Healthcare has become one of India’s largest sectors, both in terms of revenue and employment. India’s competitive advantage lies in its large pool of well-trained medical professionals. India is also cost-competitive compared to its peers in Asia and Western countries. The cost of surgery in India is about one-tenth of that in the US or Western Europe. With the increasing demand for affordable and quality healthcare, penetration of health insurance is poised to expand in the coming years. The Indian healthcare sector is much diversified and is full of opportunities with forecast growth of 16–17% (CAGR) in coming years.

Road Ahead:
The healthcare market in India is positively driven by rising income, better health awareness, lifestyle diseases, and increasing access to insurance. The country has also become one of the leading destinations for high-end diagnostic services with tremendous capital investment for advanced diagnostic facilities. Indian medical service consumers have become more conscious of their healthcare upkeep. India’s competitive advantage also lies in the increased success rate of Indian companies in getting Abbreviated New Drug Application (ANDA) approvals.

References: Department for Promotion of Industry and Internal Trade (DPIIT), Media Reports, Press Information Bureau (PIB), IBEF.

Disclaimer: This information has been collected through secondary research and Infominer is not responsible for any errors in the same.

The Indian tourism and hospitality industry has emerged as one of the key drivers of growth among the services sector in India. Tourism in India has significant potential considering the rich cultural and historical heritage, variety in ecology, terrains, and places of natural beauty spread across the country. By 2029, India’s tourism sector is expected to grow 6.7% to reach Rs. 35 trillion (US$ 488 billion), accounting for 9.2% of the total economy.

Road Ahead:
Tourism is also a potentially large employment generator besides being a significant source of foreign exchange for the country.

India is the most digitally advanced traveler nation in terms of digital tools being used for planning, booking, and experiencing a journey. India’s rising middle class and increasing disposable income have supported the growth of domestic and outbound tourism.

Government policy support includes campaigns such as Swadesh Darshan, a theme-based tourist circuit launched to harness the tourism industry’s potential. Another new tourism policy focusing on developing medical, religious tourism and adding more destinations to the prevailing ones is also under consideration.

References: Media Reports, Ministry of Tourism, Press Releases, Department for Promotion of Industry and Internal Trade (DPIIT), Press Information Bureau (PIB), IBEF.

Disclaimer: This information has been collected through secondary research and Infominer is not responsible for any errors in the same.