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
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
In India, 88% of Indian business leaders are planning to inves
As we move through 2024, it has become increasingly clear that AI is not ju
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
TP-LINK INDIA PVT. LTD.
BHARAT ELECTRONICS LTD.
BPE INDIA PVT. LTD.
MATRIX COMSEC PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SUNIL BHARTI MITTAL
Sunil Bharti Mittal is the Founder and Chairman of Bharti Enterprises,...
ICONS OF INDIA : SANJAY GUPTA
Sanjay Gupta is the Country Head and Vice President of Google India an...
ICONS OF INDIA : RITESH AGARWAL
Ritesh Agarwal is an Indian billionaire entrepreneur and the founder a...
PARTNER SPEAKERS
PSU
NIC - National Informatics Centre
NIC serves as the primary IT solutions provider for the government of ...
IOCL - Indian Oil Corporation Ltd.
IOCL is India’s largest oil refining and marketing company ...
C-DOT - Center of Development of Telematics
India’s premier research and development center focused on telecommu...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Aneel Bhusri, CEO, Workday
Aneel Bhusri, Co-Founder and Executive Chair at Workday, has been a le...
Indian Tech Talent Excelling The Tech World - ARVIND KRISHNA, CEO – IBM
Arvind Krishna, an Indian-American business executive, serves as the C...
Indian Tech Talent Excelling The Tech World - Soni Jiandani, Co-Founder- Pensando Systems
Soni Jiandani, Co-Founder of Pensando Systems, is a tech visionary ren...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
