There is no hard and fast rule for a successful business but taking right business decisions can ensure success of a business to a great extent. Selecting the right industry for starting a new business is one of such crucial decisions. If you are planning to start a business in India and unable to decide which is the most lucrative industry for investing, then you can check the list below. Some of the industries offering good business opportunities in India are:
Tourism: Tourism is one of the leading industry of India. India being rich in natural beauty, geographical locations,wildlife, traditions and culture attract thousands of tourists every year. Number of people visiting India are increasing with every passing year. 4.36 lakh tourists visited India in the year 2013 against 4.12 lakhs in 2012 . Foreign Exchange Earning(FEEs) from tourism increased from 6,652 crores in September 2012 to 7,502 crores in September 2013. Hence, a tourism based business has a greater chance of success in India as the tourism industry is growing at a fast rate.
Automobiles: India is one of the leading producer of automobiles all around the world. Automobile industry contributes for around 6% of the India’s GDP. Indian vehicles are in huge demand both in national and international markets. India is the World’s second largest two-wheeler manufacturer, fourth largest producer of commercial vehicles and sixth largest producers of motor vehicles. Starting a new business in the automobile industry would be a good decision because of the increasing demands and business opportunities.
Textile Industry: India is a hub of textile production. The Indian Textile Industry is one of the leading textile industries all around the world and contributes around 4% to India’s GDP.
- India is the second largest producer of cotton fabrics and silk fabrics
- Ninth largest producer of wool textile
- Fifth largest producer of synthetic fibers.
- Largest producer of jute
This industry can be divided into six segments: cotton textile, silk textile, woolen textile, ready-made garments, handcrafted textile, jute and coir. The Indian textile industry earns about 23% of country’s foreign exchange.
Engineering goods: Another industry in which you can start a business in India is the Engineering goods. India is one of the leading producer and exporter of engineering goods. The production value of engineering goods increased from US$ 33.7 billion in 2007-08 to US$ 56.7 billion in 2012-13. This industry comprises of industrial machinery and equipments, metal products, auto and its components and transport equipments.
Food processing: Food processing involves the value addition of agriculture and horticulture products. It involves processes like grading, packing and sorting etc. Food processing is a leading sector of Indian economy. India exports reasonable amount of processed products every year. India’s exports of processed food was of Rs. 31551.99 crores in 2013-14. Investment in food processing industry can be a good decision in a country like India where agriculture is still the main occupation for about 60% of its population.
Education and training: Starting a business related to the educational and training field can be successful in India due to its huge population and increasing importance of education in Indian societies. Opening educational institutes, online educational portals, training institutes, are some of the Education related businesses. These types of businesses have a huge demand and scope in Indian economy.
The above mention industries are the best industries from starting a business in India in the current scenario. Starting a business in any of these industries can ensure success to your business.