The Sectors That Are Booming in India Today
Many believe that the sectors which are thriving in India are those of manufacturing, Information technology, and service sectors. Some others believe that the sectors which are flourishing in China and other nearby developing nations are those of infrastructure and utilities, which are likely to see demand for their products in the developed economies of the world. One interesting trend emerging on the sidelines of all this is a certain amount of research going into alternative energy sectors. These alternative energies include biofuels, geothermal, and solar as well as hydropower. The reasons for the increasing interest in these types of energies is the rising concerns about the environmental impact of traditional fuels like coal and petroleum and the rising popularity of such green technologies like wind power and geothermal energy as a result of their many benefits.
The automobile industry in India is one such example, where a rise in sales of cars has been recorded due to rising demand, the low price of fuel and the resulting rise in profits. At the same time, manufacturing has also picked up momentum. It is no wonder then that in a country like India where there is no clear exit strategy from the current state of economic sluggishness, many manufacturers feel that it is better to invest in manufacturing as opposed to simply selling automobiles. A rise in the sales of automobiles and other types of automobiles is therefore only another indicator of the industrial sector in India picking up pace.
The services sector however, is far from being run down in India. While there are some areas that are virtually ignored by the service sector, the fact is that the demand for such services is increasing. It therefore follows that the industrial sector in India is now seeing robust growth, despite the slowing down of the services sector. The rise in the number of customers of automobile repair and maintenance shops, for instance, can be attributed partly to the fact that more people need to own cars and that cars are becoming more affordable to replace old or worn out ones.