Present Scenario of India Business
The country of India, being a land of plentiful natural resources, has always been one of the world's most striking business destinations. The Republic of India is being ranked at 10th position in the world economy by nominal Gross Domestic Product (GDP). The rapid growth of Indian economy aims at occupying the lead position in the economy of the world. This aim provides ample opportunities to large as well as small scale businesses in the nation. The country with its 1.21 billion populations (As per Census 2011) even makes way to new businesses in India. In the years 2009 and 2010, India's business sector was not at a much higher rank as compared to other countries around the globe. Post that Indian business recovered fast to grow at the rate of 8.6 %.
Major Sectors Contributing to India Business
Among all the industries prevalent in India, the industries, which have got the lion's share of contribution to the speedy recovery of the business industry in the country, are:
- Business services
- Communication and transport
- Construction
- Financing
- Hotels
- Insurance
- Manufacturing
- Real estates
- Trade
Overall Growth Rate of GDP in India in 2011
During the quarter one of the year 2011, the overall GDP of the country increased to 7.80 % from its previous quarter. Considering the period from 2000 to 2011, the average growth rate of quarterly GDP of India was 7.45 %.
Contribution of transport sector in Business Industry in India
The huge and diverse transport sector of India includes all mediums of transport like road, rail, air and water. During 2007, the sector contributed to around 5.5 % in India's GDP. With the support from the World Bank, this industry is expected to expand to almost 900 million tons by the end of the financial year 2011 - 2012.How much contribution is attributed to the construction sector in India's business?
Over half a decade, Indian construction sector has been playing a significant role in the overall development of the country's economy. With its growth rate of more than 20 % CAGR, this sector has got ~ 8 % contribution in the GDP of India. Owing to the Government of India's future projects, construction business in India is expected to grow at the rate of at least 8 % to 9 % with an annual employment opportunity of 2.5 million.
How do the financial services affect the business sector in India?
In the past few years, India's financial services have helped the country emerge as one of the fastest growing economy in the world. The different financial service sectors, which has got significant potential for future growth include national banks, broking firms, mutual funds, private banks, investment services, equity market and home and car loans. The healthy growth rate of the finance sector is expected to decline the ratio of economic dependency in the near future.
Has the hotel industry got any significant contribution to India business?
Being the 62nd ranked tourist destination in the world, hotel industry in India has got a major contribution to the country's business. Though this business sector witnessed a decline during the financial year 2009 due to the terror attacks and global economic recession, still hotel businesses showed a registered growth of 7 % in the next financial year of 2010.
Contribution of Insurance Industry in Indian business sector
In the last decade, the insurance industry in India has shown a positive growth. As per the report published by IRDA (Insurance Regulatory and Development Authority), a total of US $ 4.1 billion (Rs. 18, 282.86 Crore) was registered by twenty three life insurers during Q 1 of the present financial year. By the end of June 2011, new policies sale amounted to US $ 28.24 billion (Rs. 1, 25, 826.03 Crore) from the previous financial year's sale of US $ 24.53 billion (Rs. 1, 09, 290.38 Crore).
How much contribution is attributed to the manufacturing sector in India's business?
Though over the last few years, the manufacturing industry in India has got noticeable contribution in the GDP of the country, still the growth of this sector is not as much as expected. During the last business year of 2009 - 2010, the share of Indian manufacturing industry is 16.1 %. The manufacturing sector is estimated to grow at the rate of 8.8 % by the end of the year 2011.
How does the real estate sector affect the business sector in India?
The increasing population of India as well as the developing service sector has made the real estate industry in India boom. As per DIPP (Department of Industrial Policy and Promotion India), the housing and real estate sector of the country received US $ 1.12 billion in FDI (Foreign Direct Investment in the financial year of 2010 � 2011. The future estimation of the scarcity of 26.53 million homes in the period of 2007 - 2012 (11th Five Year Plan) even provide ample opportunity for business investments.
Has the trading industry got any important contribution to India business?
With its earlier fast growth trend, the trading industry of India is expected to show a registered growth of 11.0 %. As this sector includes export and import businesses, the trade sector has shown a good development trend in the last financial year. The export of commodities like chemicals, engineering, fabrics, jewelry, leather goods, petroleum, precious stones and software earned US $ 210 billion in the year 2010. Similarly, the import of goods like chemicals, crude oil, equipments and jewels received US $ 327 billion during 2010. During that financial year, the export trade stood at 17th position and import trade occupied 11th rank.
Last Updated on 9/2/2011
