Javascript on your browser is not enabled.

Advertisement

Industries That Will Be Critical To The Indian Economy's Growth

Leverage Edu have observed growing demand from students and professionals to explore study abroad options for themselves.

The International Monetary Fund (IMF) raised its FY22 growth forecast for India to 12.5% from 11.5% estimated earlier in January. It is said that the recovery in the economy is resilient with sustained improvement in the majority of high-frequency indicators. One of the key contributing factors is the resulting dependency on certain industries due to work from home and self-indulgence. Take a look at the performance of such sectors which can save the economy from taking the heat and balancing the sudden growth halt of promising industries:

Fintech - Younger cohorts are driving the adoption of fintech applications in a range of jurisdictions, new emerging technologies are increasing trust and making it easy for the older population to ride the digital money wave. New fintech providers like Groww and ClearTax have established a strong foothold in the industry for the common men and businesses. With the changes witnessed in the previous year, 2021 is expected to be promising for fintech in India. During the year 2020, the maximum number of digital transactions took place in the country which has also surpassed countries like the USA and China. vCard is the First Mobile Credit Card app that allows UPI Payment instead of Master-Visa thus allowing P2M as well as P2P payments to over 150 mn acceptance network. Powered by RBL Bank, the app aims to provide quality user experience. Another prominent player is ToneTag. Backed by Amazon and Mastercard, it is the largest sound-wave communication technology platform that uses sound waves to enable contactless, offline, and proximity data communication on any device. As far as personal finance is concerned, Nivesh.com is a digital first platform that enables independent mutual funds distributors to grow their AUM with the state of art technology. The platform automates entire workflow of a distributor – product suggestion, transaction, portfolio reports, brokerage reconciliation, and content marketing. Coming to digital lending, Indifi Technologies expands the envelope of formal lending by designing the right-fit credit products for MSMEs, improving the standard of risk assessment, and leveraging the supply chain linkages of MSMEs. It is one of India’s leading online lending platforms, which has deployed a proprietary machine learning model to drive greater differentiation in its lending operations and optimising functions such as underwriting, risk assessment, and borrower profiling.

Edtech - The EdTech industry has risen to new heights with its rapid adoption brought on by the lockdown and the impact of the pandemic. While the growth has been impeccable the industry suffers from challenges like sustainability, technology, and infrastructure. We also see that there is an ever-growing demand for skill development and career planning, which will never go out of need. Platforms like Toppr witnesses remarkable surge in traffic along with ImaginXP sees rise in students studying in the degree programmes. Leverage Edu have observed growing demand from students and professionals to explore study abroad options for themselves.

Gaming Industry - According to the recent research published in the Indian journal of public health, about half (50.8%) of the participants reported that their gaming behavior had increased. In fact, female gamers on online games increased significantly. Playing games online has become one of the most preferred entertainment options during the coronavirus-led lockdown. As a result, With a massive turnout of $77.2B in the just concluded year, there is no sign of slowing down in 2021. The mobile gaming industry recorded 12% more players in 2020 than in 2019, with over 2.5 billion players. Leading gaming platforms like Pocket52 have witnessed month-on-month growth on their platform. They have seen casual gamers turning professional players on their platform. In a CPRNG guarded playing environment, Pocket52 is positive about its business and industry growth.

Healthcare and Wellness - Healthcare has become one of India’s largest sectors, both in terms of revenue and employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment. The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services, and increasing expenditure by public as well private players. Simultaneously, people's increased realization towards self-healing and immunity has given an additional reason for the wellness industry to show bring more to the table. As a result, players like StanPlus, Kemwell Biopharma, Cure.fit, and so on are making progress to grow their business and industry. StanPlus is India's largest Ambulance Networks while Kemwell Biopharma is a leading biologics CDMO. Both the players act as critical support to provide healthcare services.

Food and Beverage - The outbreak of coronavirus has had a significant impact on the country especially with regard to the food and beverage industry. Though experiential dining may not be an option, enjoying exquisite food and chocolates to satisfy your tastebuds and give some heavenly pleasure will never go out of the picture. Players like SMOOR witnessed increase consumption of premium chocolates, cakes & gourmet bakery products like sourdough bread, burger buns, etc during the lockdown, confirming that we Indians know how to treat ourselves

Global Trade Finance - The global market for trade finance is primarily being driven by rapid urbanization and the steadily growing global trade. The global trade finance market is currently witnessing moderate growth, but it is uncertain during these times. But the integration of advanced technologies, such as blockchain, artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) with trade finance, will surely provide a boost to the market growth. Players like PrimaDollar have introduced platforms like supply chain trade finance, which reflects the need for digitization to operate effectively in the industry and maybe the future of the industry.



Around The World

Advertisement