Assam being the gateway to North East India enjoys a strategic position in terms of economic activities and business bustle. Its geostrategic location offers Assam an edge for regional and international trade. Of late, the state has witnessed a conspicuous surge in the number of entrepreneurs and businessmen, thanks to the rapid growth and development in the state since a decade. While many new areas wait to be explored, here are a few bankable sectors worth considering for aspiring entrepreneurs wanting to start a profitable venture in the state.
1. Experiential Tourism: Assam, with its rich flora and fauna, has always been an attraction for both national and international tourists. The rich culture and heritage has fascinated the tourists to not only enjoy the places but also to immerse in the local tradition and lifestyle thus opening avenues for experiential tourism.Especially spurring the interest of the premium market segment, this domain promises high-margin for the businesses offering immersive experiential trips in the region.
2. Tea: With 60% of India's total production coming from Assam, the state enjoys a crucial position in the national and global tea industry.The strong liquor and unique flavour of Assam tea has generated a high demand for the same in the global market. And with the growing global demand in orthodox tea, many new-age brands such as Vahdam Tea and Teabox have started branding Assam Tea products and selling those in both the national and international markets.
3. Handloom and Handicraft: The rich culture and craftsmanship of the people of Assam have been acknowledged globally. "Assamese women weave dreams on their looms," Mahatma Gandhi had once commented. It isn't surprising that the state produces 60% Eri Silk and 80% Muga Silk of the national total.Assam is also renowned for its highly sophisticated cane and bamboo products. Further, the mask making craft of Majuli and bell metal craft of Sarthebari are the dark horses that have the potential to take the world by storm, if duly exposed.The sector looks lucrative for someone who wishes to deep dive into premium eco-commerce market space or into the commercial gifting space.
4. Food and Agriculture: The fertile land of Assam unleashes great agricultural possibilities, especially due to the presence of the Brahmaputra and Barak River. A recent study shows that Assam is one of the five most conducive states in India for producing a wide variety of crops. Moreover, the geographical proximity of Assam with the South East Asian countries makes it more profitable for businesses to trade various agro-based food products such as black rice, brown rice, ginger, pineapple etc. Further, the recent initiatives taken by the Government under the Act East Policy has lent additional confidence to this movement.
5. Organic Beauty and Skincare: It is estimated that the organic beauty industry will reach $48.04 billion by 2025, indicating a gush in the demand for organic skincare products. Since Assam is a treasure trove of exotic flora, it is easier for businesses to get access to resources and raw materials that are required to manufacture handcrafted organic beauty and skincare products. The fact that these products could be premium priced because of their exclusive natural ingredients increases chances of profitability for the business.
By: Wasim Akram
Communication Manager
Assam Startup
IIM Calcutta Innovation Park
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