Business Sectors Grow In 2022-24

1) Automobile : 

The Indian automobile sector is heading into 2022 with a bullish outlook in its effort to reclaim pre-pandemic sales volume, having laid a solid foundation in 2021 despite manufacturing being hampered by a semiconductor scarcity. Furthermore, the sector has the strong backing of the government with favorable policies, such as the FAME-II scheme, the enhancement of incentives for two-wheelers, and the launch of the production-linked incentive (PLI) scheme sector and PLI for advanced chemistry cell, worth INR 26,000 crore and INR 18,000 crore, respectively. This backing will not only help the sector to stand up to its pre-pandemic era but also provide enormous support to the sector as it adopts advanced technologies.


2) Textile : 

The domestic textile sector, which saw demand fall in fiscal 2021 due to the commencement of the Covid-19 pandemic, is on track to rebound in fiscal 2022 as a result of the reopening of enterprises, educational institutions, and retail outlets, as well as an increase in the vaccinated population. Sanctions on Chinese textiles have also encouraged Indian textile exports. A CRISIL analysis also says that the Textile firms are set to spin their way to recovery in 2022. Furthermore, Government initiatives such as the Production Linked Incentive Plan, the establishment of mega textile parks, and the extension of the Rebate of State and Central Taxes and Levies scheme are also helping the sector.


3) Fin Tech 

Before the epidemic, there had been a tremendous acceleration in FinTech acceptance, with adoption doubling every two years. When the globe was hit by the epidemic, FinTech became a critical commodity for all organizations in order to stay afloat in these turbulent times. Advanced technology, along with the demand for financial market fluidity, facilitated the rapid adoption of FinTech solutions, and even the most skeptic firms were pushed to accept it. While 2020 and 2021 were years of FinTech acceptance, 2022 and beyond will be years of innovation and revolution.


4) Pharma or Indian Pharmaceutical Sector (IPS) : 


          The Pharma sector is linked with the healthcare sector, as the healthcare sector is expected to grow in 2022, the pharma sector is also looking forward to a promising year ahead. According to rating agency ICRA, the IPS would grow at a rate of 9-11% in 2021-22, with domestic and developing markets driving growth in the next quarters. According to ICRA, revenue growth in the second quarter of FY22 was mild at 6.4%, down from 16 percent in the first quarter of 2021-22 in a sample of 21 Indian pharmaceutical businesses. The normalization of the base and price pressures in the US market were the key causes for the decreasing growth momentum in Q2 FY22, even if growth in domestic and developing markets remained solid, according to ICRA


5) Renewable Energy : 

Following a year of uncertainty, India's renewable energy sector is expected to boom in 2022, with an estimated investment of more than USD 15 billion as the government focuses on EVs, solar equipment manufacturing, green hydrogen, and meeting the ambitious 175 GW renewable capacity target. India has somewhat more than 150 GW of installed renewable energy producing capacity, with an aim of achieving 175 GW by 2022. Solar would provide 100 GW, wind would provide 60 GW, bio-power would provide 10 GW, and small hydropower projects would provide 5 GW.


FDI inflows into India's non-conventional energy industry totaled US$ 10.28 billion between April 2000 and June 2021, according to statistics supplied by the DPIIT (Department for Promotion of Industry and Internal Trade). In 2018, the country's new renewable energy investment was US$ 11.1 billion. According to the analytics firm British Business Energy, India would be ranked third in the world in terms of renewable energy investments and ambitions in 2020.