Source-TimesOfIndia
“Urban development in India will be the biggest sunrise industry that any country has seen in any part of the world.”
If we look at the GDP growth of India from the past few years, India has retained its position as one of the world’s finest growing economies. In the year 2021-22, the GDP growth of India was 8.7%, which was a lot more than the average GDP growth of the world which is 3.6%.
The projections regarding Indian economic growth are very positive.
IHS Markit published a report in January quoting that, “India is likely to overtake Japan as Asia’s second-largest economy by 2030 when its GDP is also projected to surpass that of Germany and the UK to rank as world’s number 3.”
The developing sectors that will lead India to global domination in terms of economy are:
Pharmaceutical Industry
Currently, India is in a dominating position in the pharmaceutical industry across the world. The prime example was seen during Covid. When all the rich and big countries were holding the vaccines for themselves. India came out as a star and sent 160 million vaccine doses to more than 90 countries through its Vaccine Maitri Initiative.
India currently ranks 3rd worldwide for production by volume and 14th by value in the pharmaceutical industry. On a global level, India is the largest provider of generic drugs.
India’s domestic pharmaceutical market size is around 42 billion US$ which would become US$ 120-130 billion by 2030.
The biotechnological industry which includes biopharmaceuticals, bio services, bio agriculture, bio industry and bioinformatics had a value of US$ 70.2 billion, which in 2025 is expected to be US$ 150 billion.
As per the Economic Survey, FDI in the pharmaceutical sector in 2020-21 witnesses an increase of 200%. India is called the “Pharmacy of the world.”
The Indian pharmaceutical sector generated a trade surplus of $15.81 billion in FY 2022.
Space
India’s attempt to Land Rover at Moon’s South Pole failed in 2019. ISRO( Indian Space Research Organization) is expected to stand ahead of NASA in coming years.
India became the first country in the world to enter the Martian orbit in its first attempt. By June 2022, ISRO launched 342 foreign satellites of 34 countries.
India surprised the world by testing an anti-satellite weapon (ASAT) during an operation code named Mission Shakti in 2019.
Well it's true that the Global Space Economy is about 423 billion and India’s current share is only 2-3%, but it has chances to grow more than 10% by 2030 with a CAGR of 48%.
India is also about to announce its space policy which will facilitate India as a launch pad for larger commercial missions. This will help in the success of the future projects like Gaganyaan, Aditya L-1 and Chandrayaan-3.
Defense
The unique geo-political position of India makes it important for it to keep its defense strong. This was the reason why India was ranked 4th in Global Fire Power Index 2022.
The technology of defense is highly dependent on imports. India is the world’s largest arms importer according to the Trends in International Arms Transfer, 2021 report SIPRI.
Well the good thing is that India is the only country who has shown a significant decline in imports of defense equipment. It is now moving towards self reliance. India has reduced its defense imports by 21% in 2017-21 from the period of 2012-16.
The government has fixed $25 billion production of defense equipment by 2025.
In June 2022, the Ministry of Defense approved military equipment and procurement of platforms in Rs. 76,390 crore.
In November 2021, the Raksha Mantri, Rajnath Singh inaugurated First Private Operationalized Defense Manufacturing Facility and Uttar Pradesh Defense Industrial Corridor.
According to a Ministry of Defense report, arms exports from India have also increased by seven times since 2016.
Argentina, Australia, Egypt, the United States, Indonesia, and the Philippines have shown their interest in procuring Tejas from India.
These sectors are helping in rapid growth and development of India. India is projected to cross all the lines till 2030. Its emergence is everything we want to see and according to the analysis and reports, we are going to see this happening soon.
The results India is achieving is appreciable and reliable too. From agriculture to technology, everything is going more than expectations. Most of us could not even believe it after what the British did to us. But India is all about surprises, and we are all waiting to see how these sectors mentioned above could surprise us.
Written By: Radhika Agrawal
Edited by: Aastha setia
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