Resilience, innovation, and adaptability are three major yardsticks to measure the performance of a business. Presently, Indian businesses are faring well by showing these remarkable traits. Of course! A diverse economy like India is going to shape the future of the global economy based on entrepreneurial spirit and a skilled workforce.
The Indian government is working tirelessly to create a vibrant startup ecosystem. The mindset of working professionals is beginning to change. The Indian government is criticized for putting forward data on failed startups, but at the same time, it could also be interpreted as indicating how many initiatives have been taken so far. Therefore, every coin has two sides to tell a complete story, but somehow, we fail to present the balanced story before audiences.
Indians appear to be very efficient in harnessing the technological power enamored with innovation to solve complex issues and present a scalable solution to global audiences. India’s ability to capitalize on information technology and provide tailor-made services to global businesses at a low cost is quite remarkable. Indian IT companies are progressing quite handsomely and showcasing their expertise in software development, digital transformation, and business process outsourcing. This way Indian exports earnings are getting fatter and fatter. The contribution of IT sector to the GDP is 7.5% in 2023 and government is quite hopeful to let it become $1 trillion by 2025.
Supported by Make in India initiatives, Indian manufacturing sector is undergoing transformation driven by innovation and quality. The global market is very competitive, and with the help of advanced technologies such as automation, robotics, and artificial intelligence, Indian businesses will be able to cater to the demands to get the lion's share of the global basket. The manufacturing sector contributed 13% to GDP last year, which is expected to increase by 17%.
Moreover, India's pharmaceutical industry is growing exponentially to become a global leader in offering affordable generic medicines to the world. A regulatory framework and state-of-the-art manufacturing facilities with a huge pool of talents are making it happen like never before. It grew 6.8% in 2023 and government is hoping to achieve 8-10% in next financial year. As of now, India's pharmaceutical industry is the third largest producer of generic drugs.
India possesses huge potential in the realm of renewable energy, and this sector has performed well in recent years. With a focus on producing clean energy, the government is determined to put impetus on it by framing the right policies and attracting investments from domestic and international players. India stands third in producing renewable energy. The contribution of renewable energy to the GDP is meagre presently, but the way this sector has grown in 2022, it will definitely become a USD 1 trillion economy by 2030.
Apart from this, India’s rich cultural heritage, large consumer base, and demographic dividend will put India on a high pedestal of economic growth and prosperity. If India continues to reform its economic policies vis-à-vis globalization, it will become a cynosure of the world economy.