India now a major global market movers
The Indian government’s extensive capital investment in infrastructure has helped businesses not only to boost local and international growth and create fresh jobs. This has heralded a new age of economic globalisation and prosperity, one made possible by India’s and its corporate sectors’ resilient and powerful growth.
India and its Corporate Sector has demonstrated the robustness of the Indian economy through its unrestricted scaling up in local and foreign markets. This aptly shows the concord and synergy between corporates and the state.
China’s weight in the MSCI Emerging Markets Index has decreased by 7 percentage points, compared to an increase of 5 percentage points for India, as per report by Asian Lite International. India’s investment-led growth has resulted in the rapid rise of a USD 5 trillion GDP. This has led to an upbeat appraisal of the economy, The impressive performance of the Indian equity market isn’t seen as an isolated incident, but rather as the start of a long-rising trend. In addition,
Also the Indian economy has surprised the globe in more areas than just the financial industry. The world is now aware of India’s enormous economic potential as demonstrated by the new Air India agreement with Boeing and Airbus. India’s historically large order on the global market has established the principles of demand-driven growth.
The deal for more than 500 aircraft benefit both the Indian and global economies. The pact has been hailed as a “historic agreement” by US Joe Biden as well as Sunak of UK. This is expected to generate over one million new employment in the US and would help the UK economy to thrive and create jobs. Additionally, the agreement is expected to increase employment by more than 5000 jobs in the Indian aviation industry, which will benefit both the manufacturing and service sectors globally.
This agreement will also provide Air India a competitive advantage when offering air services around the world, especially given India’s capital investment in new airport construction. Also, the pact advances the nation’s aim of self-sufficiency. Through Air India’s expansion, India hopes to compete with other International airlines industry and break into the US and Australian markets.
Indian businesses have followed globalisation methods during the past 20 years by opening up factories abroad, purchasing failing businesses, and expanding into newer regions in developed and developing markets. These include industry giants like Bharat Forge, Asian Paints, Marico, Wipro, and Aurobindo Pharma. Not just the established ones, but also the start-ups are rapidly expanding by buying businesses in both developed and emerging economies.
To expand their business, start-ups like OYO, BYJUs, and Zomato have purchased businesses in Amsterdam and the US. Why is India Inc. expanding internationally at such a rapid rate? The principles and lessons these businesses acquired while developing in a nation with resource and capacity limitations are the key to the solution. The lessons learned by Indian enterprises during their growth phase might be summed up as ECG – Efficiency, Consciousness, and Growth, to use a metaphorical notation.
First, corporations attain efficiency not through the Jugaad economy, for which India was infamously known, but rather by implementing creative and economical techniques that they have developed through time while expanding in India.
Second, Indian businesses have been making adjustments to their operations, working environments, and HR regulations to reflect the values of inclusivity and sustainability.
Companies such as Infosys, Taj Hotels, Kotak, Godrej, and Mahindra have committed to sustainable practices, ranging from switching from plastic bottles and straws to establishing sustainable business campuses.
