The Indian security industry to grow double by 2020
The worth of private security industry in 2014 was Rs. 40,000 crore and if we believe the Grant Thornton FICCI report – Private security services in India it is expected to grow to become a Rs. 80,000 crore industry by the year 2020.
The report also disclosed that more than 70 lakh people are employed in the private security industry in India and approx 50 lakh jobs will be generated by 2020.
India is one of the fastest growing economies in the world. The stakes are high and so the requirement of security services are growing rapidly. Government is trying to lure the corporate with various methods such as developing 100 smart cities under the make in India campaign. Ensuring the corporate of ease of doing business has become a challenge so far. There is a huge requirement of private security services to provide safer environment to these organizations.
It is expected that the global security industry will grow at 7.4 percent annually. Security industry is expected to grow rapidly in the Asia, Africa, and Eastern Europe the Middle East. In the same report it has been said that the Indian security market is expected to grow double in the coming years.
The Indian private industry may also get the foreign capital because of the make in India movement. The Prime minister is trying hard to gain the trust of the foreign investors and companies.
There were some issues also highlighted in the report such as the implementing the PSAR (Private Security Agencies (Regulations) Act, 2005 uniformly across the India.Overall the future of private security industry looks bright and the sector is expected to provide a lot of job opportunities in the coming years.