The services segment is not only the leading sector in india’s GDP but has also captivated radical foreign investment streams, added significantly to exports and also granting large-scale services. The service sector in India covers a variety of niches including storage, transport, financing, restaurants and hotels, personal services, telecommunication, oil and gas, consumer goods and basic materials etc.
India is still deemed as a growth story
Despite the fact that conservative GDP of India has increased 6 to 7 percent, it is anticipated that the consumption expenditure will rise by a factor of 3 to reach $4 trillion by the year 2025.
India’s so-called year over year spending pace of 12 percent is more than twice the expected global rate of 5 percent. It will certainly make India the third biggest consumer market within the period of fewer than 10 years.
Rising wealth is the major driver of rising consumption. There are five household income classes; elite, then affluent, and followed by aspirers, billion and lastly the strugglers. The first two income classes are multiplying at the fastest rate. According to the statistics, the share of elite and affluent class holders will grow from 8 to 16 percent in upcoming years. Whereas the share of strugglers class holder will drop to 18 percent from 31 percent in the near future. The major part of the Oil And Gas industry has managed to survive few tough years with feeble demand and quite low prices.
It has been very difficult to take strategic decisions and devise a plan for future. Only, for now, the sector is starting to emerge from the upheaval.
If you are an oil and gas supervisory peering out over the year 2017 and beyond, you are certainly going to encounter cultural as well as structural issues. Even the leading companies are lacking the talent, processes, facilities, and innovative systems to cater the uncertain marketplace.
The shift towards the technological side
Here is a list of top leading companies in U.S.A for the year 2017
- Tech
- Microsoft
- Wal-Mart Store
- Retail
- Procter and Gamble
- Chevron
- FMCG
- Insurance
- Bank of America
These leading companies should get themselves prepared to chase new extraction and drilling technologies for data mining, to increase your research and accountability.
To plan for the future, sectors like oil and gas must consider few fundamental questions like is my business model right in its place? Or how the organization can generate new capabilities and in which area.
As the emerging companies addressing the challenges beforehand, we are going to witness numerous business models and strategic response in the time period between now and 2020. These are rapid developmental changes to cater the emerging trends affecting the consumer buying patterns and consumer behaviour.
