Best in India is yet to happen as it strengthens day by day
Politically India is setting its footprints across the globe – strengthening ties with nations and luring international investors and more. Despite 6 years low GDP of around 5%, the country is doing really well forcing the government to review the status quo, companies to be ingenious and consumers to chase value.
With various schemes and programs, renewal is welcome with open arms. It will bring forth some sectors that ‘influence and are influenced’ by the economy.
Let us take a look at the different sectors that are contributing to the country’s growth in more ways than one.
Make in India: Prime Minister Narendra Modi’s 2014’s initiative -
Make in India - has placed India on the world map as a huge manufacturing unit and gave the Indian economy global recognition. India soon plans to become the fifth largest manufacturing country in the world by the end of 2020. Several cell phones and luxury and automobile brands have set up or are looking to establishing their manufacturing bases in the country
Art & Culture: Indian music industry registered a 24.5% growth from Rs 858 crore in 2017 to Rs 1068 crore in 2018. About 70 percent of the total industry revenues came from streaming alone. The rest of the growth in 2018 came from other digital products, physical record sales, performance rights, and synchronisation. The report was launched at The Indian Music Convention 2019, in Delhi on September 3.
Foreign Direct Investment:
India is part of top 100 countries on Ease of Business (EoDB) and globally ranks first in the Greenfield FDI ranking. It impacts the economic development stimulation creating a conducive environment for the investor and benefits the local industry. Similarly, it impacts easy international trade, employment and economic boost, development of capital resources, etc. Tamil Nadu’s Chief Minister Edappadi K Palaniswami recently signed 16 MoUs with US-based companies committing to invest a total sum of Rs 2,780 crore in the state also managed to lure investors under EoDB.
The World Economic Forum recently said that the sector is doing better than before. A recent report claims that India climbed six slots to the 34th position and was among the top 25 percent of countries that saw the greatest improvement since 2017. Tourism contributes a substantial 10 percent to India’s GDP, generating about $250 billion.
Digital growth has been strong for IT companies like TCS, Infosys, and Wipro during the first quarter for the current financial year which is 42.1 percent, 41.9 percent and 34.2 percent respectively. However, the overall growth of the sector is part of a growing disruptive transition across the country and digitization especially with Trump’s latest ‘Buy American, Hire American’ policy which is to discourage visa petitions from Indian IT firms like Capgemini, Cognizant, Infosys and Deloitte.
Science & Technology:
Smartphone manufacturers are gearing up for the festive season with about 75 new models to be launched. Leading smartphone manufacturers are all set to woo consumers with new products. Last but not the least, Indian Space Research Organisation’s (ISRO) second moon mission, Chandrayaan-2, is the latest example of growth in science and technology.