The Indian economy has been in a state of expediential growth throughout the 2000s, continuing prosperously since gaining freedom from the British some 63 years ago. The country is immersed in a state of industrialization, with many emerging industries beginning to hold real dominate stakes in the global market. India now has the 7th largest GDP in the world, and has quietly established itself as a new global super power, as well as a hub for innovative tech ventures. So which industries are behind the Indian boom just now?
Tourism is one of the driving forces of the Indian economy, accounting for 6.23 per cent of the national GDP and being responsible for as much as 8.78 per cent of the country’s total employment. This flow of foreign currency is imperative to India’s growth, with over US $375 billion forecast to make its way into the country by 2018. With things like medical tourism attracting tens of thousands of tourists every year, the industry is showing no signs of slowing down.
Rather unsurprisingly, a booming tourism industry brings along a thriving hospitality industry with it. The westernization of India, which created a tourism industry has also created a massive success in the hospitality sector.
One of the fastest growing sectors of the Indian economy is the animation industry. Capitalizing on to the increasing demand for 3D technology in films and other animation platforms, the animation industry is not only an emerging industry but a growing one. The industry is growing at a rate of a 30 per cent annually.
It is no secret that a large percentage of India’s success is due to its growing IT industry. Many global brands outsource the likes of call center work to India, creating a huge business process outsourcing industry – a trend that shows no signs of halting either. It is suggested that increased specialization and an availability of a large pool of skilled, English-speaking educated workers with a good work ethic is responsible for the growth of this sector. These non-Indian global companies have a give and take relationship with India, often additionally providing their services to the Indian market. German firms like 1&1 are looking to expand their reach into the Indian market, having already become an incredibly successful world-wide web hosting company.
India has the 5th largest demand for power in the world, but unfortunately for Greenpeace and the environment, 55 per cent of this power is generated through burning fossil fuels. The government is taking steps to generate electricity from hydro, nuclear and solar energy in order to equip India’s growing demand for power.