India’s diverse economy – the third largest in the world – encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. The country has a young population and a corresponding low dependency ratio, healthy savings and investment rates and is also focusing on improving global economic integration.
India is the world’s largest manufacturer of generic drugs, and its pharmaceutical sector fulfils over 50% of the global demand for vaccines. The country also ranks second globally in food and agricultural production, with slightly less than half of the labour force employed in the sector. Further, the services sector is a major source of economic growth for the country, accounting for nearly two-thirds of India’s output, despite only employing 31% of the work force.
In 2020, India’s ten largest trading partners were USA, China, UAE, Saudi Arabia, Switzerland, Germany, Hong Kong, Indonesia, South Korea and Malaysia.
In 2020, the Advisory Board Centre mapped professionals currently serving on Advisory Boards. This assessment identified over 34,000 professionals on Advisory Boards in India or 2% of the global Advisory Board market. There is also a projected growth of 132% for the Advisory Board sector in India.
Research has identified that the Advisory Board sector is emerging, and Advisors exist as a profession in India. As an emerging sector, advisory board professionals may have opportunities in key sectors including – services, computer software and hardware, and telecommunications – and are encouraged to stay open-minded to start-up and emerging industries.
There is a growing opportunity for professionals to increase participation in India, by formalising Advisory Board structures and collaborating on a global scale. As this sector grows, it is important to note that best practice credentials will shift the market from informal to formal Advisory Boards over time.
|Population||1.366bn||Labour Force by occupation|
|GDP by sector||Services||31%|
|Industry||25%||Global ease of doing business rank||63rd|
|Services||49.9%||Global ease of doing business score||71/100|