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India - Economy
The industrial sector majorly consisting of heavy and light engineering,
steel, automotive, biotechnology, drugs and pharmaceuticals, food processing,
mines and minerals, fertilizers, etc. provide immense potential for developing
adequate market infrastructure in the economy.
India has established a strong and diversified manufacturing base for production
of a wide variety of basic and capital goods to meet the requirements of various
sectors including heavy electrical, power generation and transmission, process
equipment, automobiles, ships, aircrafts, mining, chemicals, petroleum etc. The
industrial sector recorded a healthy growth of 10.3%
Automotive, being one of the largest industries, facilitates the improvement
in various infrastructure facilities like power, rail and road
transport.
India is the world's second largest manufacturer of two wheelers, fifth largest
manufacturer of commercial vehicles as well as largest manufacturer of tractors.
It is the fourth largest passenger car market in Asia as well as a home to the
largest motor cycle manufacturer. The growth of Indian middle class, with
increasing purchasing power, along with strong macro-economic fundamentals
have attracted the major auto manufacturers to Indian market.
Over the years, the engineering industries, both light and heavy
engineering, have registered an impressive growth rate and are having a strong
base in production of various capital and consumer durable products.
Biotechnology
is among the fast growing knowledge-based industrial sectors which has the
immense potential to revolutionize agriculture, healthcare, industrial
processing and environmental sustainability. Indian biotech segment has been
making rapid strides on the global platform. There are large number of
therapeutic biotech drugs and vaccines, being currently produced and marketed in
the country and helping mankind enormously. The sector registered a revenue of $
1.07 billion and recorded a 36.55 per cent growth in the year 2005-06.
Drugs and pharmaceutical is another significant industry showing
considerable progress over the years. It is one of the largest and most advanced
sectors in the world, acting as a source for various drugs, medicines and their
intermediates as well as other pharmaceutical formulations. Being the intense
knowledge-driven industry, it offers innumerable business opportunities for the
investors/ corporates the world over. India has been recognized as
one of the leading global players in pharmaceuticals.
The Indian food processing industry is one of the largest in the world in terms
of production, consumption, export and growth prospects.
India's telecommunication network is the third largest in the world and the
second largest among the emerging economies of Asia. It is also amongst the
fastest growing telecom markets in the world.
Indian telecom industry manufactures a complete range of telecom equipments
using the state of the art technologies designed specifically to match the
diverse terrain and climatic conditions.
India is the world's sixth largest energy consumer accounting for about 3.5% of
the world's total annual energy consumption.
India is the eighth largest crude steel producing country in the world.
The Indian cement industry is extremely energy intensive and is the third
largest user of coal in the country.
It is modern and uses latest technology, which is among the best in the world.
India is the second largest manufacturer of cement in the world.
In India, services sector, as a whole, contributed as much as 68.6 per cent of
the overall average growth in gross domestic product (GDP) between the years
2002-03 and 2006-07.
The Indian software and services (IT services) industry has been moving up the
value chain, giving India a formidable brand equity in the global markets.
Business Process Outsourcing (ITES-BPO) sector has emerged as a key driver of
growth for the Indian software and services industry.
Bollywood is the name for the typical Indian cinema industry. The name Bollywood
comes as a reference to Hollywood but with the initial "B" for Bombay (Mumbai),
the place in India for cinema productions of the same importance.
The number of movies produced in India is the largest in the world. In 2003,
the Indian film industry produced 877 films. Approximately twenty-three million
Indians go to see a film every day. According to a survey done by Ernst & Young,
more than 70% of the industry believed that the film business is expected to
grow by more than 15% in the next five years.
India has a vibrant micro and small enterprise sector that plays an important
role in sustaining the economic growth, by contributing around
39 per cent to the manufacturing output and 34 per cent to the exports in
2004-05. It is the second largest employer of human resources after
agriculture, providing employment to around 29.5 million people (2005-06) in the
rural and urban areas of the country.
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