The Indian Health Industry’s Contribution to the Economy

02-Sep-2016 09:50 am 0

The Indian health sector is growing at a brisk pace while providing investors with plenty of opportunities. Although there’s a great scope for the sector to flourish more in the future, the health sector remains the most neglected GDP. There are many factors that have contributed to the success of the industry and opened the doors of opportunities for small and medium businesses in India. In recent years and across multiple regions the sector has become consolidated and corporate.

Some of the factors that are driving the growth of the health industry are:

  • The economic growth
  • Increasing income
  • Increasing population
  • Increasing working class group – 65% by 2020
  • Advancement of medical treatments and technologies

A good rate of employment generation

With an increase in the old population and rising disease, the need for healthcare services is anticipated to become stronger. While it’s an opportunity for the industry to grow and create job opportunities, it’s also a big challenge for them to meet this demand. To meet this huge demand, the industry will need a great number of healthcare experts and skilled labour.

Productivity will be increased

Healthcare investment can be a constructive step for various areas of the country’s economy.  Many big and small firms are now investing in employee insurance to ensure the health of their employees. The labour productivity can only be enhanced by helping them improve their physical and mental abilities, such as strength and cognitive functioning. Therefore, health Therefore, health has far-reaching effects on productivity.

Forex will be increased

India is an emerging power and it is investing wisely in its health industry. We are emerging out to be one of the fastest evolving leading destinations for international patients. India is advancing technologically, enhancing its quality of care imparted, skilled medical staff, and cost. All this has invigorated the influx of foreign exchange which is eventually strengthening our position in the international market.

Innovation and entrepreneurship

Entrepreneurship can have a major effect on the economy’s growth. With the arrival of pioneering healthcare models, such as fitness centres, diagnostic chains, diabetes clinic, the entrepreneurial spirit has definitely increased. Eventually, this will create direct or indirect employment opportunities, increase productivity and the potential.

 

Summary
Article Name
The Indian Health Industry's Contribution to the Economy
Description
The Indian health sector is growing at a brisk pace while providing investors with plenty of opportunities.
Author
Publisher Name
OfBusiness

Leave a Reply

Your email address will not be published. Required fields are marked *