Whether you are looking for your first job, or looking to have a shift in the career, one thing is for sure that we all look to work in a sunrise sector. Sunrise sectors are typically those sectors which are in a growing phase and have the potential to generate employments and give good salaries to the people working in that sector. In this article we tell you how to identify a sunrise sector.
1. A shift in Government Policies
Whenever a sector is looking promising, the industry bodies of the sector lobby to the government for better policy framework. As a result you will see that Government often gives tax holidays, forms a neutral policy framework and offers incentives for the entrepreneurs to enter into the sector. So keep an eye on news based on government policies you may be able to find a good hint for finding yourself a good career.
2. Benefits to the Associated Sectors
Sometimes the ripple effect of the policy framework may also help in the associated sectors as well. A good example is when the coal sector is put in order it improves the power sector as well. A similar analogy is that of Telecom sector & IT sector. Whenever telecom sector progresses the IT industry is the direct beneficiary of it.
3. Startup & Funding Scene in the sector
If you notice that new companies are entering in a particular sector, or banks or private lenders are lending money to the companies doing business in the sector then it is definitely a sunrise sector. A good example is the public transport sector where a lot of cab companies are entering, and private investors have also invested a lot of money in them.
4. Market Signs
If there is a turnaround for a sector and is going to generate a lot of opportunities for the future than even stock markets react to it. A good example here is that with the change in the government everybody felt that a lot of new infrastructure opportunities will arise in India, hence the stocks of companies doing business in Infrastructure sector had a good rise.
So always keep your eyes & ears open and look out for these 5 possible signs and you will definitely find a great opportunity in a sunrise sector.