Every year, the Indian government releases an economic survey report. It is these reports that reveal what industry experts say about the Indian economy. For 2018, this report was released on June 12th and revealed some incredible insights into the world of work in India. The 37 industries covered in this report account for $1 billion of India’s GDP and have a combined workforce of almost 18 million people—a larger number than many other countries like Japan or Germany. How many zeros for 1 crore? There are 7 zeros in 1 crore.
They also included the “miscellaneous sector” which includes a wide range of groups within it. For example, it includes banking and insurance which are categorized separately in other reports. And it also includes people who work in the fishing industry. The report includes insights into what industry insiders believe about their own industry and how they see the economy moving over the next three years. The report is organized by sector, each one with its own chart that represents growth expectations for that specific sector.
Here’s What Industry Insiders Say About 1 Crore :
1. Banking and Financial Services – The report predicts 6.78% growth.
“The growth outlook for the banking and financial services sector (along with the rest of the industry) is expected to remain stable in 2018, on account of ongoing benefits from the cashless economy, digitization and increased use of digital payments,” said the report. “This could see a rise in overall volumes in this sector, though not all segments may benefit equally.”
2. Construction – A projected 8% growth rate.
The construction industry is expected to grow at 8% in 2018, as a result of “continuing momentum on government spending, and improvement in the real estate sector, especially in the affordable housing segment,” the report said. “Going forward, further impetus will be given by government initiatives like Digital India.”
3. Education – 7.73% growth rate.
“Education continues to be an important industry for India with a gross enrolment ratio of 10%, which is among the highest in the world,” said the report. “The industry has seen consolidation, with new players entering and acquiring competitors.” “This has resulted in further consolidation and higher entry barriers. Going forward, there is a need to see more improvement in the quality and standards of education being provided.” “An improvement in the primary and secondary school sector along with higher enrolment rates could see further growth for this sector,” said the report.
4. Financial Services – 5.9% growth rate.
“The financial services industry is expected to remain steady at 5.9% growth in 2018,” said the report, which predicts a similar scenario for 2019 as well. “This is due to increasing penetration of digital payments, due to lower transaction costs, cashless economy and credit card penetration at an all-time high in India. Going forward, the rollout of key government schemes such as Digital India and MUDRA could further accelerate penetration of digital payments in the country.”
5. Information Technology – 5.7% growth rate.
“The industry is expected to clock a five per cent growth rate in 2018,” said the report, which also mentions that “digital health is expected to become a significant part of the sector’s revenue mix.” “Going forward, there are some key opportunities that could see further traction in this area such as expanding smartphone penetration (by increasing income levels) and providing more coverage through 4G mobile networks across India.”
6. Media & Publishing – 7% growth rate.
The media and publishing sector can expect a 7% growth rate in 2018, due to “investment in content, Internet penetration and continued growth of the digital economy in India,” said the report. “Progress is also expected from the introduction of major new legislation to support content creators.”
7. Oil & Gas – 7% growth rate.
“The oil and gas sector is expected to grow at 7% in 2018 and 2019,” said the report, which also mentions that “Indian energy companies have made significant investments in upstream projects over the last two years.” “This has resulted in significantly higher capital expenditure across this industry, which will continue to pressure margins over the next few years. The government’s ongoing commitment to digitization can also help this sector in the future, by reducing distribution costs.”
8. Petroleum & Coal – 5.3% growth rate.
This is one of the lowest growth rates for any sector, but it is still more than double the overall economy’s growth rate for 2018. The report said that “because of challenges in investment recovery, capital spending by oil and gas companies should remain subdued in 2018”. “This will result in a slow-down of production and hence lower profitability going forward,” it said. “This could impact further expansion plans and could lead to lower investments in the future.”