India is home to multiple exponentially growing business industries. Even post-pandemic, the country doesn’t seem to be losing this momentum anytime soon, either. While many industries did not perform and grow as expected due to the covid slowdown, many of the others boomed and are forecasted to keep growing and generating employment and earning opportunities.
Here are some of the industries which promise to boom and should be followed for employment and earning opportunities in India
Financial Services and Trading:
India is expected to be the fourth largest private wealth market globally by 2028; as per a report by India Brand Equity Foundation. While this is predicted on the back of robust banking and insurance sectors in the country; a sector that would contribute majorly is Financial Trading.
In spite of the massive pressure from the COVID-19 pandemic, the trading volumes in the domestic capital market have started to recover after the lockdown was lifted. July 2020 witnessed an all-time high in trading volumes in India. The offline-to-online shift of the trading platform has contributed to the increase in revenue generated. Forex trading, which is the world’s largest financial market, and Indian equity market have been thriving in India. As per a CNBCTV18 report, India will see a surge in self-reliant trading professionals.
While companies like Angel Broking, SMC Global, Motilal Oswal are helping investors; the new, digital savvy millennial investors are looking at opportunities to learn the tricks of the trade and implement those, themselves.
India has the second largest population of internet literate individuals in the world which amounts to about 500 million people. We have just celebrated the sixth anniversary of the ‘Digital India’ campaign that has helped the internet penetrate deeper to different tiers in the country and parallely a technology advancement in other industries like healthcare, banking etc.
Hence, there lie huge opportunities to leverage the power of technology to enrich the lives of people, optimise businesses and boost the country’s progress. With us entering the age of AI ( Artificial Intelligence), multiple employment opportunities will be created to lead and leverage the strength of our technology and data volume. According to the NASSCOM report ‘Implications of AI on the Indian Economy,’ on average, a unit increase in AI intensity by companies that use AI can contribute US$ 67.25 billion — or 2.5 percent of India’s GDP — to the Indian economy in the near term.
Even during the worst challenge of the century, the growth of the e-commerce industry has created a sense of unwavering confidence in the minds of businesses as they steadily march through 2021. The industry is projecting a growth of 11.7% year on year.
The covid-19 pandemic has helped the industry thrive. According to Statista, the COVID-19 has actually resulted in the industry expanding by 10% in 2020. It is expected to grow at more than 30% year-on-year in 2021 to US$ 84 billion. The forecast also states that the Indian e-commerce industry is poised for incredible growth in the next five years with the overall market size going to hit US$ 188 billion in 2025 and US$ 200 billion in 2028.
While new businesses will open and take a plunge in this thriving industry, services that help market e-commerce businesses will be the need of the hour. To be successful, entrepreneurs and businesses would require to learn best practices to market their ecom business. That’s another big opportunity for ecommerce experts to build on.
Post the covid-19 pandemic, where nearly every sector had faced a loss, the telecom sector has emerged stronger. Telecom companies were the busiest in 2020 leading to employment growth of 15%. This number is only growing higher in 2021.
As per a business market analyst “ Expect a growth of 18-20% in the employment opportunities in the telecom sector in 2021. This growth is primarily driven by the 5G roll out.” He said “ India will take a centre stage in regard to maintaining network services, optimization and development of the internet along with associated networks”.
Healthcare has become one of India’s largest sector, both in terms of revenue and employment. As per an IBEF study, the healthcare market is projected to increase three-fold to Rs. 8.6 trillion (US$ 133.44 billion) by 2022. The drivers of this are going to be the rising income, digitalization, better health awareness, lifestyle diseases and increasing access to insurance.
This indicates a huge requirement of well trained medical professionals in the country. Our country has seen a rise in the number of doctors with recognized medical qualifications, registered under IMC Act.
While some industries are booming and opening a plethora of earning opportunities, what remains in a fix, is a system to groom existing workforce on these newer skills. Thankfully, there are educational platforms like Upgrad, Udemy, Unacademy etc providing university courses for degrees and diplomas in digital marketing, management etc. On the other hand we have specialized EdTech platforms like iX Global providing skills related courses specifically for the financial and e-commerce sector. These personalized courses can help one not just learn, but also earn by implementing their learnings in real time.
India’s competitive advantage lies in its large, trainable workforce. With the right learning opportunities, our country will be ready to ride the wave of these earning opportunities created by the booming sectors.