The main economic activity of India is agriculture, but services are the major source of economic growth, accounting for more than half of India’s output. It is world’s 2nd largest populated country and the economy of India is the fourth largest.
Software exports has major share in India’s total exports. The BPO sector has played a major role in increasing revenue for Indian Economy. India is truly the outsourcing capital of the world.
India has been one of the best performers in the world economy in recent years. The long-term growth prospective of the Indian economy is moderately positive due to its young population, corresponding low dependency ratio, healthy savings and investment rates into the global economy. The Indian economy has the potential to become the world’s 3rd-largest economy by the next decade.
Textile Industry to generate Employment:
After agriculture, Textile is the only industry which has given homes to many skilled and unskilled laborers. The textile industry continues to be the second largest employment generating sector in India. It offers direct employment to over 35 million in the country.
India shares 63% of global textile and garment market. It is 2nd in global textile manufacturing. Also it is the second largest producer of fiber in the world and the major fiber produced is Cotton. Other fibers produced in India include Silk, Jute, Wool, and man-made fibers. Hence, 60% of the Indian textile Industry is cotton based.
There are several public sector units and textile research associations across the country. TendersInfo, Tender Tiger, One Tender, Abcprocure, Procure Tiger, Auction Tiger, Certificate Tiger helps you locate online tenders, project news and more for this sector in India.
Petroleum Products and Chemicals:
Petroleum products and chemicals are a major contributor to India’s industrial GDP and together they contribute over 34% of its export earnings. India hosts many oil refinery and petrochemical operations, including the world’s largest refinery complex in Jamnagar that processes 1.24 million barrels of crude per day. India is one of the top 5 world producers of agro chemicals, polymer, plastics, dyes and various organic and inorganic chemicals.
Leading in the major production of crude oil, government floats various petroleum tenders, opening a stream for number of companies expanding their business in chemicals and petroleum products.
Government Efforts in improvising the Economy:
There are many reforms taken by the government to improvise the Indian economy. By almost every major economic indicator, India is doing better. GDP growth is up and inflation is down, foreign investment is up and the current account deficit is down, revenues are up and interest rates are down, the fiscal deficit is down and the rupee is stable.
Major steps have also been taken by the Indian government to improve banking efficiency. Government is also taking efforts to bring back black money stashed abroad which has led to the detection of as much as Rs 10,500 crore of illegal wealth.
To add on, the country is classified as a newly industrialized country, with member of BRICS and a developing economy with an average growth rate of approximately 7% over the last two decades.
The growth of the economy brings a number of tender opportunities. TendersInfo helps you get updated with various other tenders and tenders information worldwide such as public tenders, European Tenders, Middle East Tenders and much more.