Business is becoming increasingly international, and more businesses are opening up shops in foreign markets. But, that doesn’t mean you can’t find big business opportunities domestically. There are some massive untapped sectors in India. Let us look at some of India’s biggest business opportunities in 2022.
Construction
India’s construction industry is expected to bounce back and grow at a compounded annual average of 6.44% and surpass USD$690.9 billion by 2023. The government’s “Housing for all” scheme will be infusing resources to build affordable homes for the urban poor by 2022.
The government has laid out strategic plans to create a new highway system called the “Golden Quadrilateral”.
The government is also investing heavily in infrastructure development throughout India, which will help create jobs and increase economic activity.
These investments will create business opportunities for home decorators, interior designers, fabrication workers, furniture, etc. Nationwide construction/ management projects will be one of the best upcoming businesses in India by opening doors to multiple thriving opportunities connected to the housing ecosystem.
Drug development/ Healthcare
The healthcare sector in India is expected to grow at a compound annual growth rate of 22.87% from 2016 to 2022, reaching a market size of US$ 372.3 billion. As the demand for medical services grows, so will the number of companies offering these services.
The outbreak triggered the need for drugs that are effective and able to counteract the new age viruses. From O2 tanks to vaccinations, healthcare is an upcoming business opportunity in India.
Fintech
Fintech has been growing rapidly in India, and it’s now a significant industry with many potential customers. India has a large population of young adults. Over 60% of the population is below the age of 35. This demographic is generally more open to new technology and is more likely to adopt fintech products and services.
Fintech companies also benefit from the government’s initiatives to promote digital banking and cashless payments. With more people using fintech services, these companies are expected to increase their market share and contribute to the growth of the Indian economy.
AI (Artificial Intelligence)
There are several reasons why AI has taken off in India, and the country is poised to become a global AI leader in the coming years. First, India has a rapidly growing population of tech-savvy young people driving the country’s digital transformation. Second, India also has a vast pool of talented scientists and engineers who harness AI’s power to solve some of the country’s most pressing problems.
Data is one of the most important resources for training artificial intelligence models. India has a large population and vast data, making it an ideal place for AI businesses to thrive. In addition, the Indian government is supportive of the development of the AI industry and has taken steps to create an enabling environment for businesses to grow.
Affordability is another crucial factor driving the growth of upcoming business ideas in India. Thanks to technological advances, AI solutions are becoming more and more affordable for businesses of all sizes. This makes it possible for even small and medium enterprises to adopt AI and reap its benefits.
Tourism
India is a land of diversity and beauty, and it is no surprise that tourism is on the rise here. After all, who wouldn’t want to experience the country’s rich culture, stunning landscapes, and delicious food?
The pandemic has devastated the global economy, and tourism has been one of the hardest hit sectors. However, there are signs that India is beginning to recover, with a recent report from the World Travel and Tourism Council showing that the country’s tourism sector is expected to grow by 10.35% by 2028.
This is good news for the country’s economy, and it is hoped that the rise in tourism will lead to more jobs and opportunities for locals.
Education
Online education is more flexible and convenient than traditional education, allowing students to learn at their own pace and in their own time. Furthermore, online education is often more affordable than formal education, as it has no travel or other costs. In addition, online education can be more personalised than traditional education, as students receive one-on-one attention from their teachers.
Online education in India is a positive trend, providing more opportunities for students to access quality education. However, it is important to note that online education is not a panacea for all of the challenges faced by the education system in India.
Some upcoming business ideas in India to look out for
Developing an online platform for selling Indian spices and herbs: India is blessed with a variety of spices and herbs used in various cuisines worldwide. There is a huge demand for these spices and herbs in the international market. An online platform that sells these spices and herbs could be very successful.
Setting up an online thrift store: With the increasing popularity of online shopping, an online clothing store has shown quite the potential in active markets and can be a very successful business idea in 2022.
Starting a home-based bakery: Home-based bakeries are becoming increasingly popular in India. This is because they offer fresh and delicious baked goods at a fraction of the cost of traditional bakeries.
Creating a mobile app for businesses: With the increasing use of smartphones, there is a great demand for mobile apps. A mobile app that helps businesses to promote their products and services.
Wrapping up
There are quite a few business ideas that can be started in India today. One of the fastest growing economies in the world, India is home to 23 million small businesses. With the right business ideas, opportunities, and hard work, anyone can take their business to the next level. So put your business idea into motion with Tata Capital and get in touch with us to learn more about business loans.
30 August 2022
5 mins read
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