SUNRISE
SECTOR - ECONOMY
News:
India’s food processing
industry a ‘sunrise sector’ with ₹50,000 crore FDI, says PM Modi
What's
in the news?
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Prime Minister Narendra Modi said that the
food processing industry has emerged as the “sunrise sector” in India and has
attracted FDI investments of about Rs
50,000 crore in the past nine years.
Key
takeaways:
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He emphasised that India’s food diversity is a dividend for global investors.
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He also urged industry stakeholders to
focus on finding solutions for the reduction
in post-harvest losses and the usage of better technology for packaging besides
promoting a sustainable lifestyle.
Sunrise
Industries:
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Sunrise industry is an inherent concept
that shows hope of a rapid boom for a
developing sector or market in its infancy stage.
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Typically, the sunrise industries are
characterized by high growth rates,
numerous start-ups, and a wealth of venture capital funding.
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Such industries create a lot of “buzz” as
investors take an interest in their long-term growth prospects and raise public
awareness.
Key
Features:
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A sunrise industry is a new business or
business sector showing potential for
substantial and rapid growth.
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Notable characteristics of sunrise
industries include high-growth rates and a lot of start-ups and venture capital
funding.
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A sunrise industry is often characterized
by a high degree of innovation, and its
rapid emergence may threaten to push a competing industry sector into
obsolescence which is already declining.
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The dynamic
business market is referred to as a sunset business, owing to its poor
long-term prospects.
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As a sunrise industry develops, it may
transition to the maturity stage and then to the sunset stage.
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To remain relevant and on an upward
trajectory, sunrise industries must prove their viability and sustainability.
Sunrise
and Sunset Stage:
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When an industry expands and matures over
years or decades, it will transition from the sunrise period to maturity, and
eventually, the sunset stage.
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A common example of such a transition is
the compact-disks industry.
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The following are the few examples of the
sunrise industry:
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IT industry of California and Bangalore
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Hydrogen fuel production
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Petrochemical industry
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Food processing industry
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Space tourism
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