According to the World Bank, India's Gross Domestic Product is predicted to plunge in 2020-21 by 9.6 percent, which reflects the impactful scenario of the national lockdown in the previous months and the unstable income by different business products and services. This growth is forecasted to return to 5.4 percent in FY22, when the COVID caused restrictions are entirely taken down. This forecast by the World Bank is aligned with the assessment of the other economic forums, multilateral agencies, and investment banks, which estimated the economy to shrink between 5 percent and 15 percent in the present fiscal year by the dreadful impact of the COVID-19 pandemic.
However, India, being one of the largest consumer markets in the world, where the middle-class consumers' population stands at 200 million in 2020 and is predicted to reach 475 million in 2030, there are vast business opportunities. Small and Medium Enterprises, in the urban and rural areas, are growing for the better. Receiving equal support from the luxury brands, the business product, and services sector offers a plethora of exclusiveness in technology, decoration, energy and utility, education, health and wellness, marketing and advertisement, sports, and entertainment. Experts suggest claims the huge population of India's middle and upper-middle-income fragment is underserviced at the moment for health and wellness, and education, where consumer goods and services can be developed. It gives space for business interruption, where businessmen can start filling with different modern products, thereby disrupting interruption.
In this issue of the CEO Insights magazine, we feature a list of `Top 10 Business Products & Services Companies - 2020', which provides the everyday products/services as well as products/services for extravagance time. The listing is prepared under the supervision of industry veterans, different business CEOs & VCs, and the CEO Insights Editorial board. We hope the listing brings out the products/services that the readers were in search of for a long time.