India is slowly becoming one of the leading economies in the globe. The reason for such tremendous growth is the versatile nature of different types of markets in India. Right from the agricultural field to the large industries, everyone has their own substantial place in the Indian market. So the transition of money occurs on a very large scale and this promotes financial growth of the country.
Similar to the world economy, Indian economy too has market types such as the stock market, food (agricultural market), clothes market, real estate market, pharmaceutical market, industrial market, consumer market. These market places are mainly platforms wherein the manufacturer/ service provider sell/ exchange their goods/ products/ services to buyers. Each of the market is governed by an authority (usually led by government or government aided organization). Let us have a look at the prominent Indian market types in detail.
1. Agricultural market in India:
India is an agriculture based country. Agriculture is the major occupation of the Indian population. The agricultural markets in India include transport of farm products from the field to the wholesale marketing place, selling of the products to wholesale dealers, transport from the wholesale market to the retail market, and finally selling the products at retail price to the actual customers. Apart from this basic process, this market also deals with processing of food material, advertising of various brands, selling of seeds, manufacture and sale of farming products (such as pesticides, fertilizers, farming equipment etc), storage of the food items, packaging etc. It goes without saying that the turnover of the agricultural market is very huge in India.
2. Industrial market in India:
Industrial market has seen recent upsurge in India and it is more commonly known as business to business (B2B) market. It simply includes exchange of products or service from one business to the other for monetary gain and profits. In India, ‘outsourcing’ service or product needs by a large organization to a smaller one has become a common practice. For example, if a manufacturing organization of 500 employees is looking to start a short-term advertisement campaign for its latest product, then instead of engaging its current employees in the extra work or hiring new advertising professionals, the organization will simply outsource all its ad campaign related work to a smaller firm that specializes in advertising. The industrial market in India witnesses an extensive exchange of finances every year.
3. Stock exchange market in India:
The Indian stock exchange constitutes of the National Stock Exchange (NSE) and the Bombay Stock Exchange. Both these markets deal with the trading of shares of various companies that are listed with the corresponding stock exchange.
4. Real estate market in India:
Real estate market in India has seen surprising spurt in its growth in the last decade. In fact, it is estimated that by 2020 the real estate market in India will reach a whooping figure of US $180 billion! With the increasing population, there is increase in the demand of spaces for residence or commercial purpose.
These different Indian markets make the economy stronger. With the in-sync working of all these markets, it is sure that the Indian economy will continue to grow.