It’s indisputable; India is one of the world’s fastest growing economies and shows no sign of slowing down anytime soon. It’s large and increasing population is one of its best assets as it has the ability to quadruple GDP and catapult India to the premier league of developed economies of the next decade. India has the potential to have the most productive workforce in the world.
The healthy and blossoming Indian economy has captured the attention of thousands of potential expatriates all over the world. Many have gone ahead with their moves overseas in search of greener pastures and in India you don’t have to look far. There are new opportunities rising in India all the time, and here is a quick look at five existing sectors that are already well established in India and set to benefit from substantial business growth in the future.
Information Technology
The IT sector has been flourishing in India for many years. The industry has contributed enormously to changing India’s image from a slow developing economy to a huge global player in providing first rate technology solutions. According to figures from the IBEF (India Brand Equity Foundation), the Indian IT industry is set to touch $225 billion by 2020. Expatriates who have knowledge and experience in the IT industry will undoubtedly do well living in India. The industry’s reach is expanding all the time and is guaranteed to be one of the largest industries to continually seek the employment of suitable individuals.
Healthcare
The healthcare sector is perhaps not as well established as others, but is certainly considered to be a major player that will stimulate economic growth and employment in the near future. Over 40 million new jobs are expected to be generated by 2020. The Indian healthcare industry has significant advantages over other developing countries in becoming a global hub for medical tourism. Medical treatment and educational services in India are a fraction of the cost compared to already developed countries.
An increasing disposable income has led to strong domestic market potential in India. This will eventually result in significant employment for both expats and Indian nationals across various functions. Sales, marketing, HR, IT and operations are all areas that are set to be developed within the industry.
Telecoms
Estimates are that India already has 850 million mobile phone subscribers, with a 15 per cent smart phone penetration. This industry is one of many fuelling the growth of enterprise mobility in India, which will lead to significant employment growth. The Telecom Regulatory Authority of India (TRAI) is targeting a 10-fold increase in broadband subscribers to 100 million by 2014. India today is at a stage in telecom growth comparable to America thirty years ago.
As investment in telecommunication and broadband spreads, so will India’s search for employees. Expatriates to India with qualifications or interest in telecommunications technology will undoubtedly be able to find employment to suit them.
Infrastructure
Developing infrastructure is one of the cornerstones of India’s rise to becoming the fourth largest and second fastest growing economy. However, the infrastructure industry in India is highly fragmented and hence it is difficult to gauge its exact size and the jobs it generates each year in absolute terms. Be it roads and highways, railways, aviation, shipping, energy, power, or oil and gas, the Indian government are in the motions of making serious progress.
Such rapid development and increasing commitment to infrastructure has led to massive employment generation in India. Over the next ten years, the infrastructure sector in India will need to continue its growth momentum and is likely to maintain a growth rate anywhere between seven to ten per cent, which is a very healthy sign indeed. This is a pleasing sign especially for expatriates who wish to work in any of infrastructure’s many sectors. Those wishing to be a part of India’s increasing infrastructure culture are likely to be welcomed with open arms.
Retail
In India the retail sector has recently grabbed headlines with talk of 100 per cent FDI (Foreign Direct Investment) in single brand retail, which is currently capped at 51 per cent. The outcome of this may still be undecided but the opening up of India’s retail sector will create a stronger, organised industry that will help generate future employment.
It is estimated that the retail sector in India is worth more than $400 billion, with domestic and international players planning to expand across the country. Industry leaders predict that the next phase of growth will emerge from rural markets. There are projections of the workforce doubling by 2015, from the current 500,000 in both the organised and unorganised sector. With such huge amounts of foreign investment, this increase in workforce is bound to include expatriates of numerous nationalities.
