Rising tide of interest in doing business with India
Cook’s visit to India, the latest by a top global executive, exemplifies the rising tide of interest that corporations and governments are showing in doing business with India, CNN reported.
When Tim Cook arrived in India earlier this month, he was welcomed like a hero by the media, reports said.
Cook’s visit to India, the latest by a top global executive, exemplifies the rising tide of interest that corporations and governments are showing in doing business with India, CNN reported.
Just days after his landmark trip, Pret A Manger, a trendy British sandwich chain, set up its first outlet in the commercial capital of Mumbai, as it bets on the country’s growing middle class, CNN reports.
The opening of the new Pret A Manger in Mumbai is part of the company’s strategy to tap into the country’s burgeoning middle class. With a population of over 1.3 billion, India is a key market for Pret A Manger as it looks to expand its global reach.
The case for investing in India is clear. The country is home to 1.4 billion people, making it the world’s largest democracy. In recent years, India has seen a shift in geopolitical power, with Western leaders looking to boost economic cooperation with the country. As a result, India is in a strong position to benefit from the growth of the global economy.
Until recently, many countries and companies have been putting all their eggs in the China basket. As tensions continue to flare between the West and Beijing, there is a move to diversify away, and India fits right into it, said Partha Sen, professor emeritus at the Delhi School of Economics.
India’s so-called “demographic dividend,” the potential economic growth arising from a large working-age population, represents a major opportunity. Its vast consumer market and pool of affordable labor is also drawing more attention from global brands and trading partners.
In a bid to boost the industrial sector and lift exports, the Indian government has sought to sign free trade deals with countries around the world. This move has been warmly received, as it is expected to help boost the Indian economy.
Since 2021, India has been striking agreements with Australia, the United Arab Emirates and Mauritius. It is also negotiating deals with the European Union, the United Kingdom and Canada, CNN reported.
CNN recently reported that India’s economic and demographic fundamentals are driving business interest in the country. The growth of the middle class, the size of the population and the vibrancy of the economy are all attracting investors. India is now the world’s fastest-growing major economy, and businesses are looking to capitalize on this growth.
South Asia is expected to outperform all major emerging and advanced economies this year, logging GDP growth of 5.9 per cent. By comparison, the German and UK economies will stagnate, while the United States will grow only 1.6 per cent.
India is forecast to overtake Germany as the world’s fourth largest economy in 2026 and knock Japan from the number three spot in 2032, according to analysis by the Centre for Economics and Business Research, CNN reported.
India’s vast and growing workforce is a huge opportunity for the country. According to 2021 data from the Organisation for Economic Cooperation and Development, India’s working-age population is more than 900 million. That’s more than China’s current working-age population! In the next few years, India’s workforce could be even bigger than China’s, according to Capital Economics. So what does this mean for India? It means that the country has a huge opportunity to grow its economy and improve the lives of its citizens. With the right policies in place, India can harness the power of its workforce and become a global economic leader.
