India’s progress and development – a look back at 2015-16

India's Year of Development 2016: Looking Back & Looking Forward

India's Year of Development 2016: Looking Back & Looking Forward

In the last one year India has emerged as one of the best economies in terms of rate of growth, as per IMF and Central Statistics Organisation (CSO). Economic Survey 2015-16 states that Indian economy is expected to grow by at least 7% in the upcoming fiscal. Thanks to the strong reforms initiated by the central government and the inflation-oriented policies of RBI made sure that in 2015 Indian economy stood on strong ground. Commodity prices were more or less stable around the world in 2015 and this also helped the economy stay strong.

What to look forward to in 2016-17

It is expected that in 2016 Indian economy will grow at a rate of 7.5% as per Moody’s Investors Service and IMF. They cite improved investor confidence as the major reason for such a refreshing economic future for India. It is expected that policy reforms are going to improve and food prices are also assumed to come down, which will aid economic growth. The mid-year updates provided by United Nations World Economic Situation and Prospects state that Indian economy would be growing by 7.7% in 2016. India is also one of the leading names on the growth chart of World Bank – named Global Economic Prospects (GEP) – that deals with major economies of the world.

Service Sector Growth

In 2015-16 the services sector managed to attract plenty of foreign investments and this has rubbed off positively on India’s services exports as well. It has generated plenty of employment too. In terms of sheer figures, it grew at a rate of 8% in 2015-16 and contributed 64% of the GDP. In terms of gross value added growth in the same fiscal it contributed 66.1% and thus established its status as a key earner of net foreign exchange. It also happened to be the most preferred destination for overseas entities looking to invest in India.

What to look forward to in 2016-17

The sector is expected to perform well in the upcoming fiscal as well. Global situations also play a major role in how well this sector does. So, as and when the global economic situation improves it will be reflected in the sector’s performance as well. At any rate, the sector is supposed to grow by at least 7.4%. The facilities management market is expected to do really well with an expected CAGR of 17% by 2020. It is also expected to earn more than 19 billion dollars because of the real estate, hospitality, and retail sectors that are expected to boom as well.

Growth of Agriculture Sector

In the last one year India’s fruit production has overtaken its vegetable production and it was the second-largest producer of fruits in the world. In terms of agricultural and farm outputs it occupies the third spot. Agricultural exports were the fourth-biggest among the principal commodities exported by India in 2015-16. CSO estimates state that agriculture and allied sectors such as livestock, fishery, and forestry contributed 15.35% to India’s GVA in 2015-16.

What to look forward to in 2016-17

Indian government has invested well in improving the agricultural infrastructure – such as irrigation facilities, cold storage, and warehousing – and this is expected to help the sector attain some much-needed positive momentum in the years to come. Some other factors such as reduction in costs of transportation, improvement in management of port gates, and improved financial incentives are also supposed to play their part. Indian farmers these days are also using genetically-modified crops to an increased extent and this is expected to have a positive effect on their yield as well.

Infrastructure Development

Department of Industrial Policy and Promotion (DIPP) has stated that in the five years from April 2010 to December 2015 the construction development sector has received FDI worth 24.18 trillion dollars. A number of Spanish companies have already expressed interest in collaborations in areas such as high-speed trains, Smart Cities, and renewable energy. Silver Spring Capital Management, an equity hedge fund from Hong Kong, wants to invest more than INR 2000 crore in Transstroy India, an infrastructure developer in Hyderabad, for building highways in India. A non-banking financial company (NBFC) named Altico Capital wants to invest almost 150 million dollars in commercial offices and other areas of the infrastructure sector.

What to look forward to in 2016-17

It is expected that in 2016-17 and the years beyond the port sector will do really well. It is expected that when 2017 ends India’s major ports will see traffic of around 943.06 MT and 815.20 MT in the minor ports. The aviation market for India is expected to be the third-biggest in the world by 2020. By that period it is expected to handle 85 million international passengers and 336 million domestic passengers. It is also supposed to receive investment worth 120 billion dollars.

Progress in Education Sector

As of 2015 India’s higher education system was regarded as one of the largest in the world. In less than 20 years it has seen around 70 million students and the country has also been able to create the capacity to accommodate 40 million more such students. The expenditure in this sector has already touched INR 46,200 crore. In the same year it also became the second-biggest e-learning market in the world preceded only by the US. The IT firms of India have also played a major role in helping this sector with tie-ups and establishing in-house training and grooming facilities.

What to look forward to in 2016-17

It is expected that in the years ahead this sector would do much well – especially the distance education component – thanks to the different initiatives of Indian government. The government is also focusing on coming up with new techniques such as M-learning and E-learning to presumably make it a more attractive proposition for the various stakeholders. The country could also become a knowledge destination of sorts if the financial outlays can serve their purpose. The sector is also expected to play a major role with the increasing emphasis on human resources development.

Achievements in the Field of Healthcare

In 2015 healthcare became one of the biggest sectors of India with regards to employment and revenue. Thanks to factors such as better coverage facilities, increasing expenditure by both private and public entities, and improved service levels the sector grew at a commendable pace. The sector also attracted plenty of foreign investment in the last year. A health conglomerate based in Dubai, named Aster DM Healthcare, is looking to put in INR 600 crore in a number of healthcare projects to be done in Kerala. The company also bought 25% shares of Ramesh Hospitals, a chain of multispecialty hospitals based in Vijayawada.

What to look forward to in 2016-17

It is expected that the industry for medical devices will do well in the years ahead considering the number of companies in the same. In the last one year the country has progressed exceptionally as far as cutting-edge diagnostics services are concerned and much of this has happened because of the significant capital investment in the sector. This is expected to be a major boon for so many people in the country! Indian consumers these days are also more conscious of their health and such trends can only be good news for the industry in general.

Achievements in science and technology

As far as science and technology are concerned India has taken some rapid strides in the last year. Its Mars Orbiter Spacecraft completed a year around Martian orbit on 24th September. DOS and ISRO also hosted a landmark conference named Satellite for the SAARC region and Space Technology Applications on 22nd June. This was supported actively by the union ministry of external affairs. It intended to look at necessities pertaining to ground infrastructure and configuration. ISRO also launched on 10th July 2015 three earth observation satellites with the help of its polar satellite launch vehicle (PSLV).

What to look forward to in 2016-17

India is trying its level best to make sure that it is a prominent name especially with regards to technological development and its implementation in the industrial sector thus leading to a greater rate of industrialization that will in turn generate more jobs. It is expected that the nuclear energy sector would perform really well since India is looking to add to its capacity in that particular domain. Nanotechnology is also supposed to play a major role in changing the pharmaceutical industry.

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