Indian economy has clearly shown signs of revival and 2021 is bound to be a happier fiscal year after the pandemic stricken slump in 2020.
Our country has exhibited quick decision making as well as innovation across fields during this pandemic. This was pivoted with the help of a cohesive ecosystem where the Indian government and notable private players joined hands for a spontaneous response. According to many recent surveys, business activity is growing despite a rising number of infections.
In my opinion, Technology in India is advancing at a breakneck pace, and all sectors that are building on tech, will definitely emerge as winners.
The Government of India launched two schemes in July this year for the promotion of indigenous manufacturing of active pharmaceutical ingredients (APIs), drug intermediaries (DIs) and key starting materials (KSMs). The government’s objective is to achieve self sufficiency in terms of production in Chemicals and Pharmaceuticals.
Being heavily invested in the pandemic from various angles, India along with other countries will now prepare for any such health emergencies that might arise in the future.
There is an unquestionable need for stronger healthcare infrastructure, in India and many other countries. For India, new age R&D systems and speedy analysis with economical innovation is the solution.
To make that possible, we need researchers who are skilled in the latest technologies and knowledgeable candidates who can readily take up challenges. The need for research activities and the importance of funding in research programs will lead to an increase in chemicals and pharmaceutical jobs.
2. Electric Vehicles
For India, manufacturers like Hyundai, Mahindra, MG Motor, Tata among four-wheelers and a host of two-wheeler manufacturers including TVS, Bajaj and Ather Energy are leading the way.
As part of our government’s initiatives to make India an electric vehicle hub by 2030, Union transport minister Nitin Gadkari recently announced setting up infrastructure for at least one electric vehicle charging kiosk at around 69,000 petrol pumps across the country.
The collaboration from private players, OEMs and government bodies is bound to create a large number of employment opportunities. Diverse areas like R&D, manufacturing, sales, servicing, driving as well as technology will require apt talent. This will be accompanied with upskilling that can directly propel labour availability specifically for the EV sector.
EVs in India could represent an INR 500 billion opportunity by 2025, according to a report by Avendus Capital.
3. Logistics & Supply Chain
This pandemic has made the world realise the need to reimagine supply chains, and avoid too much reliance on China. Greater efficiency is being explored by virtue of more collaborative operating models, and this is only the beginning. Heightened customer expectations, technological breakthroughs, new players in the industry, and new ways to collaborate are together giving the Logistics sector a major makeover.
Government initiatives and reforms such as GST, Make-in-India, self-reliant India initiative etc. will promote domestic production and manufacturing which thereby will lead to the growth of the logistics sector.
Among other reasons, logistics and supply chain will benefit from the acceleration of e-commerce, as a continued surge will solidify industrial and logistics as a top performing sector.
While hiring became slower in the wake of a global pandemic, essential services such as in the medical and public health fields were stretched thin for talent. Even before the pandemic, the lack of adequate hospitals and medical staff across tier 2, 3 and rural India was always an important lacunae.
The healthcare industry is now offering many employment opportunities beyond being a doctor or a nurse. Going forward, every key element in the hospital and hygiene domain like medicine, CROs, testing & diagnostic labs, biosecurity
measures, social care and environmental health, smart medicine and cold storage will have a larger part to play than before.
Once again, the worldwide need for readiness against similar future situations will drive this growth.
India is the second most populated country in the world. This means that our food requirement is perennial and recession proof.
India’s food processing sector is one of the largest in the world and its output is expected to reach $ 535 Bn by 2025-26.
An increasing focus on sustainability, health and freshness has placed significant pressure on the food industry to innovate. Change in consumer tech and industrial tech (process, package and distribution), added to the burgeoning need for organic and sustainable food choices is driving this sector.
India continues to be among the top six countries globally, with the highest number of deals in agricultural technology. By 2024, food processing is expected to employ 9 million people in India, alongwith generating about 8,000 direct and 80,000 indirect jobs in the state, according to an ASSOCHAM-Grant Thornton report.
Amidst the ongoing geopolitical tensions, the sectors that can adapt to current tides will have a first-mover advantage and will lead to the creation of job opportunities in 2021.