Market trends are changing drastically and this is giving more priority to online cloud-based businesses and digital marketing. Also, simple loan availing facilities with lesser interest have made it easy for budding entrepreneurs to initialise and start a new business. 2022 is one of the best years to start a new business because of contactless payments and new government policies for MSMEs organisations.
Due to the increase in GDP and per capita income, there’s a drastic increase in disposable income, so things that were perceived as wants earlier have become basic needs for sustaining now.
The most trending, latest, and most profitable businesses in India that one can do in today’s time to earn booming profits are given below:-
India has approximately 1.25 billion consumers of food with all the foodies and lovers of food out there. Also, India is one of the fastest-growing economies in the world. Food constitutes a major chunk of our culture and heritage. India has a varied sub-culture with each type of food and cuisine belonging to each specific sub-culture. Exporting spices or starting a food chain franchise can be a profitable business in India as India is one of the largest exporters of spices in the world. With new food trends coming daily, it can reap umpteen amounts of profits.
According to the general census and statistics, nearly 70 percent of Indians are involved in farming or agriculture. Organic farming can be a very lucrative business in India because of the abundance of natural resources and fertile land. India is comprised of nearly 20 percent of the total organic producers across the globe.
It is one of the best businesses for wanderlusts out there. India is also considered to be one of the most popular destinations for tourists. Many international tourists come to travel to India every year. According to the WTTC rankings, India ranks 10 out of 185 countries for the contribution of tourism to the GDP. However, businesses like travel agencies need to collaborate with other likewise sectors for sustainability such as the hospitality and transport industries to give it a required kickstart.
India is one of the largest contributors and exporters of generic drugs in the world. The revenue of the Indian pharmaceutical industry says it all. It was 55 million dollars in the financial year of 2020. This sector has a vast scope for progression and development with all those latest pharmaceutical trends pouring in. The scope for growth and potential career options in this industry is tremendous. This industry is very progressive with a large workforce including doctors, engineers, scientists, and researchers.
Digital marketing and online blogging and vlogging are in vogue nowadays. Everyone aspires to be a content creator or a blogger nowadays. According to a report by adobe, 48 percent of people stated that the design of a website is a primary factor in determining the credibility of a business. Due to the pandemic, online businesses have become the new normal. Techies can surely help new start-ups and newly budding online businesses in creating and setting up their websites. Due to the high demand for websites, it is considered to be one of the most profitable businesses in India.
The real estate sector in India is expected to reach 1trillion USD dollars by the end of the year 2030. Real estate has always been a thriving business in India with the rapid and swift rate of urbanisation. Real estate is one of the most booming sectors in India with a plethora of businesses and job opportunities. Housing sales alone have reached 2.61 lakh units across seven major Indian cities in the year 2019. However, the backoff point for this business is that it is quite expensive and one needs a very high capital for investment.
Big fat weddings in India are the norm. Over the past few years, themed weddings have become quite popular. The ‘Big Fat Indian Wedding’ market is around 40-50 million dollars in worth and is growing at a rate of 30-40 percent each year. Wedding planning is considered to be one of the most lucrative and stylish businesses as it caters the multiple income brackets and it’s quite interesting and innovative also.
One can start any sort of online business such as an online clothing brand, can give online tuitions or digital art or marketing business. One can also start a confectionery home bakery too. The online setup does not require much hassle and investment. Just polishing and good marketing and communication skills can do wonders. Online businesses of any kind have the potential to reap a lot of profits and it can go a long way.
Contract workers make up 34% of India’s massive workforce. As India is a developing economy, there’s always a requirement for contract workers to contribute to the ever-growing economy. It’s one of the most happening businesses with minimal capital investment. Just one needs to comply with all the legal requirements before starting this business.
Photography has a lot of scope in today’s world. One can be a wedding photographer as lots of pre-wedding photoshoots with a variety of themes are coming up nowadays. People also want their shots in the best possible way. Therefore, everyone needs a good and professional photographer nowadays. However, a good DSLR camera with a lens and tripod is the basic requirement for this business. It can be expensive but one can always avail of the facility of personal loans.