Top 4 Business Opportunities in Madhya Pradesh
Madhya Pradesh is a centrally situated state in India. The GSDP (Gross State Domestic Product) of the state for the year 2019-20 was 9.07 trillion (129.73 US billion dollars). The GSDP speeded up at a Compounded Annual Growth Rate (CAGR) of 13.78% between the year 2015-16 and the year 2019-20. The NSDP (Net State Domestic Product) of Madhya Pradesh was around INR 8.27 trillion (117.32 US billion dollars) between the year 2019-20. And the NSDP of the state grew at a CAGR of about 14.21% as illustrated below:
Related Projects:- Best Business Opportunities in Madhya Pradesh
The highly proficient team of NPCS with a well-designed plan assures higher gains. We offer all the vital information required for the project.
Based on the availability of resources, the following business opportunities could be exploited:
- Mineral-Based Business: The state of Madhya Pradesh has an abundance of mineral reserves across several districts. As it is bestowed with conducive geo tectonic setup that comprises every occurrence of mineralization the earth is going through. The state ranks 3rd in the country in mineral production, after Jharkhand and Chattisgarh. The 16 significant minerals contributing to the economy of the state include bauxite, limestone, coal, manganese ore, dolomite, diamond, rock phosphate, base metals, granite, flagstone, marble, calcite, slate, silica sand, quartz, fireclay, and molybdenum.
It is the only state in the nation to produce diamond accounting for about 90% of the total reserves including diaspore (63%), laterite (61%), pyrophyllite (56%), Molybdenum (41%), Dolomite (29%), Rock phosphate (17%), and Granite (17%).
Related Projects:- Minerals, Marble, Granite, Gypsum, Quartz, Talc, Mica Projects
As illustrated below, the following regions in Madhya Pradesh are rich in various mineral resources:
Considering the wide availability of minerals in the state, there remains huge scope for mineral-based business in the state.
- Agro-Based Business: The agricultural sector is the backbone of the state due to diverse climatic and soil conditions conducive to a wide range of agricultural produce. It contributes to one-fourth of the GSDP (Gross State Domestic Product) and is the primary source of employment for more than 65% of the population. And accounts for more than 60-75% of the rural income. It is the largest manufacturer of wheat and soybean. The renowned variety of Sharbati wheat is grown in the Vidisha, Sehore, and Ashok Nagar districts of the state. Madhya Pradesh is also a leading producer of linseeds, sunflower, mustard, safflower, garlic, green pea, garlic, coriander, and mustard.
Related Projects:- Food Processing and Agriculture Based Projects, Snack Food, Frozen Food, Agro Processing Technology
- Herbal-Based Products: The naturally occurring herbs have made the state herbal hub of the nation. From the 131 agro-climatic zones of the nation, 11 are in Madhya Pradesh. The state is a natural habitat for more than 50% of the herbs used in the pharmaceutical industry. Due to the factors such as cheap availability of land, raw medicinal herbs, single-window clearance for drug license, and trained man-power, manufacturing herbal-based products would be a beneficial venture.
Related projects:- Herbs and Herbal Based Products
- Tourism-Based Business: As the name indicates, the state of Madhya Pradesh lies in the middle of India. Tourism is a significant contributor to state revenue and is classified as cultural, wildlife, and heritage tourism. The state is a collection of several districts, varied topographic, and climatic conditions. Apart from the natural wildlife, the state is also known for its splendid structures from the ancient and medieval periods. The erotic Khajurao temples, splendid forts and palaces of Gwalior, exclusive temples of Ujjain, and beautifully engraved buildings of Orcha exhibit the rich and varied heritage of the state that attract tourists in the state and across the globe. Considering the state boosts a wide range of exotic wildlife, temples, and monuments, there is a large scope for different tourism-based ventures.
Related projects:- Services Sector
NPCS is one of the progressive brands in the industrial domain offering integrated technical consulting. Having assessed the market for, ‘Business Opportunities in Madhya Pradesh’, executing the same would be a profitable venture to step into.
Related Videos: – Business Opportunities at Central India, Central India States Startup Ideas, Profitable Business Ideas
Pr.Pet_Art2021