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Unlocking India's Potential: Top 15 Future Business Ideas for 2023-2030
- Saurabh Pandey
- Apr 17, 2023
- 14 min read
Updated: Aug 19, 2023
In today's geo-political scenario, India is being seen as a promising destination for investment and better growth prospects. As per recent reports, India has surpassed the UK to become the fifth-largest economy globally, with a nominal GDP of $3.8 trillion in 2022. Furthermore, it is projected to reach $5 trillion by 2027 and double its current value by FY 2031, as per Morgan Stanley's research.
Based on in-depth analysis and statistical forecasting, we have identified 15 potential business ideas that can act as game-changers for the future and play a significant role in driving the growth of the Indian economy. Whether you are looking for a perfect fit to accomplish your dream life or to become your boss, these 15 business avenues offer great potential and endless opportunities to explore. So, why wait? Dive in and discover the perfect opportunity that aligns with your goals and aspirations.
Table of Content
1) Export Business
Exporting Goods and Services is a crucial factor in driving India's economic growth. Reports show that it contributed 21.4% to India's GDP in FY 21-22. However, despite being the world's 5th largest economy, India's contribution to the global GDP stands at only 3.1% and a mere 1.06% to the total global export trade.
It is evident that India has immense potential for export services, and the government has set an ambitious target of achieving USD 800 BN in merchandise and services exports for FY 22-23. With the right strategy, knowledge, and resources, businesses can tap into this potential and establish themselves as key players in India's export market.
India's commitment to strong governance and global trade has opened up a world of potential for businesses looking to start exporting. The government has set an ambitious target of achieving a merchandise export of 1 Trillion by 2028, which is a clear indication of the vast opportunities available in the export market.
If you share the passion for making India an export-rich country, there's no time to waste. The year 2023 presents an ideal opportunity to register your export firm and be a part of this fast-paced sailing ship. With the right guidance and resources, you can make a significant contribution to India's export growth story and establish your business as a key player in the global market.
2) Digital Marketing & Affiliate Marketing Business
The COVID-19 pandemic has brought about significant changes to the world we live in. However, it has also acted as a catalyst for certain trends such as the rise in broadband users, remote work culture, and increased e-commerce usage. The surge in internet usage has led to a digital revolution in India, specifically in the field of digital marketing. In fact, digital marketing has been growing at a rate of 25 to 30% annually in India, as reported by industry experts.
According to the latest statistics, the Indian digital market size in 2020 was Rs 17000 crore and is expected to double to Rs 35000 crore by the end of 2023. This demonstrates the enormous potential that the field of digital marketing holds in India. For those who are interested in pursuing a career in digital marketing, there are various reputed institutions that offer quality courses on the subject. Additionally, as a beginner, you can start your learning journey on platforms like YouTube, where you can find a wealth of information on different aspects of digital marketing.
As we can see, the growth potential in the digital marketing field is immense, and there is no better time than 2023 to explore the opportunities it offers. So, whether you are an aspiring digital marketer or a business looking to expand your digital presence, investing in digital marketing can help you stay ahead of the competition and achieve your goals.
3) Online training and Coaching business:-
Covid 19 period has not only pushed us for working from home but it also developed the culture of Online Learning and Coaching, Online learning has now become a part of our education system. According to the IMARC report in the Year 2021, the Online education business was USD 5.6 BN which is forecasted to become a USD 12.5 BN industry by the year 2027.
Globally this figure was USD 210 BN in FY 2020, which is projected 370 BN by the year 2026.
In India, the projected growth of Online Education is USD 5 Bn by the year 2026. Not only online education, but the online training business also growing by 30% YOY basis every year since the pandemic hits the world.
But wait a minute these stats are just indications that comes from various studies and research made by many authentic individual and agencies, these numbers may grow much more than our expectation, As According to a report At least 60% of internet users have indulged in online learning & this is pure because people love to learn new things staying in their comfort zone and as per their convenient time and place.
If you are someone who has the skill or a subject to teach, which you have mastered your self then be considerate to spreading knowledge that may add value to an individual's life by Creating your Online course in 2023, which you can simply upload at a website such as Uday, Skill-share, Coursera, and many more. So get ready & start nailing for scaling it.
4) 3-D printing Business
What 3D printing is now not the question to ask, but the correct question is how much 3D printing (Additive Manufacturing) can help us in the future.
10 years back additive manufacturing was just an idea which world was looking for as an alternative to the fastest way of product development and prototyping. but nowadays it can be firmly said that additive manufacturing may become mainstream manufacturing.
Talking about stats the 3d printing (Additive Manufacturing) business was of Value USD 12.6 USD in FY 20 which became USD 13.8 BN in FY 21 and the current global market size in 22 is approximately USD 16.5 BN which is forecasted to reach USD 75 BN by 2028 with a CAGR of 20.8%. according to a recent report in India 3D printing market is going to touch USD 100 Million in 23. which will double its size by end of the year 2026.
Though referring to India statics, the market size is small as of now but considering future the 3D printing is the technology that will be a key contributor in sectors like Automotive Manufacturing, and Dental Health Sector, Jig And Fixture Manufacturing, Tor Industry, and so on.
So if you are a tech geek and want to start something innovative and built an entirely new product for your customers with dazzling innovative ideas and designs. you can just start your own 3D printing business and grab this billion-dollar opportunity.
5) Renewable energy business and its subsidiaries.
Over the last few decades, energy has now become the breath of this fast-transforming world, As India is transforming and trying to enter the list of developed nations, the need for efficient energy has also increased.
The current energy demand in India is 1276 TWH which is rising by 6% CAGR expected to reach 2172 TWH by the year 2030. foreseeing this huge demand Renewable energy also becomes a key contributor to fulfilling it. the major source of renewable energy in India is Hydro, Solar & Wind.
India has an installed capacity of 409.1 GW as of 30 November 2022, in which Installed renewable energy capacity (including hydro) stood at 166.36 GW, contributing 40.7% of the overall installed power capacity. Solar energy is estimated to contribute 61.96 GW, followed by Big Hydro-power at 46.84 GW, wind power at 41.89 GW, BM Power/Cogen contributes 10.70 GW & 4.92 GW contribution from small hydropower.
With this huge contribution from renewable energy to Indian energy demand and supply chain, we see a huge potential for Business in the field of installation generation and distribution of solar energy panels. the ruler areas are major adaptors of this new "but not so new" technology. And that again forces us to add this business to the part of our futuristic business list.
6) Share Market Trading and Crypto Currency Trading Business.
Just pick up your phone or if you are already having one, the search share market on your YouTube will see a bombardment of reels and videos on the same subject. but it was not earlier than how it is now day you may easily find people talking about share market cryptocurrency trading and other subjects.
It's not exactly a business idea but it's a skill that everyone should start learning in the year 2023. In Indian middle-class families, many still say it's gambling but believe me, it's not. it's just a skill, that 70% of the US population is using as their source of either full-time or part-time income.
Looking at the trends shown by stock pandits & Big financial researchers Indian stock market will be USD 6.5 trillion markets by 2030. the stats show that the Nifty 50 can touch a mark of 50000 & the bank nifty can make a high of 21400 points. which shows a good trend for Indian investors.
So If you are someone who has good Knowledge of the share market and crypto you can start your blogging or YouTube channel or you may also start your consultancy or share market trading institute and make millions out of it.
the only suggestion I can make is that start investing share market now it will return to multifold what you will invest in the next 3 to 5 years, but it should be a mindful investment.
7) Courier Services Business
Transportation of goods plays the most vital role if you start any business in which there is a physical product involved. 8 out of 10 start-ups suffer to manage their operation just because of improper management the of supply chain. though over the last few years, many support systems created in the transportation /courier Industry but let's discuss its scope in detail.
The current size of the Indian CEP market (Courier, Express & Parcel) is approximately USD 5 BN with a projected CAGR of 10.5% by 2027 the market size will become USD 8.35 BN market. in which 73% contribution comes from the domestic market only.
Now talking about the global courier services market, which was valued at $381 billion in 2021 and is further projected to reach $658.3 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031. these data show a massive scope in the field of the CEP (Courier, Express & Parcel) Market.
The major contributor to the growth of the courier market will be E-commerce which also growing exponentially. So if you are someone having a hold on this field and is willing to give this opportunity a strong punch then you can think to start your courier delivery and parcel company in the year 2023, with the good optimization of resources and proper management you can also become a leading courier company in future.
8) Freelancing.
We all know that "a tree does not grow without planting a seed", in this fast-changing world no one fast-changing wants to be bossed, everyone needs the freedom to his personal as well as professional life & that brings me to the most demanding future business idea in 2023.
if are someone having great skills and know how to do your work most efficiently then you should start your freelance service and believe me you can earn more than what you are earning in your regular monthly salary. let me put the stats to make drive you through the future of the freelancing Industry.
The global market size of the freelance industry is projected to rise at a compound annual growth rate (CAGR) of 15.3% by 2026 (Orbis Research, 2021).
India is the third largest country in terms of the freelancer community, Philippines top of the table with an insane growth of roughly 200% every year after covid 19 comes into the picture.
Another report says that the average freelancer in the USA earns USD 65k per month whereas in India the figure is only RS 35 to 40k, which indicates that we can raise the bar by giving best-in-class service to our domestic as well as foreign clients.
Nowadays companies like google also outsource their work to freelancers by paying a handsome amount. so be ready to showcase your skill be a freelancer in 2027.
9) Internet of Things (IoT):-
if you ask some intellectuals what the future hottest technology maybe you can hear the name of IoT 6 out of 10 times. it's not just a coincidence but the truth.
Before 1849 who have ever think of a device that can transfer our voice from one place without any eco or breakage it was an Italian innovator Antonio Meucci who invented the first basic phone in 1849, which was later got patient by Mr. Grahambell in 1876. (Credit: Wikipedia). but after many evolutions of Mobile phones which is now become more than just a phone for us.
IoT is also an involution in technology by which the physical objects—“things”—that are embedded with sensors, software, and other technologies connected & exchange the data with other devices and systems over the internet. let's walk through the future of IoT with some dazzling facts and figures.
The Current Global spending on IoT is USD 1.1 trillion which was USD 646 BN in the year 2018. Asia is solely accountable for 1/3 of global spending on IoT. as the Indian government concept has targeted to make India a technology-enabled country by bringing 5G into the picture. We Indians are also positive to bring such smart devices to our homes. as per a report from Statista there will be 30 Billion devices will be connected over the concept of IoT by 2030.
considering this massive shift in technology, you can also think to start your business related to IoT in the year 2023, 1 out of 10 investments by VC(Venture Capitalist) make in the IoT segment. So buckle up and be a part of this extremely fast pace ride to the future.
10) E-Commerce Store
After discussing so many things which are directly or indirectly connected to the digital marketplace let's walk through the need for an hour or you can say the bread and butter of future business the E-commerce store.
E-commerce firmly came into the picture in the year 2007 in India since then its popularity increases year by year, nowadays almost everything you think of that is available on the E-Commerce portal
As per a report by Statista E-Commerce industry will touch a figure of USD 113.50 BN in 2023 which will reach the figure of USD 191.40 BN by the year 2027 in which the furniture and fashion industry would be the key contributors. Indeed it has a good future projection but before starting it you should go in-depth and understand the key components required to run a successful E-Commerce store.
though there are many big players in the market if you have a dream dedication and passion to create an E-Commerce store for an entirely untapped area could be a breakthrough for you. As they say, dream the biggest your action eventually covert to big.
11) Organic Farming:-
Since our childhood, we have heard the phrase that India is the land of farmers but it's not just a phrase to say indeed India is the land of farmers as India is one of the biggest agriculture product exporters in the world.
India has a total of 9.1 M Ha land for Cultivated + Wild Harvest by which India is currently producing 3.4 M mt farm products and 0.02 M mt Wild harvest products. India is currently exporting Organic products of Value USD 772 Mn. which is expected to reach 4 billion by the year 2028.
As Indians, the core strength we have is farming now a days you can take land on rent and start your own organic farming business, you can easily sell your product either on E-commerce websites, or some big corporates, also if you are farming it in good quantity then you can plan to Export your organic product to the world.
12) EV Manufacturing and Charging Station:-
Over the last few years, the Electrical Vehicle has become a key focus area when we talk about revolution in the automotive segment. In the Indian 4-wheeler segment, Tata has taken over the position of number 1 EV producer and seller by selling over 18 K plus Units Till Date in the year 2022, the total EV sales are projected to be 4 lakh units per year by 2025.
The EV is the next generation for the automotive market, as the market grows the demand for its charging station and battery swiping services will also increase, you can start working on the service segment required by the EV market whether it comes to 2-wheelers, 3-wheelers & 4- wheelers.
The EV market will not create new business opportunities but if someone wants to have expertise then he can be a professional in the EV manufacturing segment as by 2030 it is projected that 50 lakhs plus professionals will be required to manage its manufacturing in India. So just nurture the Skill get trained and contribute to the growth of the EV market in India
13) Artificial Intelligence:-
AI is the killer of google, these are the sentiments that are coming into the market nowadays, but why would this assumption come into the picture? is AI really will take the place of google in the future? let's find the answer together.
According to the Global News wire report, the Global AI market is projected to grow at CAGR 20.1% during the period 2022-29, and reach USD 1349 BN market by 2029. In India itself, this figure may reach to USD 1000 BN mark by 2035. currently, India is having 400 registered startups that are working on AI and its related fields.
The Most important part is AI has an algorithm behind which can give you a unique but precise and accurate solution to your problem. Google also does the same but in google, you have to put in extra effort to get the optimum result which clearly can be ignored by AI.
This is not only the case where AI can help us out AI also help us in the Finance, Cyber security, Medical & healthcare sector, and so on, In-short AI will have a bigger chunk of traffic in the future but in the present scenario, google is the better tool which we have today.
So if you have an Idea that can be easily implemented with the help of AI then 2023 is the year for you to start your startup in this emerging core technical field or you can simply learn this awesome futuristic skill and be a part of the workforce where you can easily secure some good salary package as there would be a huge demand of professional in this field. ,
14) Cyber Security Business:-
Currently, India is Having More than 692 MN Users which is estimated to reach 900 Mn by 2025 and it is projected to reach 1.4 Billion by 2035. this increasing trend also set up a strong base of increases in social media users.
After Covid-19 many corporates adopted the culture of working from home which eventually pushed for more use of cloud-based operations. this not only generates more job opportunities for cloud architect cloud ops. Engineer, but enhance also increase the threat of frequent and more cyber attacks.
According to a report, cybercrime costs will grow by 15 percent per year over the next five years, reaching USD 10.5 trillion annually USD 3 trillion, up from $USD 3 trillion in 2015.
The Indian Cyber Security Market was valued at USD 1.9 BN become, which has become USD 3.05 Bn in 2022, considering the growth by the same CAGR of 15.24% it is forecasted to reach USD 6.2 Bn by 2027.
With these futuristic stats, we can firmly say that there is a huge potential if start building your carrier in the field of Cyber Security in the year 2023, and you may establish yourself as Cybersecurity Engineer, Computer Forensics Analyst, Application Security Engineer, and Cloud Security Specialist.
Also, If you are someone having mastered the skill you can start your firm working in the field of Cybersecurity.
15) Toy Manufacturing Business.
When a baby is born in your family or nearby the first thing that comes to your mind is to buy a toy for a newborn. the Population of Newborns increasing with every passing second in India, and so is the requirement for Toys.
The Global Toy Market is of value at USD 141.3 Bn in the year 2021 which is expected to reach $230 Bn by 2028 In line with the same, the Indian toy market is also forecasted to reach $ 3 Bn by 2027 from the current market size of 1.5 Bn. India was earlier importing.
As per global trade, 56% of global toy market exports are handled by China. In FY 21-2022, India still imports Toys of Value USD 109.72 Mn from china and exports USD 331 Mn toys to the world. but we can see a huge potential in this field in the upcoming years.
The Government of India has launched many policies and skim in this field, Uttar Pradesh Government is also giving subsidiaries in setting up Toy Manufacturing plants in the western UP region. if you are willing to start your own two manufacturing businesses then the year 2023 is for you.
Start your Toy manufacturing plant and not only sell your product to the Indian market but the global market as well, because the demand for quality Indian products is now increasing like anything in the world.
Conclusion.
With every passing, the Indian government is trying to build the Indian economy stronger for their citizens, So that we can have a better future. but it's only the responsibility of the government we should also add our bit to it. In the above-mentioned topics, I tried to give you an outline of the 15 most prominent sectors, which are going to be huge in the future, if you are someone who also dreams big and has courage then you should come forward and make the year 2023 is a milestone for you by start giving the shot to your dreams.
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