On January 26, 1950, India celebrated it first Republic Day with the Indonesian President Sukarno as the chief guest. Exactly 68 years later, India celebrated its 69th Republic Day on January 26, 2018, with ten heads of state from the Association of Southeast Asian Nations (ASEAN)!
We should take pride in this amazing journey that we have made together in the years of growth and turmoil! India, the world’s largest democracy, will be spearheading the growth of the global economy in the near future. Currently, the country has outgrown some of the world’s biggest economies like Canada, Italy and Brazil.
A recent study by the Centre for Economics and Business Research, an economic consultancy in London, states that India will soon surpass countries like the United Kingdom and France this year.
Why This Matters
India will be soon standing at par with the global economic superpowers including the United States, China, Japan and Germany! This is great news as we will soon be one of the top countries of the world in terms of economic growth.
So, what are the major areas of growth that India has witnessed over the last decade?
The Indian smartphone industry is one of the fastest-growing industries in the world. This year, 36% of all mobile users in India are expected to own a smartphone. The sharp increase in smartphone penetration is due to the availability of affordable devices in the market as well as people’s rising income.
According to a study by Zenith, a media agency based in the US, India is expected to have 530 million smartphone users by 2018, securing the second position globally.
With the availability of affordable smartphones and dirt-cheap 4G data packages, the number of internet users in the country has increased tremendously. With the introduction of ‘Jio,’ data prices have become extremely cheap in the industry.
To Put This into Perspective:
In 2017, India accounted for 58 billion of the worlds 175 billion app downloads!
According to a report by Cisco, with digital transformation, Internet users in India will increase from 28% to 59% by 2020!
Growth of the Online Gaming Industry
The Indian online gaming industry is skyrocketing in terms of revenue. The growth of India-centric games is the main reason for the spectacular success of the Indian game industry. According to a report by Nasscom, there are over 200 full-fledged game development companies in India and over 25% of the companies focus on developing India-centric games like online rummy, teen patti, and other RPG games.
Why This Matters
According to a recent report by Nasscom-AppAnnie, social card games like online rummy and teen patti have more monetization capabilities compared to other casual games.
Players have multiple options to play their favorite rummy games as they can easily choose from the best rummy sites in India. The future of the Indian game industry is bright and the industry is expected to be one of the largest in the world by 2020.
These are just some of the signals showing a rapid growth of India as a country.
What are your thoughts? Do let us know in the comment section below!