New Delhi [India], March 5, (ANI): Several experts have given an upbeat assessment of the economy due to India’s investment-led growth trajectory, leading to a rapidly growing GDP of $5 trillion. The impressive performance of Indian equities was not an isolated incident but the start of a long-term uptrend. Furthermore, China’s weighting in the MSCI Emerging Markets Index fell by 7 percentage points while India increased by 5 percentage points, Asian Lite International reported.
But India’s economy has shocked the world in more areas than just finance. The world is now aware of India’s huge economic potential thanks to Air India’s new deals with Boeing and Airbus. India’s historically large order books in global markets established the principle of demand-driven growth.
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The deal for more than 500 aircraft has several contexts that benefit the Indian and global economies. The agreement was hailed as a “historic agreement” by US President Biden and is expected to create more than 1 million new jobs in the United States. British Prime Minister Rishi Sunak applauded the deal as it will help the country’s economy thrive and create jobs. Also, the agreement is expected to add over 5,000 jobs to the Indian aviation industry, which will benefit the manufacturing and services sectors globally, read a report by Asian Lite International.
The agreement could give Indian airlines a competitive edge in providing global air services, especially given India’s capital investment in new airport construction. In addition, the agreement advances the goal of national self-sufficiency. With Air India’s expansion, India hopes to compete with Gulf carriers for control of the airline industry and penetrate the US and Australian markets.
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According to Asian Lite International, the Air India deal is one of many examples of the international expansion of Indian companies and their support for the development of the world economy. Over the past 20 years, Indian companies have followed a global approach by opening factories abroad, acquiring failed businesses, and expanding into new geographies in both developed and developing markets. These include industry giants such as Bharat Forge, Asian Paints, Marico, Wipro and Aurobindo Pharma to name a few. Not only giants, but start-ups are also expanding rapidly by acquiring companies in both developed and emerging economies.
Startups such as OYO, BYJUs and Zomato have acquired operations in Amsterdam and the US in order to expand their business. Why are Indian companies expanding internationally at such a fast pace? The principles and lessons learned by these enterprises in the development process of countries with limited resources and capabilities are the key to solving problems. The experience and lessons of Indian companies in the growth stage can be summarized by ECG – Efficiency, Consciousness, and Growth, as a metaphor.
First, businesses gain efficiencies not through India’s notorious Jugaad economy, but by implementing creative and economical techniques that they have long developed while expanding in India. Second, Indian businesses have been adapting their operations, work environment 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, from switching plastic bottles and straws to creating sustainable business parks.
Last but not least, the unrestrained expansion of Indian companies in local and foreign markets is a sign of the soundness of the Indian economy, a sign of harmony and synergy between businesses and the state.
Significant government capital investment in infrastructure presents opportunities for businesses to boost local and international growth and job creation. With this, a new era of economic globalization and prosperity has begun, made possible by the resilience and strong growth of India and its corporate sector, Asian Lite International reported. (Arnie)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)