India is a diverse and rapidly developing country, and it excels in a wide range of sectors and industries. Some of the lesser-known growth sectors for India include:
Digital payment
India has the strongest and most advanced digital payment system all over the world. There are so many applications reliable for digital payments like Paytm, Phone pay, Google Pay, etc. It has all become possible because of NPCI, IMPS, RUPAY, UPI, and other NPCI products. Following the pandemic, there was a substantial increase in online buying, giving rise to digital cashless transactions. The value of the digital transaction in India reached US $133.40bn in 2022. Now there are some countries that have started to use India’s payment systems.
Space Technology
India has a highly advanced space program, and it is one of the few countries in the world with the ability to launch its own satellites and conduct space missions. The Mangalyan mission of India created history as it successfully entered the Mars orbit in its first attempt. Interestingly, our budget for this mission was US $74 million which was just 11% of NASA’s MAVEN orbiter project.
Generic Drugs
India is the world’s largest maker of generic pharmaceuticals, with a total pharmaceutical sector of US $42 billion. According to the volume, India ranks third amongst all nations. And this ranks India as the world leader in the production of genetic medicines or low-cost medicines.
Automobile Sector
Since the automobile industry is crucial to both macroeconomic expansion and technological advancement, it has historically been a reliable barometer of how the Indian economy is performing. India is the world’s largest tractor maker, second largest bus manufacturer, and third largest producer of heavy trucks, giving it a significant position in the market for heavy vehicles. India’s annual production of automobiles in FY22 was 22.93 million vehicles.
Information Technology
India is home to a thriving information technology (IT) industry, and it is one of the world’s leading providers of IT services and software development. Indian companies are known for their high-quality services and competitive prices, and they play a key role in the global IT industry.
India has some major growth sectors where it shines. The country has a large and highly skilled workforce, which has helped it to become a major player in these industries. Additionally, India’s strong focus on innovation and entrepreneurship has allowed it to develop cutting-edge technologies and products, which have helped to drive its economic growth. Overall, India’s strengths in these sectors have made it a key player on the global stage and have helped it to become one of the fastest-growing economies in the world.
