India is moving on a higher economic growth trajectory. A recent report by business consultancy KPMG also suggested that India shall continue to evolve into a more attractive and stable investment destination owing to favourable macroeconomic conditions, a prudent fiscal policy, responsible government spending and a pro-reform government.
Cisco CEO John Chambers. davidkaufer
This view was recently echoed by Cisco executive chairman John Chambers who said India is in sync with the speed of innovation in the current digital age and urged the global industry not to ‘miss the bus’ in terms of investing in India.
He was speaking at the CNN Asia Business Forum 2016 organised as part of Make in India (MII) Week. According to Chambers, 40 per cent of non-tech companies running today will disappear in the next one decade and eventually every company in this world would become technology-based.
He said India is moving at a fast pace in the digital era and is adapting to change in market dynamics.
“Eighteen months ago, I said if you want to bet on one country, it is India as the country is in sync with the speed of innovation in the current digital age,” Chambers said.
Citing good progress made by Indian industry in fields like auto-motives, electronics, hi-tech and pharmaceuticals, he also announced that Cisco is likely to set up its first manufacturing plant in Pune.
“India will become a country that will leapfrog your counterpart in global basis and India will be a country that no longer follows what others have done but leads in terms of innovation and leadership,” Chambers had said.
In a global survey titled ‘Ready, set, grow: EY’s 2015 India attractiveness survey’ of top decision-makers in multinational corporations, global consultancy firm EY found India to be the most attractive investment destination in the world for the next three years. While the perception about India’s macroeconomic stability was up to 76 per cent in 2015 in comparison to 70 per cent in the 2014 survey, the perception about political and social stability is up from 59 per cent in 2014 to 74 per cent in 2015.
In the EY survey, about 62 per cent had said they were looking at manufacturing, both to serve the Indian and global markets from India.
As per government estimates, the Indian economy will grow by 7-7.5 per cent during financial year 2015-16. Investments in India by foreign companies have received a boost through Prime Minister Narendra Modi’s ambitious “Make in India” program, which aims to transform India into a global manufacturing powerhouse fit to compete with its neighbor China.
PM Modi inaugurating ‘Make in India’ week.dailysignal
Recently, PM Modi launched the Make In India Week 2016 in Mumbai, and wooed global investors by highlighting India’s growth story and promising policy reforms to make business easier, including a transparent tax regime.
“Come, make India your workplace. This is the best time ever to be in India and it’s even better to Make in India,” Modi had said to an audience of business and political delegates from 68 countries. “We have carried out a number of corrections on the taxation front. We have said that we will not resort to retrospective taxation. And I repeat this commitment. We are also swiftly working towards making our tax regime transparent, stable and predictable with an all-round emphasis on ease of doing business,” he said.
To captains of industries, the Prime Minister said: “My friendly advice to you is: don’t wait, don’t relax. Seize the opportunity and invest. If you take one step, my government will take two steps.”
He also said that to the advantages of largest democracy, demography and demand, the government has added deregulation, which industries should cash on. Modi said India launched the Make in India campaign a year ago to create employment, self-employment opportunities for youth.
In a year, he said, Make in India has become the biggest brand India has ever created.