Other Services
More Industries we serve:-
| AGRICULTURE AND ALLIED INDUSTRIES |
| EDUCATION AND TRAINING |
| PHARMACEUTICALS |
| SERVICES |
Agriculture and Allied Industries
Agriculture is the primary source of livelihood for about 58% of India’s population. The Indian food industry is poised for huge growth, increasing its contribution to the world food trade every year due to its immense potential for value addition, particularly within the food processing industry. Indian food and grocery market is the world’s sixth-largest, with retail contributing 70% of the sales.
Road Ahead:
The agriculture sector in India is expected to generate better momentum in the next few years due to increased investment in agricultural infrastructures such as irrigation facilities, warehousing, and cold storage. Furthermore, the growing use of genetically modified crops will likely improve the yield for Indian farmers.
Going forward, the adoption of food safety and quality assurance mechanisms such as Total Quality Management (TQM) including ISO 9000, ISO 22000, Hazard Analysis and Critical Control Points (HACCP), Good Manufacturing Practices (GMP), and Good Hygienic Practices (GHP) by the food processing industry will offer several benefits.
References: Agricultural and Processed Food Products Export Development Authority (APEDA), Department of Commerce and Industry, Union Budget 2021-22, Media Reports, Ministry of Agriculture and Farmers Welfare, Crisil, IBEF.
Disclaimer: This information has been collected through secondary research and Infominer is not responsible for any errors in the same.
Education and Training
India holds an important place in the global education industry. India has one of the largest networks of higher education institutions in the world. However, there is still a lot of potential for further development in the education system. With Approximately 26.31% of India’s population in the age group of 0-14 years, India’s education sector provides numerous opportunities for growth and is expected to grow at 23% CAGR between 2017-22
India has become the second-largest market for E-learning after the US. The sector is expected to reach US$ 1.96 billion by 2021 with around 9.5 million users. In India, the online education market is forecasted to reach ~US$ 11.6 billion by 2026.
Road Ahead:
Various government initiatives are being adopted to boost the growth of the distance education market besides focusing on new education techniques, such as E-learning and M-learning.
With human resources increasingly gaining significance in the overall development of the country, the development of education infrastructure is expected to remain the key focus in the current decade. In this scenario, infrastructure investment in the education sector is likely to see a considerable increase in the current decade.
100% FDI (automatic route) is allowed in the education sector in India. The Government of India has taken initiatives like the National Accreditation Regulatory Authority Bill for Higher Educational and the Foreign Educational Institutions Bill.
References: Media Reports, Press Releases, Press Information Bureau, Department for Promotion of Industry and Internal Trade (DPIIT), IBEF.
Disclaimer: This information has been collected through secondary research and Infominer is not responsible for any errors in the same.
Pharmaceuticals
India enjoys an important position in the global pharmaceuticals sector. The country also has a large pool of scientists and engineers with the potential to steer the industry ahead to greater heights. Low cost of production and R&D boost efficiency of Indian pharma companies, leading to competitive export. High economic growth along with increasing penetration of health insurance to push. In February 2021, the government approved a production-linked incentive (PLI) scheme for the pharmaceuticals sector from FY21 to FY29. The scheme is expected to attract investments of Rs. 15,000 crore (US$ 2.07 billion) into the sector. The foreign direct investment (FDI) inflows in the Indian drugs and pharmaceuticals sector stood at US$ 17.75 billion between April 2000 and December 2020.
Road Ahead:
Medicine spending in India is projected to grow 9-12% over the next five years, leading India to become one of the top 10 countries in terms of medicine spending. Going forward, better growth in domestic sales would also depend on the ability of companies to align their product portfolio.
The Indian Government has taken many steps to reduce costs and bring down healthcare expenses. Speedy introduction of generic drugs into the market has remained in focus and is expected to benefit the Indian pharmaceutical companies. In addition, the thrust on rural health programmes, lifesaving drugs and preventive vaccines also augurs well for the pharmaceutical companies.
References: Media Reports, Press releases, Business Standard, Economic Times, LiveMint, Times Now, Times of India, IBEF.
Disclaimer: This information has been collected through secondary research and Infominer is not responsible for any errors in the same.
Services
The services sector is not only the dominant sector in India’s GDP, but has also attracted significant foreign investment, has contributed significantly to export, and has provided large-scale employment. India’s services sector covers a wide variety of activities such as trade, hotel and restaurants, transport, storage and communication, financing, insurance, real estate, business services, community, social and personal services, and services associated with construction.
The Government of India recognizes the importance of promoting growth in the services sector and provides several incentives across a wide variety of sectors like health care, tourism, education, engineering, communications, transportation, information technology, banking, finance, and management among others.
Road Ahead:
By 2023, the healthcare industry is expected to reach US$ 132 billion. India’s digital economy is estimated to reach US$ 1 trillion by 2025. By the end of 2023, India’s IT and business services sector is expected to reach US$ 14.3 billion with an 8% growth.
The implementation of the Goods and Services Tax (GST) has created a common national market and reduced the overall tax burden on goods. It is expected to reduce costs in the long run on account of the availability of GST input credit, which will result in the reduction in prices of services.
References: Media Reports, Press releases, IBEF.
Disclaimer: This information has been collected through secondary research and Infominer is not responsible for any errors in the same.