Dynamic economic landscape in India is briskly evolving, supported by remarkable growth of multiple key sectors.
Every passing year, India’s dollar billionaires have been creating historic thresholds with humongous wealth generation. With a GDP of USD 4.1 trillion, India is ranked in top 5 economies in the world. But, which are those sectors growing better in India? In this article, we will discuss about fastest growing industries which are currently shaping Indian economy.
India is one of the largest suppliers of pharmaceuticals globally. Pharmaceutical sector has witnessed a growth in its share from 12.96% in 2022 to 13.34% in 2024. This growth showcases its importance in domestic healthcare demands as well as global pharmaceutical supply. The key players in this sector are Sun Pharmaceuticals, Cipla, Apollo Hospital Enterprise, Dr Reddy's Laboratories, and so on.
India, the most populous country in the world, has a soaring demand of household items, personal care, and lifestyle products. An easy access to e-commerce and q-commerce, Fast Moving Consumer Goods (FMCG) sector is growing bigger along with creating more millionaires and billionaires. In India, the FMCG sector has increased from ₹4.72 lakh crore in 2022 to ₹6.40 lakh crore in 2024.
The main players of this industry are Hindustan Unilever Ltd, ITC Ltd, Dabur India, and so on.
The Information Technology industry, often tauted as cornerstone of India’s modern economy, has flourished over last couple of decades. With the advancement in Artificial Intelligence (AI), Data Science, and growing educated workforce, India’s performance and potential in IT sector have been reflected in Nifty IT Index. This sector holds 6-7% of total wealth contributing around ₹6.15 lakh crore in 2024. Among these, ₹2 lakh crore has been generated by start-up founders. The major players in this industry are TCS, Infosys, Wipro, and Tech Mahindra.
Rising population is contributing to a boom in Real estate domain in India. With the support by Indian government like ‘Make in India’ campaign, infrastructure sector is reaching new heights every year. From 2022 (₹1.97 lakh crore) to 2024 (₹4.63 lakh crore), the value has almost doubled.
Another fastest growing sector is automotive and ancillaries. The value has increased from ₹1.34 lakh crore (in 2022) to ₹2.74 lakh crore in 2024. Apart from these, Fintech, renewable energy, and telecommunication sectors are growing rapidly. With more than 560 million internet users, India is currently standing at the second position in online market globally.
These sectors represent India's transformation into a leading economic force.
According to Fortune India-Waterfield Advisors report: “At ₹99.86 lakh crore, the cumulative wealth of India’s richest is equivalent of 33.81% of the country’s nominal GDP, estimated at ₹295.36 lakh crore as of March 2024”.
These astonishing figures indicate the growing influence of India’s richest persons, whose fortunes have boomed with the nation's economic expansion.
“Growth in India is projected to remain strong at 6.8 per cent in 2024 and 6.5 per cent in 2025, with the robustness reflecting continuing strength in domestic demand and a rising working-age population,” according to the World Economic Outlook released by the IMF.
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