoltaic Modules Order from April 2024. Solar power contributes nearly 55.34% of total renewable energy capacity, whereas wind power contributes 33.06%.

Electric Vehicle (EV)

India has declared its support toward the decarbonization target of 2030 during COP26. Accordingly, India has taken the initiative to launch electric vehicles to reduce carbon emissions by almost 50%. Besides fulfilling the decarbonization target, the growth of EVs has also started making a contribution in the development of economy in the country. The report says that India’s total Electric Vehicle market will reach USD 34.80 billion by the end of 2024. By 2029, this target will reach to $110.74. Top companies that are really doing noticeably well in the Electric vehicle industry are

Ø Mahindra Electric

Ø Tata Motors

Ø Exide Industries

Ø Hero Motorcorp

Ø TVS Motor Company

Ø Bajaj Auto

Ø Ola Electric

Top growing industries in India- Summary 

Industry Name

Growth in 2023

Growth between 2024 to 2030

% in GDP (2022-2023)

Information Technology

$245 Billion

$253.9 Billion by 2024

7.4%

E-commerce 

$74.8 Billion

$350 Billion by 2030

6.22%

Healthcare Sector

$132 Billion

$350 Billion by 2025

2.1%

Renewable Energy

$20 Billion

$16.5 Billion by 2024

1.1%

Electric Vehicle (EV)

$3.47 Billion

$123.20 Billion by 2030

7.1%

Final Takeaway

Today, in this fast-paced economy, India is making huge developments in different sectors. Established and new start-ups are attracting global as well as domestic investors to invest in growing sectors in the country. Apart from those industries mentioned above, banking, insurance, and FMCG industries have also grown well during the last few years. The overall industry development is no doubt a sign that India will become financially stronger in the near future. 

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