The Indian economy is the fastest developing economy in the world. After the launch of the Startup India scheme, the Indian market was flooded with a lot of new businesses. There are many businesses in India, but in the current blog, we are going to talk about the top 10 businesses in India. Business culture is increasing in India because of various schemes of the government which are providing relief to businesses. These reliefs included various tax exemptions and easy loan facilities. Due to modernization and technology friendliness, there is a drastic change in the trend of the market.
Businesses are not only producing billionaires but also helping the Indian economy to grow at a fast pace. After COVID-19, there has been a noticeable change in the choice of business. Now people are shifting towards businesses that are online. The fate of businesses in India is very bright due to the helping hand of the government.
List of top 10 businesses in India
The top 10 businesses in India that are trending in the Indian market and can give you a higher profit have been mentioned below:
Food and Beverages Business
The Indian food and beverages market is 1.25 billion consumer markets. Food is the basic requirement of every human being and it is an intrinsic part of Indian culture and heritage. There are varieties of people who are eating a variety of foods in India. In the last few years, business related to food and beverages has been at its peak. That was the reason in 2006 the government came up with a Food Safety and Standards Act. This act came up to protect the quality of food and beverages in the market.
As the food industry increased, the market competition was also at its peak. Due to that, food owners have started neglecting the quality of food and started making as much profit as they can. To cure the adulteration of the food market, the government came up with the Food Safety and Standard Act. As per this act, every food business owner has to get a license from the government to run a food and beverage business in India. That license is known as the FSSAI License. One can get this license through FSSAI registration.
Every single guideline to run a food and beverage business has been given under this act. If somebody neglects the guidelines of food safety and standards and will do something against the provisions they can be punished. Punishment can be a fine which may extend to 2 lakh rupees in certain situations. Therefore if you are thinking about doing the food and beverages business in India must adhere to the legal compliances regarding the same.
Real Estate Business
As urbanization is increasing, business in the real estate sector is also going hand in hand. Big skyscrapers, buildings, houses, offices, roads, etc become very common these days. All these come under the real estate sector of India. It is one of the booming sectors of the Indian economy which will have a plethora of businesses and job opportunities. It has been said that by the end of the year 2030 the real estate sector will reach 1 trillion US dollars in business. That is the reason it comes under the top 10 businesses in India.
Pharmaceutical Business
When it comes to generic drugs India is one of the largest contributors and exporters in the respective field. The revenue of the Indian pharmaceutical industry itself speaks about the growth of this industry. This is the reason it comes under the top 10 businesses in India. In the financial year of 2020, it was a 55 million-dollar market. This industry has great potential and various career options available like doctors, engineers, scientists, and researchers.
As this business is directly connected with the health of the people its legal compliance and due diligence are a little tough. One who wants to do business with pharmaceuticals needs to obtain various permissions, licenses, and registrations from the Indian government. Penalties and fines are so high that nobody takes risks to do the pharmaceutical business in contradiction with the law. Some of the licenses related to pharmaceutical businesses are wholesale drug licenses, Aayush licenses, retail drug licenses, etc. Licenses depend on business-to-business as well. Checks and balances on this business are more important because it is directly associated with the health of the people.
Wedding Planner a High Fashion Business
Big marriages with big budgets have become a trend in India. It doesn’t matter how rich or how poor a person is, all of them always prefer to do high profile marriages. Even after taking loans, people are doing big marriages. In the last few years, big fat Indian weddings like theme weddings, destination weddings, foreign location weddings, etc. have become very trendy. The marriage market is around 40-50 million dollars. Its growth rate is 30-40% each year.
Whenever a marriage happens there are a lot of things which are included in the marriages. These things are food, clothes, venue, music, dance, permissions, etc. Wedding planners make the job easy by doing these things all together. They took the order of marriage planning and did all these things on their own. Hence they make the job easy and budget high for those who want to enjoy big-budget marriages. That is why this wedding planner business is growing at a high rate in India and falls in the top 10 businesses in India. It is considered one of the most stylish businesses in India.
Virtual or Cloud Based Businesses
Virtual and cloud-based businesses are in the top 10 businesses in India. We are in the era of digitalization. Digitalization is one of the initiatives of the Indian government which was started a few years back. We live in a time where everything is just one click away from us. Technology makes us so lazy that we also want things to be in our hands in seconds. That is one of the reasons for the success of virtual or cloud-based businesses in India. Anyone can start their online business while sitting at their home. There are a lot of virtual businesses in India which are doing great in the Indian market. Some of them are Blinkit, Uber, Ola, Raipdo, Swiggy, Zomato, Amazon, Flipkart, etc.
Education and Training Industry
India is a country with the largest population with an age group between 5-24. Education and training is one of the must-provided things for this age group. Nowadays the education and training industry has become a business world. There are a lot of schools and colleges in the country that are making blind profit while providing education and training to the people. Not only with respect to India there are a lot of foreign students who come to India for the purpose of study. As per the data of 2021, under the “study in India project” 146% of applications have been increased. Till 2025 this sector of education and training has been expected to become a 225 billion dollar market. COVID has given an innovative idea to the education sector now there are a lot of platforms that are providing online education. Some of those platforms are Byju’s, IGNOU, unacademy, etc
Fast Moving Consumer Goods
Fast Moving Consumer goods are the full form of FMCG. FMCG is the fourth largest business sector in India. Its demand is not only popular among the urban citizens but also among the rural population. 50% of the sales of FMCG are with household and personal care items. It is one of the businesses that was hit hard but again got speed when in the pandemic situation. The purpose of giving an example of a pandemic is that in a tough situation like a pandemic, this business sector manages to be there in the market and maintain its place. It is the most deserving business to be in the top 10 businesses in India.
Financial Services
In the last few years, the income tax return filed by the population of India has increased. This is because of the government’s strict action against those who are not filing their income tax return. With punishment, awareness created by the government regarding taxation creates a great impact. Some of the financial services-providing entities are commercial banks, insurance establishments, NBFCs, etc.
IT Industry Business in India
This needs no explanation as to why this sector comes under the top 10 businesses in India. Software development, software management, software consulting, website designing, online services, BPO, etc. are part of this IT industry. In the growth of the Indian economy, it plays a very important role. We are living in the era of technology and this sector is completely related to technology. Growth in this sector will be more and more in the future as we can see the latest and high-tech technology is developing on a daily basis. Some of the examples of the IT sector are Infosys, Tata Consultant Consultancy Services, Tech Mahindra, etc.
Organic Farming Business
After understanding the ill effects of fertilizers and chemicals people become more health conscious. They prefer products of organic farming instead of products that are the result of chemicals and fertilizers. This increased the number of consumers of organic farming products in the market. In the last few years as per general census and statistics nearly 70% of the Indian population is growing vegetables and fruits on their own. The concept of Terrace farming is evolving day by day. More and more people are starting terrace farming so that they can do organic farming. The rates of organic farming products are higher than the ones which are based on chemicals and fertilizers. Hence more and more farmers are doing organic farming. 20% of the producers in the world are from India when it comes to organic farming.
General Legal and Finance Compliances Regarding Businesses
For any kind of business, whether it comes under the top 10 businesses of India or not, certain legal and financial compliances are a must. Given below is the list of a few general legal and financial compliances:
- Registration and Licenses
- Permission as per the applicable law
- Shop and Establishment Certificate
- GST Registration and time-to-time return filing
- Compliance with labor laws
- Compliance with environmental laws
- PTRC and PTEC if applicable
- Income tax filing
- Company compliances
Conclusion
With respect to businesses, the market is very broad. There are a number of businesses in the market out of which the top 10 businesses in India have been discussed in the current blog. The Indian business landscape is experiencing rapid growth, fueled by government initiatives and technological advancements. The most important thing to know before starting any kind of business is its legal and financial compliances. Entrepreneurs must navigate legal and financial compliances, encompassing licenses, permissions, tax regulations, labor laws, and environmental standards, to ensure sustainable and successful operations within the dynamic Indian market.
