With India being the 3rd largest economy in Asia and one of the leaders in this new global economy, analysts are always looking at job growth and opportunities on the Indian subcontinent to get a forecast on how the continent’s economy is evolving, and consequently, the world. While many questions remain to be answered, there is no doubt that the future looks promising for India’s economy as many indicators are showing steady growth in many of the country’s main sectors.
According to the Naukri job index, there was a sharp increase in hiring activity by an astonishing 22% during the last year. Demographic indicators also look promising, with 65% of the Indian population under 35 and entering the workforce. As a matter of fact, it is estimated that over one million Indians enter the workforce every month.
Information Technology Is Still On the Rise
The IT industry, which has been the backbone of India’s growing economy for many years, is still set to be one of the biggest employing sectors in 2016. As a matter of fact, the IT industry is probably the sole industry that allowed India to rise from third world country to first world contender. According to analysts, the IT industry will hit the 200 billion bar by 2020, bringing many job opportunities to the hordes of new job seekers entering the country’s ever growing workforce.
India’s Fast Growing Healthcare Infrastructure
One of India’s most flourishing sectors to watch in 2016 is the healthcare industry. The healthcare industry, which is presently estimated at 100 billion, has been steady growing over the last few years and is set to hit the 280 billion mark by 2020; offering tons of new opportunities to students getting their doctorate in nursing practice and DNP online from prestigious institutions such as Bradley University.
Analysts have seen a steady growth in the outsourcing, medical research, medical tourism, medical trials, medical equipment and health insurance sector. This can be attributed to the many public and private investments in the healthcare sector that have been made in the last few years.
India’s Telecom Revolution
One of the biggest sectors to watch in 2016 according to analysts is the telecom industry. While the country’s telecom infrastructure is very robust and is already competing with western countries, the telecom industry is still growing and is still facing growing demand from the fast increasing population.
It is estimated that 850 million Indians are using mobile devices, with 15% of these devices being smartphones. This means that the Indian industry as a whole is increasingly becoming mobile, bringing with it tons of new opportunities. In addition, more and more Indians are now switching to broadband internet, thanks to improvements in infrastructure.
All in all, the future looks very bright for India’s economic future. While some sectors seem to have reached their peak in terms of employment, many industries are still experiencing shortages. These shortages should provide the younger, fresher workforce, with tons of new opportunities for the next few years.