Sunrise Industry:
Finance Minister Nirmala Sitharaman recently said India plans to increase the share of the manufacturing sector from 12% to 23% over the next two decades helped by sunrise sectors.
- Sunrise industry is a term frequently used for a sector that is developing and poised for rapid growth.
- Typically, such industries register high growth rates and have numerous start-ups and plenty of funding.
- Sunrise industry examples include the alternative energy industry highlighted in 2003 and 2007, the social media and cloud computing industries of 2011 and 2012, and blockchain industries established from 2013 to 2017.
- A sunrise industry often has a high degree of innovation, and its rapid emergence may threaten a competing industry sector already in decline.
- The competing industry sector is commonly referred to as a sunset industry.
- As an industry grows and matures, it may pass from the sunrise phase to maturity and, finally, the sunset stage.
- The compact-disc industry is an example of such a transition.
- It was a sunrise industry in the 1990s when compact discs replaced vinyl records and cassette tapes, but the rapid adoption of digital media in the 21st century saw the industry move into the sunset phase.
