In India, there are quite many major businesses that are doing very well and producing billionaires. These businesses are making a positive impact on the Indian economy by catering to the needs of both the domestic market & exports; several industry segments are outperforming the other. However, after the pandemic (Covid-19), there has been a drastic change in user priorities & behaviours and people are now shifting towards online businesses than before. Market trends in India are constantly changing every day. In a nation like India, which is a fast developing country, there are always new avenues for exploration & investment. Here, in this write-up, we will take a look at the top 10 businesses in India.
A Detailed List of Top 10 Businesses in India
Following is the list of top 10 businesses in India:
- Automobiles and Auto Components: As we already know that India is the 4th largest automobile industry, recording sales of 26.27 million units in the Financial Year 2019. The 2-wheeler industry is more dominant than other segments of automobiles. India holds the 7th position in manufacturing automobiles. The main reason behind the growth of the automobile industry in India is the increased focus on the rural market. It contributes a 7% share in India’s GDP. The size of the Indian Automobile Industry is 2.6 million units. The net output from the Automobile Industry is 300 Million US Dollars. In the Indian automobile sector, there are big names like Mahindra & Mahindra Ltd, Tata Motors Ltd, Bajaj Auto Ltd, Ashok Leyland, Maruti Suzuki, etc. Maruti Suzuki is the biggest & largest automobile manufacturer in India because it holds 53% of the market share.
- Financial Services Sector: This sector in India has produced 43 billionaires, with the richest person Uday Kotak having a worth of Rs. 94,100 crores. This sector comprises co-operatives, NBFCs (Non-Banking Financial Companies), mutual funds, commercial banks, pension funds, insurance companies, and other smaller financial entities.
- Chemical and Petroleum Industry: This comes in the top 10 businesses in India because the Indian Chemical & petrochemical industry values 118 Billion US Dollars. It shows the growth rate of a CAGR of 8% for the next 5 years and it also has contributed a 9% share of total Indian export earnings. This industry secured a 15% share in the manufacturing GDP (in 2012-13). Bulk chemicals are the biggest sub-segment of the Indian chemical industry, holding 40% market share, whereas speciality chemicals with approximately 19% of the market share. In India, there are some leading companies in this industry, such as Tata Chemicals Ltd, Reliance Industries Ltd. Indian Oil Corporation, etc. In India, Reliance Industry dominates the petrochemical market in India and abroad.
- FMCG: It is the 4th prime business out of the top 10 businesses in India. It showed a tremendous growth of 16.5 and it grew from 9% to 10% during Financial Year 2019 and 14.7% in 2021. This sector is expected to reach 220 Billion US Dollars by 2025. In India, Parle Agro Ltd, Amul, Godrej, Dabur, and Marico Ltd are the leading FMCG Companies.
- Pharmaceutical Businesses: Next on our list of 10 10 businesses in India is the Pharmaceutical business. Currently, India is reportedly the world’s largest exporter of generic drugs. The Indian Pharmaceutical Market is the fastest-growing market in the globe. In F.Y 2020, the revenue was 55 million US Dollars, clearly showing the scope for profit in the domain. The Covid-19 pandemic has increased the purchase of drugs further over the past months. The industry is very competitive with a huge workforce comprising engineers, scientists, entrepreneurs & other businessmen who are a part of the distribution.
- Construction Sector: This sector in India has generated 45 billionaires and thus stands in the 6th position out of the top 10 businesses in India, producing the highest number of billionaires. This sector is one of the largest employers in India and makes a significant contribution to India’s economy.
- Textile Industry: This is one of the oldest industries that is supporting the Indian economy. It can produce an extensive range of products for every segment in India & abroad. The scope of this industry composites of the generation of raw materials such as wool, jute & silk to process them into finished apparel. Further, the textile industry has a contribution of 2% of GDP and is playing a major role by having a 15% share of the export earnings of India in 2018-19. Moreover, leading textile companies in India are Fabindia Overseas Private Ltd., Raymond Ltd., Vardhman Ltd., etc.
- IT & Services: Indian IT industry has its conveyance centers in many nations across the world. The IT Sector in India has 2 components, BPO and IT. Additionally, as per the financial year report of 2017-18, it has increased its share in India’s GDP from 1.2% to 7.7%. In India, the top ITeS companies are HCL, Oracle Financial Services, TCS, Wipro, etc. TCS is a leading ITeS company with a market value of around US $100 billion.
- Agricultural Industry: In India, the agriculture sector is the main source of livelihood for about 58% of India’s population. In 2020-21, the total production of food grain in India was estimated at a record 308.65 million tonnes, which is 11.15 tonnes higher than that during 2019-20. From April-June 2021, the export of rice increased from $ 1.9 Billion to $2.3 Billion. India ranks 1st in the number of organic farmers and 9th in terms of area under organic farming.
- Retail and Wholesale Industry: Over 2020-25, this industry is predicted to expand at an 11% CAGR, supported by an expected increase in customer confidence & expenditure. The Covid-19 pandemic & related social distributing rules accelerate the switch towards e-commerce. In 2020, the Retail & Wholesale industry in India will see a fall in turnover of 7% owing to the economic fallout of pandemic Covid-19 & measures to limit the spread of the pandemic.
So we have listed the top 10 businesses in India that are profitable and help boost India’s economy. However, in the present scenario, e-commerce has made business easy for entrepreneurs to get started on their business ideas. The most important thing for a business is a professional & credible storefront.
Read our Article:Business structures in India: Types and Benefits