The rise of India’s economy
In recent years, India has taken massive moves to improve its standing in global trade. The leaders of the country have made it known that India is open for new business opportunities and the rest of the world is listening. The "Made in India" and "Digital India" campaign have improved the economy of India and are great initial steps toward becoming a global powerhouse. However, there is always room for improvement. They have made a commitment to achieve global economic power and now they must ensure that they can sustain international importing and exporting ability. In the coming decade, India will continue to strengthen their weaknesses and sustain their strengths to become a major player in the global economy.
India’s Economic Strengths
The biggest economic strength is the government's commitment to improve India’s economy. This is illustrated by their "Make in India" campaign which aims to build India’s economic strength. Prime Minister Narendra Modi introduced this initiative in 2014 with the lofty goal of surpassing China and the United States as the world's leading manufacturing nation. They aim to accomplish this through a more relaxed policy that will encourage new businesses. They want to make it easier to start a business by relaxing their stringent business rules and regulations. The Indian government has relaxed regulations with the hope of encouraging business in 25 categories, including::
- Food Processing
- Tourism and Hospitality
These are just a few of the areas of focus for the India’s economic system. India is making bold moves to introduce themselves to the global economy.
Great Strides Have Already Been Taken
Of these 25 areas India is looking to invest many of their resources into the electronics arena. In recent years more companies have taken their first steps toward a profitable partnership with India. Samsung has expressed their intention to open a manufacturing center within India. They also proposed 10 technical schools to educate prospective workers and give them an opportunity to learn the trade and find employment.
Technology giant Qualcomm has also made plans to invest a large amount in the growing country. Their "Design in India" program promises to instruct hardware companies to innovate and excel. They will establish a presence inside India as well in order to help them grow.
Other companies that are looking to capitalize on India's ambition are:
- General Electric
India's Economic Challenges
Though India has already taken many measures to promote its campaigns, there is much more to do before India is ready to be a global economic power. For instance, infrastructure in this country currently cannot handle the type of advances they are looking to make, especially when compared to one of its biggest competitors China. They must vastly improve their energy capabilities to handle the increased industrial needs. They must also find a way to utilize their land to the pinnacle of its ability. They must still relax their regulations on businesses so that they can build on those wastelands and provide places for businesses to set-up their operations.
India boasts a large pool of workforce who, with education and training, will be very competitive. Samsung's education plan is a very good start but more businesses will need to follow their lead. There is much left to accomplish before the "Make in India" campaign can be considered a success, but it is undeniable that the future looks bright for India’s economy. The Indian government have put a solid plan into place that is already beginning to produce fruit. Companies from all over the world are beginning to take notice of India's vast prospects and the undoubted benefits of trading with this country. India's strengths are plentiful and they lie mostly within their population and land resources, but the true strength of India is within the people's ambition for success. India has got the wheels rolling on what is sure to become a behemoth in the global economy.