Manufacturing Hub: An NDTV website article says India can become a global manufacturing hub in future. Many experts back this scenario considering that there are increasing geopolitical and economic risks in China and companies ate shifting to India from the East Asian country.
Last month in May, Apple’s CEO Tim Cook said that India was at a tipping point. He was visiting New Delhi and Mumbai to inaugurate Apple’s first few showrooms in the country.
During his visit, Cook said he was impressed with India’s vibrancy and dynamism. Tim Cook’s visit timed with India becoming the world’s most populous country. This milestone also reminded observers of India’s $3.4 trillion stock market, which makes the Indian stock market the fifth biggest in the world.
The Apple CEO’s optimism isn’t misplaced because nearly 2/3rds of India’s workforce is in the productive age group. Therefore, while India’s huge population is a great market for several products and services, the country is also home to a huge talent pool.
India is also an attractive market for investors. Mark Mobius, who runs Mobius Capital Ventures says, “The great thing about India is that with 1.4 billion people, you can go into any industry, there’s a market domestically.”
Opportunities and challenges
The prevailing tensions in China have encouraged some companies based there to expand their footprint to India. These include Micron Technology, which makes semiconductors. Beijing recently imposed a ban on the use of Micron chips.
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The article notes that India needs to step up poverty alleviation in order to draw more foreign investment.
Huge consumer market
Brookings Institution says that India can become the largest “young consumer market” by 2030. This is because the country’s median age is 28.
Many political experts believe that PM Narendra Modi will win the 2024 elections and continue India’s economic growth.
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