Sunrise sectors refer to industries that are expected to experience rapid growth in the near future due to the increasing demand for their products or services. Here are some of the sunrise sectors of the Indian economy:
- E-commerce:
The e-commerce sector has been growing rapidly in India due to the increasing adoption of smartphones and the internet. The rise of digital payments and the availability of affordable logistics and warehousing services have also contributed to the growth of the e-commerce sector. The sector is expected to grow at a CAGR of 20% and reach a value of $200 billion by 2026, according to a report by Morgan Stanley. - Renewable Energy:
The renewable energy sector is another sunrise sector in India, driven by the government’s focus on promoting clean energy and reducing carbon emissions. India has set a target of achieving 175 GW of renewable energy capacity by 2022, and the sector is expected to create 330,000 new jobs by 2022, according to a report by the International Labour Organization (ILO). - Healthcare:
The healthcare sector in India is expected to grow rapidly due to the increasing demand for healthcare services and the rising incidence of lifestyle diseases. The sector is expected to grow at a CAGR of 22.87% and reach a value of $372 billion by 2022, according to a report by IBEF. The sector is also expected to create around 40 million jobs by 2020, according to a report by the Confederation of Indian Industry (CII). - Education Technology:
The education technology sector, also known as EdTech, has been growing rapidly in India due to the increasing demand for online learning and digital education. The sector is expected to grow at a CAGR of 52% and reach a value of $1.96 billion by 2021, according to a report by KPMG. The sector is also expected to create around 2 million jobs by 2022, according to a report by the National Skill Development Corporation (NSDC). - Electric Vehicles:
The electric vehicle (EV) sector is another sunrise sector in India, driven by the government’s focus on reducing air pollution and the dependence on fossil fuels. India has set a target of achieving 30% EV penetration by 2030, and the sector is expected to create around 10 million jobs by 2030, according to a report by CII.
In conclusion, these are some of the sunrise sectors in the Indian economy that are expected to experience rapid growth and job creation in the near future. These sectors provide significant opportunities for investment and entrepreneurship and are expected to play a crucial role in India’s economic growth and development.