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Atmanirbhar Bharat Abhiyan: Atmanirbhar Bharat could add $160 bn by 2024 to trade earnings

Mumbai: India’s incremental earnings from overseas trade, anchored in potential investments from the likes of Apple and Foxconn, could surge by $160 billion by 2024, with New Delhi emerging as a feasible alternative to Beijing for manufacturing and other capital-intensive industries in a global de-risking of supply chains. An internal Citi report on India’s Atmanirbhar plan notes opportunities in industries as diverse as manufacturing, services, solar and chemical industries.

The Atmanirbhar plan focuses on enhancing self-reliance in industries that hitherto depended on China for crucial supplies. Taiwan-based Foxconn, iPhone maker Apple, Sanmina Corporation, Pegatron and Hewlett Packard are among those in discussions with banks studying the feasibility of setting up shop in India. Individual companies could not be contacted immediately.

“Many global manufacturers look interested in an additional base to China to diversify risk,” said K Balasubramanian, head of corporate banking, Citi South Asia. “When you look at an investment, you aren’t looking at it with a few quarters in mind, you are taking an investment decision on a country across multiple themes.” Citi is making a case for fresh investments into India to global investors. India’s share in global exports can go up to 3.4% in 2025 and 6% by 2030, showed a Citi presentation shared with the authorities. Citi has identified areas in which India has the potential to become a base for global manufacturing.



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