India is a fast-growing economy. At the moment, it is the fastest one among major economies. This rapid growth has brought multiple business opportunities in India. The scope at least has expanded a lot in recent times. Recent reforms by the Indian government has put India’s growth on a global map.
In the first quarter of the 2017-18 financial year, the growth rate has gone up to 8.2% which is a decent figure. In this pretty business scenario, you must look into multiple business opportunities in India.
This is the best time to invest in India as per several economic analysts and experts. So if you are not looking seriously into investing in a new business then you must consider doing so. These happy times do not come everyday. In this article, we will discuss traditional as well as innovative business opportunities in India.
Hotels & Restaurants
Growth prospect in this business is very high. The emergence of huge middle class in India has impacted this sector positively. Nowadays people are moving from one city to another very frequently either for business or leisure. This has resulted in huge demand in the Hotels and restaurants as well.
Theme-based restaurants are very high in demand nowadays. A large section of people in India have developed a taste for gourmet and continental food and the theme based restaurants provide a unique environment to hangout. All these in mix provide an incredible experience for customers. So if you are looking for new business opportunities in India, I think you can seriously consider this one, provided you know what you are offering unique to the customers.
Apart from this, another business idea under this sector could be small stalls run by street vendor. It may sound a little weird to you but these small are so popular among netizens that their earning is in millions annually. This is an old business model but in recent days has become very popular among MBA graduates and hotel management graduates. So it’s not a bad idea to invest in these.
Education is a very promising business opportunities in today’s times. The growth in this business has been tremendous in the last 15 years. From schools to colleges to even coaching institutes have sprung up in many states to support the large student population.
Every parents nowadays want their children to either become an engineer or doctor or lawyer etc. This has resulted in a huge number of school going children with very high aspirations. The number is in tens of million.
In many states such as Karnataka, Odisha etc, engineering and management colleges have come up in huge numbers. Likewise coaching institutes for admissions into engineering and medical stream have come up in Kota city of Rajasthan.
Educating children in itself is a noble cause but there’s nothing wrong in doing it for business, if your intentions are good. So, if you are thinking of starting a new business, this sector might be a good idea. It will also give you a satisfaction for doing something good for society.
If you are in India, then you must have heard of a company “Jio”. Few years before, this name was unknown to most of the people. So within last few years how can a company become such a household name? Maybe, because of the rapid growth it has seen in telecommunications business.
In India, it is telecommunications market is very competitive. It’s so competitive that, from more than a dozen companies active in this business few years before, today in 2018, the number has reduced to only 5. If we count Vodafone-Idea merger then, only 4 major players are active in this business. In this backdrop, it is tough to imagine a good business prospect in this industry. However, it is not so.
Despite fierce competition, there’s still a scope for people with small capital to invest in this business. How? Let me tell you.
Most of these major companies don’t handle all of the telecommunications business. Many small aspects of this business, these companies outsource to small contractors. So here there is a lot of scope for small or medium businessmen.
Supply of electronics such as electrical components, other components used in towers and local stations, tower installations, supply or other materials, etc. are part of this business that is mainly open to investing. These do provide a good business opportunity.
Electronics business is also a vast one. We should not delve into much deeper. In this sector, our focus center on only home appliances and mobiles.
With the increase in the middle-class base, the demand for home appliances and mobiles is sky-rocketing, hence the score of growth in this business is huge. Businesses in this sector mostly in distribution and retail is very promising.
With the entry of Chinese companies in this market, the market is on fire. Nowadays, you will find a smartphone in everyone’s hand. Entry of Jio has worked as icing on the cake. On the top, heavy discounts and cash back offered by credit card companies and e-commerce companies have forced the customers to buy more. So from business prospects, this industry provides a very exciting business opportunities in India.
In India, the behavior of consumers is changing rapidly. From shopping from physical stores and showroom, now they prefer to shop online. Smartphone and 4G connectivity has also eased this process of online shopping a lot.
Nowadays, everyone has mobile phones and 4G or wifi connectivity. Companies like Amazon and Flipkart have invested heavily in this market, offering a variety of products at a reasonable price. This has made people turn to online shopping from offline.
This online facility has also provided even the retailers to connect with vast number of consumers out there. Not even in their locality but they can sell their products to any corner of India with the online facility.
Under this backdrop, investing in retailing not a bad idea. You have a shop, you can just register yourself with either of online e-commerce companies and enlarge your customer base. Or, you can just start your own website and do the same but this might be a little problematic if you do not have enough capital or time or manpower. So tread cautiously regarding that.
Health and Personal Care
India has a huge population and they get sick very often than not, due to unhygienic conditions around. So, unfortunately, demand will never go down in this market. Hospitals have good business running but herein, we are not talking about that. Yes, everybody knows hospitals and clinics run well but not everyone is a doctor. So, here we will talk about something else.
In healthcare, a new business idea is to provide online healthcare services. Several companies have adopted this idea such as Practo and 1mg etc. In this digital world, everyone is online, you want customers then you have to go online. Services that can be provided are book appointment online, online delivery of medicines, online booking of lab tests and blood tests at home, etc.
Apart from that, beauty care products have huge market in India. In recent times, ayurvedic products are in a huge demand. People have started preferring natural herbs in their products. So there is a lot of scope in this business.
There are a lot of other business opportunities in India as well. It’s not possible to discuss them all in this article. However, those mentioned here are really very promising and must be looked into seriously if you are considering into investing in any.
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