Welp MagazineGross domestic product (GDP) is one of the key indicators of an economy’s size, performance, and health. An increase in GDP means an economy is performing well, and the success of industries like real estate, mining, and technology all contribute to GDP growth. In 2022, India’s economy is fast-growing, with industry experts reporting the country will grow by 6.4% this year. Even though this is slower than India’s 8.8% growth in 2021, it’s still one of the fastest-growing economies in 2022. Because of this, we are going to explore some of India’s best-performing industries over the last few years.
The Coal Industry
India’s appetite for the coal industry has continued to skyrocket. During the fiscal year 2021/22, the Indian government said coal supply increased to 818 million tonnes (18.4%), and there is a projected 130 million tonnes to be added to coal demand between 2022 and 2024. According to reports, India’s power supply also increased by more than 8% in 2021/22, and coal accounts for almost 75% of the country’s power production. As of 2021/22, Coal India unit MCL is India’s largest coal producer after it exceeded 157 million tonnes in coal output. India’s coal industry has reached impressive heights due to domestic supply surpassing annual output and consumers dipping into reserves.
The Online Gaming Industry
Online gaming in India has also been on a steady incline, jumping from a value of 65 billion Indian rupees in 2020 to 79 billion rupees in 2021. Over the last year, there has also been more investment in online gambling, and India’s gambling industry is projected to be worth over $100 billion in the next four years. The Indian online gambling market has excelled because of its diversity, especially in terms of available payment options.
For example, even though bank transfers are the most popular online gambling payment method in India, e-wallet options like Neteller and Skrill are increasing in popularity with younger generations who emphasize flexibility and low-cost transactions. That’s why so many players search through online casino reviews for casinos that accept players from India and allow them to conduct transactions using online payments systems. Quick, efficient, and convenient deposit and withdrawal systems are essential components of any online casino, as well as consistent odds and a diverse selection of software providers and games. Based on recent growth figures and casino reviews, it’s apparent the Indian gambling market has executed its understanding of this well.
The Mobile Wallet Industry
Speaking of online payments systems, another fast-growing industry in India that’s contributing to the economy is the mobile wallet market. In 2020, the sector was worth $30.1 billion in India, and analysts project this figure will grow to $429.2 billion by 2027. For perspective, that represents a CAGR growth of over 45%. Much of this market’s recent success comes from India’s retail industry since more and more shoppers have started to prefer using digital wallets rather than cash. In fact, digital wallets are now the country’s leading point-of-sale payment method. Some of India’s most popular financing options include Buy Now Pay Later, and reports suggest the online payment method will increase ten-fold within the next four years.
The Automobile Industry
Lastly, we have seen India’s billion-dollar industrial automation sector steadily increase and the country’s automobile industry. In fact, India has the fourth largest automobile industry in the world. The market is predicted to record strong growth levels in 2022/23 as the country continues to rank first in the unit production of tractors, two-wheelers, and three-wheelers. India’s automobile industry has developed an incredible reputation through new launches and brand loyalty.
In particular, brand loyalty explains why Maruti Suzuki, Hyundai, and Tata make up 75% of India’s passenger car market share. It’s also because there are new players entering the Indian automobile market that are already impacting the industry. For example, Kia Motors didn’t enter the Indian market until the second half of 2019, and already it holds around 5% of the market share, beating Toyota, Honda, Volkswagen, and Nissan.
GDP is one of the best indicators of how well an economy is performing. In India, some of the most important contributors to the country’s GDP growth rate have been the coal, gaming, mobile wallet, and automobile industries. What’s more, experts have predicted these industries are only going to see continued success in the coming years, which is very positive for the Indian economy.
