Indias last three budgets, which can be seen as statement of economic policy, have focused on two major principles: to portray India as an attractive destination for capital, and increase in public spending to raise returns and attract private investors.
Uncertainty has descended upon the $150-billion Indian outsourcing industry in anticipation of the protectionist regime under President Trump. Protectionism has been a popular election rhetoric across nations, and more so in recent times. And the voting masses seem to like it. Will Trumps campaign cry for protectionism cross the boundaries of poetic drama and come alive as laws?
Gems and Jewellery
- The gems and jewellery sector has been playing a very important role in the Indian economy and contributes about 7% to the country's gross domestic product (GDP).
- India is the world’s largest consumer of gold, accounting for over 20% of the global gold consumption
- India exports 95% of the world’s diamonds, as per statistics from the Gems and Jewellery Export promotion Council (GJEPC).
- The industry is projected to generate up to $35 billion of revenue from exports by 2015.
- The domestic gems and jewellery industry had a market size of $41.61 billion in 2013, with potential to touch $85 billion by 2018.
- India's life insurance sector is the biggest in the world and is expected to increase at a compound annual growth rate (CAGR) of 12%-15% over the next five years.
- The insurance industry plans to hike penetration levels to five per cent by 2020, and could top the $1 trillion mark in the next seven years.
- The total market size of India's insurance sector is projected to touch $350-$400 billion by 2020 from $66.4 billion in 2013.
- The food processing industry is one of the largest industries in India and is ranked fifth in terms of production, consumption, export and expected growth.
- The total food production in India is likely to double in the next 10 years with the country’s domestic food market estimated to reach $258 billion by 2015.
- Agriculture, which provides employment to 52% of the population, is estimated to account for 14% of the country’s gross domestic product (GDP).
- The Indian food industry which presently stands at close to $135 billion with a CAGR of 10%, is expected to touch $200 billion by 2015
- The Indian food and grocery market is the world’s sixth largest, with retail contributing 70% of the sales. It is projected to grow at the rate of 104%, touching $482 billion by 2020.