Top Fastest Growing Industries @India

India's journey on the path of economic reforms has transformed it to one of the world's fastest growing economies. Its large and growing population is its best asset and can quadruple GDP and catapult India to the league of developed economies over the next decade. All this if a billion could be transformed into aproductive workforce.

India is the world's largest sourcing destination for the Information Technology (IT) industry, accounting for approximately 68 per cent of the US$ 124-130 billion market. The industry employs about 10 million workforce. More importantly, the industry has led the economic transformation of the country and altered the perception of India in the global economy. India's cost competitiveness in providing IT services, which is approximately 3-4 times cheaper than the US, continues to be the mainstay of its unique selling proposition (USP) in the global sourcing market. However, India is also gaining prominence in terms of intellectual capital with several global IT firms setting up their innovation centres in India.

Jobs continue to be created, needing an educated workforce and many in sunrise sub-sectors. We need to recognise new opportunities and prepare the supply side. Let us take a quick look at five existing sectors that are likely to hold us in good stead in the future in terms of employment generation and business growth.

The IT industry has also created significant demand in the Indian education sector, especially for engineering and computer science. The Indian IT and ITeS industry is divided into four major segments – IT services, business process management (BPM), software products and engineering services, and hardware.

INFORMATION TECHNOLOGY
The IT sector has been India's sunshine sector for quite some time now. The industry has contributed considerably to changing India's image from a slow developing economy to a global player in providing world class technology solutions. According to the IBEF (India Brand Equity Foundation) figures, the Indian IT industry is set to touch $225 billion by 2020.

Industry experts and NASSCOM say the Indian IT workforce will touch 30 million by 2020, becoming the highest sector employer. This will be coupled with steady increase in pay in a sector already offering a high base. The outsourcing industry too is looking towards India and is expected to be a $2.5 billion industry in the next 24 months.

TELECOM
India's telecom story is only getting better. According to Zinnov estimates, India already has nearly 850 million mobile phone subscribers, with a 15% smart phone penetration. All this points to a penetration that is fuelling the growth of enterprise mobility in India, which will lead to significant employment growth.

The Telecom Regulatory Authority of India (TRAI) too is targeting a 10-fold increase in broadband subscribers to100 million by 2014. Outsourcing revenues from the telecom sector, as per E&Y, are set to grow at a CAGR of 31% to nearly $2 billion in 2012. India today is at a stage in telecom growth that probably America was 30 years ago. Our mobile and Internet penetration has to increase further, resulting in a new era in enterprise mobility.

HEALTHCARE
There are clear indications that healthcare is going to be a major sector that stimulates economic growth and contribute to employment.

Over 40 million new jobs are expected to be generated by 2020, as per a report titled 'India's New Opportunities-2020' by the All India Management Association, Boston Consulting Group and the Confederation of Indian Industries (CII). The Indian healthcare industry also has advantages over other developing countries in becoming a global hub for medical tourism. The medical treatment and educational services in India are a fraction of the cost in developed countries.

While we may lag in molecule development and drug patents, an increasing disposable income has led to a strong domestic market potential in India. This will result in significant employment generation across various functions, such as sales, marketing, HR, IT and operations, within the industry.