Dec 15, 2015
The private security industry has assumed an important role in recent years. It was the opportunity and nature of the private security industry which enabled employment to a hitherto large section of the populace, which, if not employed in this industry, may have remained outside the fold of formal employment.
The sector is among the fastest growing sectors. With the growth of urbanization in the country and the changes in the perception of security by governments, business houses and citizens, this industry is poised to register a substantial CAGR in the near future.
FICCI and Grant Thornton have jointly prepared a report 'Private Security Services in India', which was released at the Private Security Industry Conclave 2015' (PSIC) at FICCI today.
As per the report, the global demand for private security services is also likely to increase by 7.4 percent annually and to reach USD 244 billion in 2016. It is expected that security industry segment will rapidly grow in the developing parts of Asia, Eastern Europe, Africa and the Middle East, where security markets are relatively underdeveloped.
In fact, several developing economies including China, India, Mexico, Russia and South Africa are expected to achieve double digit growth through the year 2016.
Dr. A. Didar Singh, Secretary General, FICCI said, "Private Security Industry operates in about 550 districts of the country, and is expected to develop more as the fruits of development percolate from the districts to the block and village levels."
"This is indeed a sunrise sector, with a potential to be the second-largest employment generator in the country and a major source of revenue for the exchequer by way of taxes," he added.
Source: Business Standard