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World|politics|September 27, 2022 / 09:10 AM
What makes India an attractive investment destination?

AKIPRESS.COM - Among the very few countries which have successfully countered the fiscal challenges caused by COVID-19 and its aftermath, India’s early mover advantage in investing in its infrastructure, digital economy and other economic reforms puts it in a better position to emerge from the pandemic, The Print reported.

Be it prioritising macroeconomic stability by putting in place a framework to combat inflation, GST reforms, creating a common market, opening new sectors, privatisation and building infrastructure, India has efficiently overcome the prevailing challenges with a robust political will.

Inviting investment in the manufacturing sector has been an integral part of India’s successful economic plan as it climbs up the ladder to reach its next goal of being the third largest economy in the world.

Recently, India overtook the United Kingdom as the fifth largest economy in the world. Experts suggest that by 2030, India, with its strong domestic market, will become the world’s third largest economy due to its timely actions to handle the global economic crisis.

Vedanta Ltd recently joined hands with Taiwan-based multinational contract electronics manufacturer, Foxconn, to invest over USD 19 billion in India’s Gujarat state. The two companies will set up a semiconductor fabrication unit, a display fabrication unit and a semiconductor assembling and testing unit.

This semiconductor plant will create 100,000 direct jobs and will also provide a multiplier effect on other industries that are linked to the production of semiconductors in the region.

Sanjeev Sanyal, a member of the Economic Advisory Council to the Prime Minister of India said, “India remains a very attractive destination for direct investment but also for portfolio investment where investors appreciate the macroeconomic stability that this government has been willing to impose even in difficult situations”.

India’s Commerce and Industry Minister Piyush Goyal during his recent visit to the United States interacted with eminent business persons, US officials and industry leaders to fortify the partnership between the two nations and strengthen trade and economic ties.

He invited foreign investors and entrepreneurs to be a part of India’s journey towards becoming a developed nation. He calls it a golden time to invest in India. The top CEOs of American companies have expressed their confidence in India’s growth story.

“Our demographic dividends, the young population and all of these particularly coupled with a strong decisive leadership, a stable political environment, predictable and stable policies and the transparent open economy, the democracy that we have to offer, rules-based training system and our open to engaging with like-minded countries help make India probably the best destination today”, said Piyush Goyal.

India has a young working population which will be a key driver of economic growth in the country over the long term. Capital Economics while quoting United Nations data in its research paper said that India’s working-age population will increase by around 150 million between 2022 and 2050.

The burgeoning domestic market, especially the Tier II and Tier III cities, will help India in its march up the global rankings.

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