Start Your Business in These Industries

The ongoing pandemic has dented the Indian economy. The pandemic-led lockdown ceased businesses across the nation, followed by a dip in the country's GDP. Companies grappled immensely to withstand effects of the pandemic and sustain in the market. In such adversity, it becomes even more difficult to take decisive actions and predict the business market. 

Various industries devastated owing to negligible amount of customer demand. On the flip side, at this time, a handful of industries surfaced. These industries got the attention of new entrepreneurs or aspiring entrepreneurs. Want to know these sectors? Here are the fastest growing industries to start a business in India. 

Education Technology (EdTech) 

To avert transmission of COVID infection, academic institutions closed across the globe. At this juncture, edtech platforms surfaced and helped students to continue their education. The edtech companies aid students in preparing for entrance exams. Apart from this, these firms assist working professionals in upskilling themselves thereby, learning new skills.

According to a report by IBEF, virtual classrooms and digital education have swiftly become the new norm (as opposed to novelty), even as traditional models are being restructured to make learning more customized, engaging and interactive. Even before the COVID-19 outbreak, the Indian online education market was forecast to grow to $1.96 billion by 2021. EdTech got a massive boost with inflow of investments, acquisitions, upgrades in offerings and more players quickly shifting to online education and enrolling more students amid the COVID-19 crisis. Currently, there are over 4,500 active EdTech start-ups in India, of which approximately 435 were founded in the last 24 months.

E-commerce Platforms 

When the first lockdown occured, people’s lives were stranded at their homes with limited resources. Then, e-commerce became a boon for everyone as e-commerce companies supplied varied commodities from essential items to non-essential items. This, in turn, give a slight push to the e-commerce industry and catches the attention of new entrepreneurs. 

According to IBEF’s report, while most Indian consumers still depend on their neighbourhood stores for grocery, many ardent advocates of the mom-and-pop model have lately been switching to online retail platforms. Players in the space are capitalising on this trend to be an integral part of the daily grocery fulfilment value chain. Huge discounts are being offered on various items to ensure that all consumer needs are fulfilled. Given the rising demand, most players are recording a 20-80 per cent surge in order volumes despite challenges such as order delays and cancellations. In a way, the lockdown is gradually changing the mindsets of consumers and encouraging them to switch to online retail platforms. This indicates that e-commerce will be a sunrise sector in the long term even when the COVID-19 chapter ends.