How Many Types of Industries are There in India

Introduction:

Traditionally, India has had six major industries. These were iron and steel, textiles, jute, sugar, and cement. Additionally, four new industries joined the list: petrochemicals, automotive, information technology (IT), banking and insurance. These industries are important to the Indian economy. So, understanding the growth of these industries can give you a good idea of the relationship between growth and public policy.

Iron and Steel Industry:

The Iron and Steel industry is one of the most important industries in terms of total investment. Typically these are public sector companies. The industry also provides direct employment for approximately 2.5 million workers.

India became the world's second-largest steel producer in 2019. Recent foreign direct investment in the metallurgical industry has played an important role in increasing domestic steel production. The government has provided several manufacturing-related incentives to encourage further investment in the industry.

The major companies in the Indian Iron and Steel Industry are:

• Tata Steel

• JSW Steel

• Steel Authority of India Limited (SAIL)

• Jindal Steel and Power

• Tata Steel and BSL

• Vedanta

Textile Industry:

This is a complex industry with two extremes - sophisticated mechanized mills on one end and hand-weaving and hand-spinning on the other.

Between the two ends is the decentralized loom sector. Considering all three sectors, the textile industry is the largest industry in India.

It accounts for about 20% of industrial production and employs over 20 million people. It also provides about 33% of total export earnings.

The major companies in the Indian textile industry are:

• Raymond Ltd.

• Bombay Rayon Fashions Pvt. Ltd.

• JCT Ltd.

• Arvind Ltd.

Jute Industry:

The jute industry can earn foreign currency. India accounts for about 30% of global jute production. The jute industry also provides direct employment for nearly 2.5 million people.

Additionally, nearly 40,000 households make a living from growing jute. Currently, the industry has started using high-speed machines and looms to make carpet warps.

Sugar Industry:

India is one of the largest sugar producers in the world. Also, the sugar industry is the second largest agricultural industry in India.

Employs approximately 3.25 million workers and creates indirect employment for approximately 45 million sugarcane farmers, retail dealers and ancillary industries. There are also around 400-500 sugar mills in India.

Pharmaceutical Industry:

India's pharmaceutical industry is one of the most technologically advanced and science-based pharmaceutical industries in the world. Several large pharmaceutical companies operate in India. These companies have their own research and development programs for the development and production of various drugs and vaccines. Several financial institutions have valued the Indian pharmaceutical industry at around $40 billion and this value is expected to increase.

The major companies in the Indian Pharmaceutical Industry are:

• Sun Pharma

• Divi's Laboratories

• Cipla

• Reddy's Laboratories

• Gland Pharma

• Torrent Pharmaceuticals

• Lupin

Banking and Finance industry:

The banking services sector is one of the sectors that has increased in demand over the past few decades. This growth has been further supported by the many fintech launched over the past five years. India is also one of the largest digital markets in the world. In recent years, the central government has carried out several banking reforms to make the Indian banking process fraud-free and transparent.

The major companies in the Indian Banking and Finance industry are:

• State Bank of India

• Bank of Baroda

• Bank of India

• Punjab National Bank

• Axis Bank

Conclusion:

India had six major industries. These were iron and steel, textiles, jute, sugar, and cement. Additionally, four new industries joined the list: petrochemicals, automotive, information technology (IT), banking and insurance.