As the curtains fall on the five-day World Economic Forum (WEF), India is all set to nudge out an increasingly isolated China as the most-favoured investment destination.
The central promenade at Davos had almost a dozen store fronts taken over by Indian entities. Besides the main ‘India Lounge’, the states too – Maharashtra, Tamil Nadu and Telangana – were offering snacks and investment opportunities in dedicated pavilions. Agencies like Invest Indialobbied hectically to set up meetings with potential investors.
From the report card, the pickings have been encouraging. Maharashtra Chief Minister Eknath Shinde claimed MoUs worth ₹1.37 lakh crore were signed, and the new units are likely to generate employment for one lakh people. Two significant deals are with Belrise Industries, an auto systems maker, and Gogoro of Taiwan for building battery swapping infrastructure.
The Telangana government too signed MoUswith tyremajor Apollo and battery manufacturer Allox Advance Materials to set up units, while PepsiCo is all set to expand operations in the state.
Among other things, statistics favour India’s stars. While the world is expected to sink into recession with a abysmally low 1.7% growth rate forecast for calendar 2023, the World Bank is predicting India will be the most robust of the large economies with a growth rate of 6.6%. We are expected to overtake Germany as the 4th largest economy in 2026, and Japan at No.3 spot in 2032.
This story is from the January 22, 2023 edition of The Morning Standard.
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This story is from the January 22, 2023 edition of The Morning Standard.
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