The business industry has a lot of interrelated sectors, all of which are interdependent in their own right. Oil is one such important commodity whose prices determine a great part of the cost of doing business in the oil producing countries. One of the other vital commodities that also dictate price rates is gas or petroleum. There are numerous other business industries too that form important economic components of the economy. They include banking, insurance, retail, travel, software, telecommunication, banking, information technology, pharmaceuticals, chemical processing, automobiles, and petroleum refining and production. Let us take a brief look at some of the most important sectors of the Indian economy that have a direct bearing on the prices of the crude oil.
Agriculture:
This is an important industry that forms a major input for another sector and that is the chemical industry. In India the agriculture industry consists of almost seventy-five percent of the total workforce. So, agriculture is one of the pillars of an emerging economy. Dairy, beef, sugarcane, tea, wheat, and rice are some of the agricultural products that form the basic inputs for the manufacture of almost every country’s food supply.
Health Care Industry:
India’s healthcare industry is one of the fastest growing sectors in the world, and it contributes about fifteen percent of the Gross Domestic Product (GDP) of every country. There is a huge scope for the health care industry in India as there is a huge requirement for skilled manpower. Almost every country in the world has a huge health care industry, and India can expect a colossal growth in this sector as well. The infrastructure development in the country is great, but it is still lagging behind in terms of technology adoption and scope for multinational companies to make profits.
Hospitality Industry:
The hospitality industry refers to all the activities relating to the business industries related to the hospitality sector. The business of hotels, restaurants, pubs, bars, discos, etc., involves a lot of financial activities. The hospitality industry employs around thirteen million people. A major part of the revenue generated in the health care industry is generated from the hospitality industry. This sector contributes about fourteen percent of the Gross Domestic Product (GDP) of almost every country in the world.
Internal Environment:
A vibrant and strong internal environment promotes a strong business performance. The internal environment includes staff, the managers, supervisory staffs and other employees. The effectiveness and efficiency of the internal environment are determined by the business strategy adopted by the company. The business strategy determines the objectives and strategies for attaining the business objective and the strategies are implemented accordingly.
Macroeconomic activities:
The macro economic activities refer to the business activities such as Gross Domestic Product (GDP), Gross National Income (GNI), Gross National Income (NRI) and Gross Domestic Product (DIP). The size of the economy is determined by the Gross Domestic Product or GDI. The size of the economy is affected by the Gross National Income is affected by the Gross Domestic Product. A major component of the GNI is the tourism industry, where visitors to the major tourist destinations in a country spend a substantial amount of money. On the other hand, the NRI is the net asset created by domestic businesses in a particular country. These two components of the GNI together form the fiscal base of the economy.
Pharmaceutical Industry:
One of the most important sectors of the pharmaceutical industry is the Pharmaceutical manufacturing sector. It constitutes the bulk of the business industries in almost every country. The pharmaceutical manufacturing includes the production of medicines and their derivatives.
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Infographic provided by OmniAb, an antibody discovery platform research organization
Some of the important pharmacy industries include the Biotechnology industries, Nanotechnology industries, food additives industries, nutrition, personal and cosmetic products industries, veterinary science and pharmaceutical drugs and drug ingredients industries.
Food additives industries:
The food additives industries provide employment to millions of people and contribute significantly to the Gross Domestic Product (GDP) of a country. A major contributor to the Gross Domestic Product is the agriculture sector, which employs millions of people. A major component of the food additive industries is the livestock and poultry industry, which includes poultry, pork, beef, dairy, sugarcane, insecticides, antibiotics and hormones. In order to develop new medicines, it is important for the pharmaceutical industries and food additive industries to collaborate and partner with one another.
