Welcome to the spectacular beauty of Lakshadweep’s lagoon, which is spread over an area of 4,200 Sq. Kms, the territorial waters span 20,000 Sq. Km, and the Exclusive Economic Zone (EEZ) covers a whopping 4,00,000 Sq. Kms! Oh, and let’s not forget the cool 132 Km of coastal line. Guess what? Lakshadweep is a hotspot for the fishy business! This is amazing when you are considering the “Best Business To Start Lakshadweep.”
The sea around these islands is like a treasure trove of fishery resources, especially the awesome Tuna. We’re talking about a potential of a whopping one lakh tons of Tuna and similar fishes, along with an equal amount of Sharks.
That’s a whole lot of fishy fun!
But it’s not just about the fish. Lakshadweep Islands are buzzing with MSME units cooking up some tasty food products, crafting cool furniture, and whipping up wood-based wonders.
Now, here’s the cool part – to speed up the internet game, they’ve laid a fancy submarine optical fiber cable between Kochi and 11 of the Lakshadweep islands.
So, get ready to surf the digital waves in this island paradise!
Best Business To Start Lakshadweep: The Facts You Need to Know Before Starting
Get ready for a mind-blowing fact: Conversely, Lakshadweep Islands are now absorbing the awards originated from the tag of the first Union Territory to go 100% organic!
However, this is not even half of the coconut world’s tale, as these islands are a coconut capital, which embraces a variety of coconut-themed industries.
Picture this: coconut oil, coir yarn, and more!
But it’s not just about coconuts – Lakshadweep is the perfect playground for small-scale service industries. Think engineering workshops, ITeS, and auto-servicing that don’t mess with the lagoons.
And hey, there’s a touch of local magic with some seriously cool handicrafts.
Next, we’ll be covering the geography component. Lakshadweep Islands, which are at the extreme southern tip of the Arabian Sea, actually are 36 islands. They’re not just pretty faces – with 10 minor ports and an airport in Agatti, these islands are well-connected wonders.
And oh, the beauty of it all! As a result of an incredible mix of flora, fauna, and coral reefs, most of the people from nearby and also from all over the world are attracted to the sea sides of that particular island. Water sports lovers, this is your part of the planet!
Guess what’s on the horizon?
The Ministry of Shipping is going all out, picking 10 locations in this Union Territory for phase I of its Lighthouse Tourism initiative.
Get ready for some serious island hopping with a twist!
Best Business To Start Lakshadweep: Ideas and Opportunities
Being one of the top tourist destinations of India, Lakshadweep is all prepared to rise up with some amazing business opportunities.
Several renowned Indian and global companies have already invested huge amounts of money to enhance Lakshadweep tourism with different types of industries in Lakshadweep.
When you are also thinking about starting a business here and finding out the best business to start in Lakshadweep, you must know the trade of Lakshadweep.
Apart from that you always should think about utilizing the available resources in order to reduce the setup and running costs. Here are the 5 natural resources found in Lakshadweep Island.
Coral Reefs: Lakshadweep stands as one of India’s four coral reef havens, where natural barriers like Porites, Favia, Acropora, and Favites corals shield the islands from rising sea levels, preserving the precious freshwater sources.
- Seagrass and Algae: The lagoon bottom, which is 1 meter deep, hosts a natural resources wealth, like those of the seagrass beds of the species Cymodocea and Thalassia.
- Fishery Riches: The fish stocks of the Lakshadweep waters are a treasure trove of fish migration, with various tuna species contributing to their vitality, supporting the inhabitants in maintaining their distinct lifestyles.
- Coir Fiber Industry: Government-backed plans for seven coir fiber factories, seven production-cum-demonstration centres, and four units that curl fibers are being implemented. From these cruxes, coir fiber, yarns and a range of products, including curled fiber, corridor mat, mat, and matting emerge.
- Lagoons as Food Safeguards: Besides the fact that they are beautiful, they harmonise the population with natural hazards which occur as a result of extreme weather conditions.
- Diverse Flora and Fauna: Lakshadweep’s curranscape is dotted with coconut trees, sea turtles, and hues of splendid fishes, which are indices of the dazzling variety of the ecological world on the islands.
Best Business To Start Lakshadweep: Ideas
Lakshadweep, the beautiful archipelago situated in the Arabian Sea, is an attractive tourist spot for nature lovers, and at the same time it is a reservoir for the companies ready to invest on it for unexplored business opportunities.
When the districts put development on the table, businessmen would as well have a sharehold in the development and then use the existing opportunities.
1. Eco-Tourism Services
The Lakshadweep coral reefs, loads of turquoise lagoons, and its diverse marine life, makes it an idyllic place for eco tourism.
One of the routes also might be in starting eco-friendly tourism services that will allow the tourists to be guided through the island on the tours that emphasize on environmental conservation and conscious Lakshadweep use.
Activities may include nature trails, bird watching, or programs with educational goals which serve the aim of showing the key role played by the ecosystem.
2. Local Handicrafts Shops
Promote unique handmade products of Lakshadweep islands with the establishments of local shops that illustrate the main traditional visual arts of Lakshadweep.(ex. the unique handmade jewelry and metalworking)
Provide handmade jewelry, witten textiles, and other traditional crafts; thereby helping to create a market with an opportunity for famous artisans who would like to share their craftsmanship.
Similarly, such enterprises not only preserve but also ensure that such products are sought by the tourists come to this town for authentic souvenirs.
3. Snorkeling Equipment Rental
This crystal water body and the colorful coral reefs of Lakshadweep are simply unforgettable in their beauty and therefore represent a favorite snorkelling paradise for many nature admirers.
There is a niche in the market for a snorkeling equipment rental business. That is for people who want to explore the underwater world whether they are tourists or locals. Put safety measures in consideration and provide training for newbies, so that every junior can have this as a place to have great times.
4. Agro-Tourism Homestays
Turn the Lakshadweep agriculture addition into your adventure by building an agro-tourism homestay.
Tourists have a chance to explore authentic farming encounters, participate in harvesting and enjoy benefiting food from their own farms.
Apart from profitable agriculture as catered for by this business, it also creates visits with rich cultural experiences.
5. Coconut-Based Products
If there is one thing that Lakshadweep is recognized for, it is its lots of coconut trees. Coconut can be used in many other things like oil, soaps and snacks production which entrepreneurs can engage in.
This enterprise not only harnesses the area’s potential resources but also provides different chances for the persons who are included in the coconut planting across the region.
6. Fishermen Tours
Collaborate with local fishermen to develop the seaport uniquely and offer fishing experiences to tourists. Conduct guided tour experiences that let the tourists follow fishermen on their routine and therefore they learn about the methods of fishing and the beautiful and diversifying marine world of Lakshadweep.
Businesses like this one create demand for fish and other seafood products, and as a result, it brings income not only for the fishing community but also for sustainable tourism development.
7. Mobile Repair Services
Addressing the growing need for technical services, starting a mobile repair business can cater to both residents and tourists in Lakshadweep.
Providing efficient and reliable mobile repair services can fill a gap in the market and contribute to the overall connectivity of the islands.
8. Photography Services
Capture the beauty of Lakshadweep through a specialized photography service. Offer professional photography services for tourists, events, and local businesses.
Alongside offering the ‘photography as a souvenir’ business, the business would also conduct photography workshops and promote skill development to the community.
FAQs (Frequently Asked Questions)
You may even have a lot of questions about the most suitable business to start in Lakshadweep when you begin to consider the start of such a business.
However, things that you may need to know but won’t be covered in this guide are also important.
Now, I am answering some of the most common questions regarding that.
Q1: What is The Main Business in Lakshadweep?
Here, agriculture takes center stage, with a focus on coconut and coir cultivation. Imagine this: in 1994-95 alone, a whopping 26.5 million coconuts rolled off the trees.
It’s not just about farming, though – the Lakshadweep economy dances to the rhythm of tourism, fishing, and boat building. Fishing, in particular, is a big player alongside the coconut and coir extravaganza.
Q2: How To Start a Business in Lakshadweep?
Check out these steps to kickstart your entrepreneurial dream in Lakshadweep:
Company Registration
Hop on the registration train with IndiaFilings! To get your company on the map, gather these essentials:
- ID proof for all directors.
- PAN card for each director.
- Proof of address under a director’s name.
- Passport-size photos of directors.
- A bill confirming your registered office address.
Q3: Can You Buy Property in Lakshadweep?
Absolutely, an Indian citizen can snag a piece of paradise in Lakshadweep! But hold on tight because, unlike mainland India, the process is a bit of a puzzle.
It’s a complex journey that demands thorough research to make sure your dream property isn’t earmarked for development projects.
Q4: What is The Main Trade Work of Lakshadweep?
Lakshadweep thrives on a mix of farming, fishing, boat crafting, and coconut-related ventures. Agriculture takes the lead in the economy, mainly focusing on coconuts and coir.
In 1994-95 alone, about 26.5 million coconuts were produced. Apart from farming, fishing plays a crucial role as another significant economic activity.
Final Talks
Lakshadweep serves as an entrepreneurial playground where business people are prepared to mix business and the island’s natural as well as cultural resources. Ranging from eco-tourism to coconut products, there are varied but definite, opportunities to tap into.
The islands would be the stronger investors as they embark on the path of sustainable development. The entrepreneurs can contribute significantly by bringing life and resilience to the business environment of Lakshadweep.
