IRP’s 2024 summer destination is India, a country that offers a multitude of opportunities for those seeking to gain experience and make an impact in a variety of sectors – a perfect fit for IRP!
With a population of over 1.3 billion and a GDP of 2.87 trillion USD, India is a market brimming with potential. Its rapidly growing economy and diverse industries make it an attractive hub for international investments. The country’s innovative spirit have positioned it as a global leader in various fields, including information technology, pharmaceuticals, and renewable energy.
India is not only a land of business opportunities; it’s a nation steeped in history and culture. With a heritage dating back thousands of years, the country is a mosaic of traditions, languages, and cuisines, offering a rich tapestry of experiences for every visitor. From the iconic Taj Mahal in Agra to the serene backwaters of Kerala: India’s landscapes are as diverse as its cultural heritage.
Dhanyavaad and see you in India!
industry Trends in India
India is the world’s third-largest automobile market, the largest manufacturer of three-wheelers, passenger vehicles, and tractors, and the second-largest manufacturer of two-wheelers.
India is expected to become a leader in shared mobility by 2030, providing opportunities for electric and autonomous vehicles.
The Indian government has committed that at least 30% of the new vehicle sales in India should be electric by 2030.
Agriculture & Food processing
India is the second largest producer of fruits and vegetables, rice, wheat, groundnuts, cashew, and tea, and accounts for 10% of the world’s fruit production with first rank in the production of bananas and sapota.
India has the largest milk production in the world, contributing 24% of global milk production. Furthermore, India is the number one producer of sugar.
Agriculture, with its allied sectors, is the largest livelihood provider in India.
India relies heavily on three main fuels: coal, oil, and solid biomass, which collectively fulfill over 80% of its energy needs. Coal is crucial for electricity and industry, remaining the dominant energy source.
India is 4th globally in Renewable Energy Installed Capacity, which includes Large Hydro. India is the 4th in Wind Power capacity and the 4th in Solar Power capacity.
India has increased its installed non-fossil fuel capacity by 396% in the last 8.5 years
Electronics System Design & Manufacturing
India has a target to grow their market for electronics manufacturing to USD 300 billion by 2025.
The Electronics System Design & Manufacturing (ESDM) is essential for the India’s goal of generating USD 1 trillion of economic value from the digital economy by 2025.
The ESDM industry includes electronic products relating to IT, telecom, consumer electronics, aviation, aerospace, defence, solar photovoltaic, nano and medical electronics.
Health & Pharmaceutical
India is the largest provider of generic drugs globally and is known for its affordable vaccines and generic medications.
The Indian healthcare sector is one of India’s largest employers, as it employs a total of 4.7 million people.
India’s competitive advantage lies in its large pool of well-trained medical professionals. India is also cost competitive compared to its peers in Asia and western countries.
Aviation & railways
Indian aviation is the third-largest and fastest-growing market in the world, growing at almost 10% for the last decade, almost 2.5 times the global average.
India’s airport capacity is expected to handle 1 billion trips annually by 2023. Domestic traffic contributes around 69% of the total airline traffic in South Asia.
India is projected to account for 40% of the total global share of rail activity by 2050. Indian railways span 68 thousand kilometres, making it the fourth largest in the world.