Which Industry is known as the Sunrise Industry?
By BYJU'S Exam Prep
Updated on: November 9th, 2023
The IT industry is called the sunrise industry because of its high growth rates, startups, and huge capital funding. A sunrise industry includes petrochemical, food processing, space tourism, and online encyclopedias. The automobile industry has grown significantly in India. In the Indian economy, the car sector is frequently referred to as the “Sunrise Industry” due to its recent and rapid expansion. A firm or industry that is only getting started yet and expanding quickly is referred to as a “sunrise industry” in common parlance.
Sunrise Industry in India
Sunrise industries are new or relatively new, are expanding quickly, and are anticipated to grow in importance over time. Examples of sunrise industries are the creation of hydrogen fuel, petrochemicals, the food processing sector, space travel, and online encyclopaedias.
A sector or company that is only getting started yet shows promise of a quick boom is referred to as a sunrise industry. Sunrise sectors are frequently characterised by rapid growth rates, lots of new businesses, and plenty of venture capital financing.
- Sunrise industry refers to a young, expanding economy sector, particularly electronics and telecommunications
- The IT sector is a sunrise industry since it has rapidly grown over the past 10 years
- It is still expanding, and there is a tonne of room for expansion in the years to come
Summary:
Which Industry is known as the Sunrise Industry?
The Sunrise industry is the fastest-growing industry which is expected to become the most important in the coming time. IT industry is termed as a sunrise industry in India. The main sunrise industries are electronics and telecommunication. Examples of sunrise industries are the creation of hydrogen fuel, petrochemicals, the food processing sector, space travel, and online encyclopaedia. The IT sector has rapidly grown over the past 10 years, earning it the moniker sunrise industry.
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