As of 2011, the Indian economy was reported to be the world’s third-largest by purchasing-power-parity at USD4.6 trillion and tenth largest by market exchange rate India’s industrial sector generates 26% of its GDP and includes textiles, telecommunications, chemicals, pharmaceuticals, biotechnology, food processing, steel, transport equipment, cement, mining, petroleum, machinery, and software. Several industries have experienced dynamic growth over the past five years, but of particular note are the telecommunication, automotive and software sectors. With key growth factors such as a rising education level and a rapidly expanding pool of talented engineers, India’s telecommunications industry has become the fastest growing in the world and the automotive industry has become the world’s second fastest. Having a large number of english speaking software engineers has enable the country to become the second-most favorable for IT outsourcing.
The IT sector employs some 2.8 million workers and produces 7.5% of India’s GDP.s at USD1.8 trillion.. In the same year a provisional census totalled a population of some 1.2 billion making India the second most populous country in the world and the world’s largest democracy. India has had strong annual growth in GDP since government policy changes began to open up the economy in the early 1990’s. The 487.6-million worker labor-force has generated and annual GDP growth rate of nearly 6% over the past 20 years. This places India among the ranks of the world’s fastest growing economies. Constant development between 2001 and 2011 has led to the ratio of engineering goods to total exports tripling from 14% to 42%. In addition to its highly educated, skilled work force, India has a growing middle class leading to rapid increases in the domestic market as well.
Two lesser known but rapidly growing sectors in India are Biotech/Pharmaceuticals and Renewable Energy. Currently, 8% of the energy produced in India is derived from renewable sources and is expected to grow sharply over the next decade. The Biotech/Pharmaceutical market is projected to reach nearly USD50 billion by 2020.
Recent geopolitical pivots in the Asia-Pacific region have led our team to have an even more bullish outlook on the future of the Indian economy. In particular, we foresee increased cross-border M&A activity, joint-technology development, joint-manufacturing and collaborative research efforts between India and Japan. We are well positioned to assist our customers in these areas. We have extensive knowledge of Indian Technology particularly in the biotech, IT, machinery, cement and mining areas. We can assist you in technology overview analysis, marketing research, infrastructure projects, establishment of representative offices, establishment of local manufacturing facilities.