INDIAN ECONOMY GROWTH
INDIAN ECONOMY GROWTH
A little more than 25 years ago, India embarked on a journey and economic liberalization that powered a growth wave unlike any in the country’s history. This culminated in the nation becoming a $3 trillion economy in 2019, and a quick look at the underlying fundamentals reveals that more is yet to come. India has emerged as the fastest growing major economy in the world and is expected to be one of the top three economic powers in the world over the next 10-15 years, backed by its robust democracy and strong partnerships. The global sourcing market in India continues to grow at a higher pace compared to the IT & BPM industry. India is the leading sourcing destination across the world, accounting for approximately 55 per cent market share of the US$ 200-250 billion global services sourcing business in 2019-20. Indian IT & BPM companies have set up over 1,000 global delivery centres in about 80 countries across the world. This report analyzes the political and economic scenario in the country and its impact on both domestic and foreign investments. It also examines the social and technological trends along with legal and environmental factors, which surround the business environment. The report provides in-depth analysis of these factors to help take key strategic business and investment decisions in India. The Global Ris Radiology Information System market 2020 research provides a basic overview of the industry including definitions, classifications, applications and industry chain structure. The Global Ris Radiology Information System market report is provided for the international markets as well as development trends, competitive landscape analysis, and key regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analysed. This report additionally states import/export consumption, supply and demand Figures, cost, price, revenue and gross margins.Market size
The label “growth rate” is broad in that it refers to the change of a specific variable over a predefined time period. Owners typically express growth as a percentage. Growth rates can provide you with a more accurate depiction of financial health, especially when comparing percentage growth to industry rates. India's gross domestic product (GDP) (at constant 2011-12 prices) was estimated to be Rs 145.65 lakh crore (US$ 2.06 trillion) for 2019-20, growing 4.2 per cent over the previous year. India retained its position as the third largest start-up base in the world with over 8,900-9,300 start-ups as 1,300 new start-ups got incorporated in 2019 according to a report by NASSCOM. India also witnessed the addition of 7 unicorns in 2019 (till August 2019), taking the total tally to 24. India's labour force is expected to touch 160-170 million by 2020 based on the rate of population growth, increased labour force participation and higher education enrolment among other factors according to a study by ASSOCHAM and Thought Arbitrage Research Institute. India's foreign exchange reserves reached Rs 37.31 lakh crore (US$ 493.48 billion) in the week up to May 29, 2020 according to the data from RBI. IT & BPM industry’s revenue was estimated at around US$ 191 billion in FY20, growing at 7.7 per cent y-o-y. It is estimated to reach US$ 350 billion by 2025. Moreover, revenue from the digital segment is expected to form 38 per cent of the total industry revenue by 2025. Digital economy is estimated to reach Rs 69,89,000 crore (US$ 1 trillion) by 2025. The domestic revenue of the IT industry was estimated at US$ 44 billion and export revenue was estimated at US$ 147 billion in FY20. Total number of employees grew to 1.02 million cumulatively for four Indian IT majors (including TCS, Infosys, Wipro, HCL Tech) as on December 31, 2019. Indian IT industry employed 205,000 new hires and had 884,000 digitally skilled talent in 2019. Indeed, if you look at economic value, revenue growth is often the best currency, and revenue was chosen as a metric for this ranking as it is of value to the economy. These Growth Champions create innumerable jobs and opportunities and act as critical economic stimulants. Given the current cooling down of global economies, it is essential we hold aloft the stellar contributions of standout companies as exemplars of what can be achieved. This ranking will be an annual endeavour highlighting companies that are showing the way for others even in a challenging economic environment. The ranking identified the fastest growing companies among all Indian industries using specific criteria; companies had to have generated minimum revenue numbers over a three-year period to register and apply, be independent entities, and have primarily demonstrated organic growth. This ensured that the only companies included are those of genuine economic substance, sustainability, and credibility apart from being economic accelerators. The combination of these many factors ensured that those showcased in the ranking are justifiably called India’s growth champions.Government Initiatives
The first Union Budget of the third decade of 21st century was presented by Minister for Finance & Corporate Affairs, Ms Nirmala Sitharaman in the Parliament on February 1, 2020. The budget aimed at energising the Indian economy through a combination of short-term, medium-term, and long-term measures. Total expenditure for 2020-21 is budgeted at Rs 37.14 lakh crore (US$ 531.53 billion), an increase of 13 per cent from 2019-20 (revised budget estimates). Numerous foreign companies are setting up their facilities in India on account of various Government initiatives like Make in India and Digital India. Mr Narendra Modi, Prime Minister of India, launched Make in India initiative with an aim to boost country’s manufacturing sector and increase purchasing power of an average Indian consumer, which would further drive demand and spur development, thus benefiting investors. The Government of India, under its Make in India initiative, is trying to boost the contribution made by the manufacturing sector with an aims to take it to 25 per cent of the GDP from the current 17 per cent. Besides, the Government has also come up with Digital India initiative, which focuses on three core components: creation of digital infrastructure, delivering services digitally and to increase the digital literacy. The government has planned to make India reach revenue of $5 trillion by 2024 for which it has developed initiatives, such as Digital India 2020 to improve the national ICT infrastructure, and the new automatic 100% FDI allowance in various sectors. There has also been increasing concerns towards pollution. The report discusses various initiatives that the government has undertaken to tackle environment issues, which may impact many industries and the automobile industry in particular.Some of the major initiatives taken by the Government to promote IT & BPM sector in India are as follows:
On May 2019, the Ministry of Electronics and Information Technology (MeitY) launched the MeitY Startup Hub (MSH) portal. In February 2019, Government released the National Policy on Software Products 2019 to develop India as a software product nation The Government has identified Information Technology as one of 12 champion service sectors for which an action plan is being developed. Also, the Government has set up a Rs 5,000 crore (US$ 745.82 million) fund for realising the potential of these champion service sectors. As part of Union Budget 2018-19, NITI Aayog was to set up a national level programme to enable efforts in AI^ and leverage AI^ technology for developing the country. In the Interim Budget 2019-20, the Government announced plans to launch a national programme on AI* and setting up of a National AI* portal. National Policy on Software Products-2019 was passed by the Union Cabinet to develop India as a software product nation.Growth is often a business priority, but also an elusive target. India’s Growth Champions represent a coterie of companies that have mastered the art of growing from strength to strength, year after year. In their successes lie lessons we can all glean wisdom from, for to seek growth is a deeply human instinct.
The eCommerce market encompasses the sale of physical goods via a digital channel to a private end user (B2C). Incorporated in this definition are purchases via desktop computer (including notebooks and laptops) as well as purchases via mobile devices such as smartphones and tablets. The following are not included in the eCommerce market: digitally distributed services (see instead: eServices), digital media downloads or streams, digitally distributed goods in B2B markets nor digital purchase or resale of used, defective or repaired goods (reCommerce and C2C). All monetary figures refer to the annual gross revenue and do not factor in shipping costs. The most essiential factor of the financial markets of any country is its commodity market. Metals, base metals, crude oil, energy and soft commodities like palm oil, coffee etc., are traded in the market. It is necessary to create an active and energetic maket. This would help investors to cover their commodity risk, take speculations and to profit from unequal prices. The agricultural sector grants maximum growth towards GDP in India. India has more possibiity to become a major center for trading of more commodities. However, there is intervention of government in agricultural market in maintaining buffer stock, in fixing the prices and by way of imposing restrictions on Expert and import of the commodities. There is a desperate need of developed commodity derivative market in India to safe guard the farmers by fixing fair prices and maintain buffer stocks. The present study analyses the growth and challenges of the commodity market in India. With the help of modern technology, The National Exchanges, have enabled the facility of commodity futures trading across the country. The growth is not in considerable amount although commodities like Silver, Gold, Crude oil, Copper and other commodities increased. By 2011-12, the value of commodities traded in MCX commodity market increased from 17.86 crores to 36.79crores. By 2010-11, the value of gold to total value decreased from 30.07 crores to 25.09 and then increased to 27.09 crores. The value of Crude oil decreased continuously. From 2009-10 to 2011-12, the percentage share of Silver in total value of commodities traded in MCX market increased from 17.86 per cent to 36.79 percent. The Electric Vehicles Market is projected to reach 26,951,318 units by 2030 from an estimated 3,269,671 units in 2019, at a CAGR of 21.1% during the forecast period. The base year for the report is 2018, and the forecast period is from 2019 to 2030. The electric vehicle market has witnessed rapid evolution with the ongoing developments in automotive sector. Favorable government policies and support in terms of subsidies and grants, tax rebates and other non-financial benefits in the form of car pool lane access, and new car registration (specifically in China where ICE engine new car registration are banned in some urban areas) the increasing vehicle range, better availability of charging infrastructure and proactive participation by automotive OEMs would drive the global electric vehicle sales.
