Prospecting Prosperity – Business Opportunities in India
3E Accounting divulges the best business opportunities in India to keep an eye on as the future beckons bright.
India is the second-most populous country in the world. It’s Gross Domestic Product (GDP) is forecast to grow by more than 10% and amount to four billion USD by 2024. Three of the world’s top ten megacities are in India, which is also considered the world’s largest democracy. Mobile internet users are expected to hit half a billion by 2023. All these facts and figures indicate that business opportunities in India abound for the innovative entrepreneur.
A Landscape of Opportunities
India’s infrastructure is a vital sector that has plenty of opportunities to offer. Its construction market is forecast to be the third-largest in the world by 2022 The Indian Government is keen to have its ‘Economic Corridor’ and ‘Smart City Mission’ developed and is offering plenty of incentives.
To this end, an allocation of USD1.4 trillion has been earmarked for infrastructure development between 2019 to 2023. Many laws are being relaxed, while 100% Foreign Direct Investment (FDI) is now allowed to generate more interest from investors. Building roads, highways, tunnels, dams, etc. are exciting business opportunities in India that offer excellent investment prospects.
There is also tremendous demand for the Internet of Things (IoT) in every part of India. Any business anchored in this sector has an above-average chance of success. However, there are already numerous mobile phone repair shops as well as app developers to be found at every corner. Plenty of people are also doing dropshipping, affiliate marketing, etc.
As a result, the laws on e-commerce are continually evolving, and this has created a demand for Regulation and Compliance Companies. This requires you to keep up to date on the latest rules and provide solutions to e-commerce businesses that need them.
On the other hand, if you have investors and access to capital, then there are broader avenues that can be explored. For example, starting a Data Centre or becoming an Internet Service Provider is something to consider. Currently, not many companies provide these services. By extension, setting up a Warehousing business for e-commerce goods is an additional large-scale business you can do.
For something more eco-friendly, home solar panels are seeing more sales. Sustainable energy sources are gaining traction in India, and this is a very viable business, indeed. A lot of rural areas experience a continuous disruption in their everyday energy supply. Investing in a Solar Energy Business can bring in revenue and is suitable for the environment as well.
Your business can provide both solar panels and installation as well as the much more extensive network of solar grids. It all depends on your available capital investment and expertise. A cheaper alternative to this would be to have a business of Generator Sales and Maintenance. While not so eco-friendly, they are, nevertheless, a necessity. Energy disruptions are constant enough in India to generate good sales for both types of alternative energy supplies.
A Rewarding Future Awaits
India is undoubtedly the land of opportunities, and you shouldn’t let compliance issues prove otherwise. The best way forward is to engage business consultants such as 3E Accounting to ensure all rules and regulations are observed. 3E Accounting offers customizable 21st-century business solutions that will redefine the way you do business.
Contact 3E Accounting today and capitalize on business opportunities backed by professional solutions.