Market trends are constantly changing everyday. In a country like India, which is a rapidly developing country, there are always new avenues for investment and exploration. However, the overall state of the economy and society plays an important role in determining the demand for various services and products.
With the growth of e-commerce and artificial intelligence, India’s digital sector continues to boom. Also, the per capita income of the average Indian has increased, leading to an increase in disposable income. Products which were considered as wants are now classified as needs and there has been an overall shift towards better standards of living. Also Read – 111 Best Business Ideas You Can Start In 2021.
Based on these patterns, here is a list of the top 10 businesses in India:
1. Website Designing
Blogging and digital marketing are some of the most popular employment options. This has created a huge demand for online resources. Today almost every firm has its own website. According to a report by Adobe, 48% of people reported that website design was the primary factor in determining the credibility of a business. Moreover, the lockdown has made physical locations almost obsolete. The report said that online shoppers in India reached 120 million in 2018 and is expected to reach around 220 million by 2025. This high demand for websites makes it one of the most favorable businesses in India.
2. Real Estate
Real estate has always been a thriving sector in India. The real estate sector in India is expected to reach US$ 1 trillion by 2030. With the rapid rate of urbanization, as well as the increasing rate of nuclear families, real estate is a rapidly growing sector across India. In 2019, housing sales in India’s seven major cities alone reached 2.61 lakh units. However, a real estate business is quite expensive. It requires a higher amount of capital for higher returns, and does not yield higher returns from a lower investment.
3. Interior Designing and Decoration
The interior designing and renovation market in India is estimated to be between US$ 20 billion and US$ 30 billion. Aesthetics is no longer a concept in the homes of the uber-rich. A large number of middle class families are opting for modern kitchens, fancy interiors, quality furnishings and new color schemes. Furniture and lighting, especially antiques, are also in high demand. As a result, interior designing and decoration had become a popular topic not only in architectural and designing firms, but also on social media. The domain is seeing a large number of influencers especially on Instagram and Facebook.
4. Building Materials
With the growing real estate market, a rise in construction materials can also be expected. This is especially so with steel, as current trends indicate that India could become the second largest exporter of steel. Reports suggest that the Indian steel industry will produce around 300 million tonnes by 2029-2030. This demand has also been fueled by the growing auto industry. While steel is also imported, the government has recently put a lot of emphasis on ‘Make in India and Build in India’. These initiatives have been very successful in domestic production.
5. Pharmaceutical Businesses
Today India is the world’s largest exporter of generic drugs. The Indian pharmaceutical market is one of the fastest growing and most competitive in the world. Revenue in fiscal year 2020 was $55 million, which clearly shows the potential for profit in the domain. The pandemic has further increased the purchase of medicines in the past months. The industry is very competitive with a large workforce including scientists and engineers as well as entrepreneurs and other businessmen who are part of the distribution.
6. Wedding Planning
Gone are the days of two day weddings and a simple ceremony! Destination weddings or at least themed weddings have been witnessing a rise in the past few years in India. The wedding industry is developing so fast that it is also inspiring many theaters and TV shows. The ‘Big Fat Indian Wedding’ market is valued at around $40-50 million and is growing at a rate of 30-40% every year. It is an excellent business option for a beginner as it caters to multiple income groups and you can choose based on your budget.
7. Organic Farming
Organic farming has become extremely popular in India. Recent concerns over chemicals used as pesticides as well as preservatives have prompted many to explore the organic farming market. Two positions can be entered in the organic farming business- as a farmer of crops or as a distributor of the same. India comprises about 30 percent of the total organic producers worldwide.
8. Travel Agency
India is a very common tourist destination because of its picturesque landscapes, stunning architecture as well as myriad cultures. Starting a travel agency anywhere in India is sure to bring a significant advantage. According to WTTC, India ranks 10th out of 185 countries for the contribution of tourism to GDP. However, the business will require good collaboration between multiple stakeholders such as hospitality and transportation.
9. Labour Contractor
Finally, with a developing economy and a population as large as India, recruitment is undeniably one of the most happening sectors. Contract workers make up 34% of India’s vast workforce. It is a fairly easy business to enter with minimal capital requirements. There are some legal requirements surrounding this business as you will be dealing directly with human capital. However, the business will always be on demand and is very viable for people with minimal financial investment.
10. Food and Beverage
India is the fastest growing economy in the world with 1.25 billion food and beverage consumers. It is home to a wide variety of cuisines, each with a different flavor and appeal. These are mainly due to the use of many spices during cooking. Exporting these spices is a very lucrative business idea. Most of these spices are produced in small scale industries. Once a network is developed, and export permits are obtained, the business can be highly profitable as India is one of the largest exporters of spices. Similarly, taking a franchise of a beverage chain can also yield substantial profits.
Read More Articles Like This – Jordan Writes