India, the economic power house is stepping towards the ‘golden era’ for 5 trillion economy
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India Business Insights
An Economic Powerhouse
India has potential as an economic powerhouse. It has all the ingredients of a resilient society, backed by strong societal support, a conservative economic system which is to an extent recession–proof and a great talent pool.
India has around 480 industrial clusters. Around 88 CFCS and 180 industrial estates are in the process of being geographically tagged by the Ministry of MSME. This helps in addressing the gap between the talent market of India and skills requirement from global players.
With a penchant for innovation, the Indian SME sector has proved time and again their ability to adapt and survive economic shocks like the pandemic.
With the impetus of industrial corridors and smart cities, the nation is marching towards holistic development that can facilitate, sustain and grow towards 5 trillion dollar economy.
Five Trillion Dollars
The government has brought in schemes that would further assist in integrating, monitoring and developing a conducive environment for the industrial development and in promotion of advanced practices in manufacturing.
The next decade would be India’s “golden era” due to world top sectors like technology, pharmaceuticals, e-commerce and manufacturing industries directly contribute to the rapidly growing global supply chain sectors such as logistics, digital infrastructure, storage, warehousing, other private support systems, regulatory frame works, etc. makes it implementation efficient and investment attractive.
Growing Trust Quotient
India has established itself as a trustworthy and bankable nation with US, UK, Russia, Africa, Middle East, Japan and more EU nations are following suite.
It would be interesting to note that the phenomenon is already on the roll where US$ 521.47 billion FDI (April-Dec 2020) has been invested in the midst of coronavirus from giants such as Google, Facebook, Walmart and Foxconn.
The appliances and consumer electronics (ACE) market in India is estimated to be US$21.18 billion by 2025 and EV financing industry to be US$50 billion by 2030.