5 Most Profitable Business Opportunities in Gujarat
Gujarat is one of the leading industrialized states in India. Gujarat is a leader in industrial sectors such as chemicals, petrochemicals, dairy, drugs and pharmaceuticals, cement and ceramics, gems and jewellery, textiles and engineering. The industrial sector comprises of over 800 large industries and 453,339 micro, small and medium enterprises.
The Industry groups together account for around 82.05 per cent of total factories, 95.85 per cent of total fixed capital investment, 90.09 per cent of the value of output and 93.21 per cent of value addition in Gujarat's industrial economy.
Gujarat also ranks top in ease of doing business among Indian states. Here is the list of some profitable business opportunities.
Gems & Jewellery Business
Gujarat is internationally renowned for the production of unique hand-made silver ornaments. The state is the world’s largest producer of processed diamonds, accounting for 72 per cent of the world’s processed diamond share and 80 per cent of India’s diamond exports.
The reason behind the tremendous growth of this industry is because of the increase in the demand driven by the expansion of the middle class and support from the government in increasing the competitiveness. Thus, starting a Gems & Jewellery business is highly profitable.
Gujarat has a well established cooperative dairy sector and is the third largest milk producer in India. Gujarat Cooperative Milk Marketing Federation (GCMMF) has been leading in milk production and distribution under the brand name Amul.
Dairy Industry plays a vital role in driving the economy of Gujarat. And owing to many government policies and schemes to encourage dairying in Gujarat, starting a dairy business is a lucrative business opportunity.
Gujarat is a leader in textiles with more than 1500 medium and large textile units. Gujarat's textile market is estimated to be around USD 25 Billion. Gujarat is known as “The Textile State of India” & “Manchester of the East” & “Denim Capital of India”. The government of India also provides support to Textile Park Developers and Textile Manufacturers through various schemes and policies. Thus, it is a highly profitable industry to start your business.
Gujarat is emerging as a key investment destination for the major auto players. It is one of the leading states in owning vehicles with 14.4 million total vehicles. The state is set to become the country's automotive hub within the next few years. Gujarat government plans to increase the share of automotive industries in its overall engineering output to 10% by 2020, from the current 3.7%. Thus, venturing into the automobile industry is a profitable business move.
Gujarat is ranked number 1 in the pharmaceutical industry in India, with a 33% share drug manufacturing and a 28% share in drug exports. The state of Gujarat accounts for 33% Of India’s pharmacy sector turnover. The state has 117 USFDA certified drug manufacturing facilities. Approximately 40% of India’s machinery for the pharmacy sector is manufactured in Gujarat. Hence, it is profitable to start a pharma business in Gujarat.