Atmanirbhar Bharat initiative may add $160 billion by 2024 to trade earnings
By MYBRANDBOOK
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, India can increase its earnings from overseas trade to $160 billion by 2024 with potential investments from the likes of Apple Inc. and Foxconn.
An internal Citi report on India's Atmanirbhar plan highlights opportunities in areas like manufacturing, services, solar, and chemical industries. The Atmanirbhar plan focuses on enhancing self-reliance in industries that hitherto depended on China for crucial supplies.
Apple, Foxconn, Sanmina Corporation, Pegatron and Hewlett Packard are few who are in talks with banks to open their shops in India.
"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. In the Citi presentation shared with the authorities, it is highlighted that India's share in global exports can go up to 3.4% in 2025 and 6% by 2030.
The bank recognized the potential areas of the country to become a base for global manufacturing, or part of an MNC’s "China plus one" strategy. Export opportunities can arise out of textile and apparel, electrical and mobility, telecom and heavy engineering over the next three years, generating annual flows of over $100 billion.
"Electronics and fabrication manufacturers could well be the first comers through this window," said Balasubramanian.
Heavy engineering and electronics could each account for $50 billion of the potential flows. Telecom, the sector fraught in regulatory tangles, can offer an investment opportunity of up to $20 billion.
"Global corporates would be encouraged by the recent reforms in areas where India was earlier perceived as weak," said Balasubramanian.
A series of reform are being pursued by New Delhi regarding corporate tax breaks to labour laws, legal system, credit access.
Proposals have been made to streamline 44 labour laws into just four labour codes. A relaxation of state labour laws is also under consideration. The government is also looking into land acquisition policy, a key factor for any institutional investor.
The authorities are dealing with proposals to offer tax breaks to foreign investors, including sovereign funds, simplified GST returns, pre-filing tax returns, abolition of dividend distribution tax.
Balasubramanian said the 'China plus one' strategy can draw in investments of $5 billion in solar, and $10 billion in chemicals.
BREAKING NEWS
TECHNO TRENDS
Happiest Minds brings in an innovative GenAI chatbot
Happiest Minds Technologies has announced the new GenAI chatbot - ‘hAPPI...
Government mandates encryption for CCTV cameras to ensure netw
In the wake of issuing an internal advisory on securing CCTV cameras at g...
TRAI recommends allowing only Indian entities to participate i
The Telecom Regulatory Authority of India (TRAI) has recommended that onl...
Galaxy AI is available on more devices with Samsung One UI 6.1
Samsung has expanded the range of smartphones to which One UI 6.1 and Gala...
E-Magazine
TECHNOTAINMENT
Disney+ Hotstar wins the Best OTT Platform of the year
Film Critics Guild and Group M Motion Entertainment, in collaboration with
Miss World 2024: Krystyna Pyszková of the Czech Republic wins
Krystyna Pyszková of the Czech Republic has been crowned as the 71st Miss
MOVERS & SHAKERS
Brillio appoints Ashish Singh to its Board of Directors
Brillio has announced that Ashish Singh has been appointed to the company
JSW One Platforms ropes in Dr Ranjan Pai as Independent Direct
JSW One Platforms, part of US$23 billion JSW Group has appointed Dr Ranjan
OPEN YOUR EYES
INTERVIEWS
Kaspersky securing the digital landscape by offering enhanced
Kaspersky is a thought leader in cybersecurity that identifies threats by p
AMD Pensando innovation CONTINUES
In 2022, AMD announced its acquisition of Pensando Systems, an addition to
HOT PICK
HP launches first laptop in India with Microsoft CoPilot butto
HP has launched sleek and stylish Envy x360 14 laptops in India which beco
OnePlus debut its Nord CE4 smartphone
OnePlus Nord CE4 continues the trend of attention-grabbing design with two
MAKE IN INDIA BRANDS
MATRIX COMSEC PVT. LTD.
MICROMAX INFORMATICS LTD.
VVDN TECHNOLOGIES
JUVAS SOLUTIONS PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Bhavish Aggarwal
Ola CEO Bhavish Aggarwal had formed Ola-India’s largest mobility pla...
Technology Icons Of India 2023: Roshni Nadar Malhotra
Roshni Nadar Malhotra is an Indian billionaire businesswoman and the c...
Technology Icons Of India 2023: Nandan Nilekani
Nandan Nilekani is the Co-Founder and Chairman of the Board, Infosys T...
PARTNER SPEAKERS
PSU
ITI Limited widening its focus area
ITI Limited is a public sector undertaking company, has manufacturing ...
GSTN aims to integrate indirect tax ecosystem on a shared IT infrastructure
Goods and Services Tax Network (GSTN) has built Indirect Taxation plat...
CERT-IN protecting the cyber security space of India
CERT-In serves in the area of cyber security threats like hacking and ...
VIDEOS
Top 25 Brands
Value-Added Distribution
SUPERTRON ELECTRONICS PVT. LTD.
Supertron deals in servers, laptops, components, accessories and is a...
RAH INFOTECH
RAH Infotech is India’s fastest growing technology value added dist...
INGRAM MICRO INDIA PVT. LTD.
Ingram Micro India, a large national distributor offers a comprehensiv...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
