India's economy is currently experiencing rapid growth, with many sectors undergoing significant transformations. Among the top five fastest-growing sectors are infrastructure, healthcare, education, defense, and digital. These sectors are playing a crucial role in driving the country's economic development and creating opportunities for both businesses and individuals. With the government's focus on improving infrastructure, expanding healthcare services, enhancing educational opportunities, strengthening defense capabilities, and promoting digital innovation, these sectors are poised to continue their upward trajectory. As India emerges as one of the fastest-growing economies in the world, the growth of these sectors is expected to contribute significantly to the country's overall economic growth and prosperity, mirroring global economic trends.

Top 5 fastest growing industries in India

Infrastructure

This sector plays a crucial role in facilitating economic growth and development by providing the necessary physical and social infrastructure for industries, businesses, and individuals. It also supports various other sectors of the economy by ensuring efficient transportation of goods and services, reliable supply of electricity and water, robust communication networks, and proper sanitation facilities.

In recent years, the Indian government has been heavily investing in improving the country's infrastructure to keep up with the growing demands of a rapidly expanding economy. There are many online portals where you can find various opportunities of National Highway Tenders. Here are a few examples of the government's commitment to boosting infrastructure in the country:

·   The Bharatmala Pariyojana Phase I aims to develop 34,800 km of National Highways by 2027-2028, including 22 new greenfield expressways, covering 31 States/UTs and over 550 districts.

·   Launched in 2016, the UDAN scheme aims to enhance regional air connectivity, serving over one crore passengers and inaugurating 425 routes and 58 airports. The 2023–24 budget allocated INR 1,244.07 Cr to revive 22 airports and plan for 50 more.

·   India's railway projects include the Mumbai-Ahmedabad Speed Rail, the world's highest pier and railway bridges, and expanding the Vande Bharat Express trains. The sector aims for Net Zero Carbon Emission by 2030 with significant solar and wind power initiatives.

·  India's port "Turn Around Time" improved to 0.9 days. The Sagarmala scheme promotes port-led development, aiming to increase port capacity to 10,000 MTPA by 2047, with a 7.49% increase in cargo movement via waterways from April to November 2023.

Healthcare

India's healthcare sector is booming due to several key factors. The population is growing by 1.6% annually, with over 100 million people aged 60 and above, and this number is expected to reach 225.4 million by 2050, increasing the need for healthcare. Economic growth and rising middle-class incomes, along with more health insurance, are boosting demand for quality healthcare. The government is also increasing its healthcare spending, which rose from 1.2% of GDP in 2020 to 2% in 2022, with a goal of 2.5% by 2025, focusing on helping underprivileged populations.

·         India's hospital sector was valued at INR 7940.87 billion in FY21 and is expected to reach INR 18,348.78 billion by FY27, growing at an annual rate of 18.24%.

·         The telemedicine market, the leading eHealth segment, is projected to reach $5.4 billion by 2025, with an annual growth rate of 31%, highlighting how india is experiencing a boom in digital health services

·         The National Digital Health Blueprint could add over $200 billion to India's healthcare industry in the next 10 years.

·         India has the world's largest health insurance scheme, Ayushman Bharat, supported by the government.

·         Since 2014, the government has invested INR 17,691.08 crore in 157 new medical colleges.

Education

India has a huge education system with 1.49 million schools, 9.5 million teachers, and around 265 million students. The National Education Policy, 2020, aims to reform India's education system by focusing on improving foundational skills and holistic development. It also aims to make India a top destination for higher education by encouraging collaborations with foreign institutions.

·         The education sector in India was worth $117 billion and is expected to reach $313 billion by FY30.

·         The Indian school market is expected to grow steadily by around 10.7% every year from 2024 to 2032, showing lots of chances to grow bigger

·         Higher education is likely to keep growing at a steady rate of about 8.46% between 2024 and 2032, showing that it's still a good investment.

·         Education market overview is predicted to jump up by 13.39% from 2022 to 2027, reaching a big number of US$106.50 million by 2027, which is indicative of how india is experiencing growth in various sectors.

Defense

India's Defence sector, the world's second-largest armed force, is witnessing self-reliance with the 'Aatmanirbhar Bharat' initiative. The 2023-24 budget increased funds for modernization and infrastructure to INR 1,62,600 Cr, a 6.7% rise from the previous year. The total defense budget is INR 5.94 Lakh Cr, up 13%. The Ministry of Defence aims for a turnover of INR 1.75 Lakh Cr in aerospace and defense manufacturing by 2025, including INR 35,000 Cr in exports. As of April 2023, 606 industrial licenses have been issued to 369 defense companies.

Digital

India is the world's largest digitally connected democracy with 830 million Internet users. India's digital transformation has increased access and inclusivity. Programs like Digital India, PMGDSA, and UPI have empowered society and boosted the digital economy.

In 2022, India led the world with 89.5 million digital payment transactions, making up 46% of global real-time payments. UPI is on track to reach 1 billion transactions a day by 2025, representing 90% of retail digital payments, and this is expected to significantly impact financial services across various sectors.

·   Artificial Intelligence: The government plans to set up three AI centres in top schools to promote "Make AI in India." In September 2023, they launched an AI chatbot for PM-Kisan to help farmers check eligibility and payments with voice commands, which was used by over 5 lakh farmers on the first day.

·   Common Service Centers (CSCs): Provide e-governance, education, healthcare, and banking services to rural communities.

·   Digilocker: Launched with 16 crore registrations, allows users to share and access documents digitally.

·   PMGDISHA: Started in 2017 to promote digital literacy in rural India, training 5.96 crore and certifying 4.44 crore students.

·   Health Sector: Initiatives like National Digital Health Mission and Ayushman Bharat Digital Mission are improving healthcare with telemedicine and AI.

·   Digital Payments: Systems like BHIM-UPI, IMPS, and AePS have transformed payments in India, making transactions easier and more accessible across various financial services.

·   Tech Investments: Google will invest $10B by 2025 to help MSMEs digitize. Microsoft is skilling 1 lakh developers and setting up 3 new data centers in Telangana.

National Tenders: Your Gateway to Lucrative Business Opportunities

For better opportunities and business growth, join National Tenders. With the government investing in health, infrastructure, digital, and tech industries, now is the time to leverage these policies for your benefit. Let National Tenders help you find and win the right tenders.

Our experienced team provides guidance and support to navigate government tenders, identifying those that suit your business goals and assisting you throughout the bidding process. National Tenders can help you secure contracts and propel your business forward - “National Tender hai toh tender aasan hai“.