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Hamburger [Germany]April 25 (ANI): India is seen as a reliable partner, while China’s image has suffered, with many seeing Beijing as unpredictable, according to German magazine Der Spiegel.
The government has imposed extremely strict lockdown measures during the coronavirus pandemic, which has unnerved many people. Furthermore, despite Russia’s invasion of Ukraine, President Xi Jinping has declared himself the country’s permanent leader and continues to maintain friendly relations with Russian President Vladimir Putin, Der Spiegel reported.
In response, a flood of companies suddenly scrambled to find alternatives to their factories in China.
“In the past six months, I have never received so many senior representatives of German companies,” said Rajesh Nath of the VDMA India chapter, an influential German trade association representing the machinery and equipment manufacturing industry.
Read also | India and China agreed to “speed up” the resolution of the Ladakh standoff, China’s defense ministry said.
New Delhi is watching the changing balance of power in the world, with heads of state and senior corporate executives from around the world courting India.
Meanwhile, India has instituted a multibillion-dollar subsidy program to lure companies interested in making things like semiconductors, batteries and mobile phones in the country — a plan that has been praised even by critical economists.
Today, India’s economy has left Britain in the dust. The country’s steel mills are among the largest in the world, and more than 50 percent of the world’s children will receive at least one vaccine produced in India in their lifetime.
India has a vibrant film industry (Bollywood) and also produces an extremely successful diaspora. The scions of middle-class Indian families control Google and Microsoft, while a third, Ajay Banga, will be confirmed as World Bank president in the coming weeks, Der Spiegel reported.
Also, the rise of India is good news for the West. Within a few years, China is likely to become the third largest economy in the world after the United States and China, and in essence the third largest economic pillar of the multipolar world.
In recent years, India has become closer to the West. Although it does not necessarily agree with all the values ​​of the West, India is not a country with dreams of annexing islands. It is as worried about China’s dominance in the South China Sea as the United States and Europe. Asia, Der Spiegel reports.
India already has a strong IT and pharmaceutical industry. About 25% of Apple’s smartphones will be produced in India two years from now, according to JPMorgan Chase & Co.
Taiwanese company Foxconn also recently announced the construction of a new mega-factory in the country. According to Der Spiegel, “Made in China” is being transformed into “Made in India”.
Prime Minister Narendra Modi also sees digitization as a means to achieve one of his most important goals: eradicating poverty, and the government has Indians have been lifted out of poverty.
Prime Minister Modi has even used his current G-20 chairmanship to further his narrative of India’s rebirth. New high speed trains go from one city to another. According to Der Spiegel, around 80 new airports will be built in the next few years.
This year, India’s economy is expected to continue its growth momentum and is expected to grow by 6%. Of the world’s largest economies, only Saudi Arabia is expected to experience stronger growth. When India hosts this year’s G20 summit in September, the eyes of the world will once again be on the country.
India’s economic rise holds promise for the country and beyond. It is now the most populous country in the world and may soon become the world’s third largest economy. For decades, economists have predicted that India’s time will come.
Even as the global economy falters, India remains stable. The International Monetary Fund (IMF) expects India to contribute 15 percent to global growth in 2023, Der Spiegel reported.
India overtook China as the world’s most populous country on April 14. Nearly one in five people on the planet lives in India. India has a young population, younger than China. Salaries are relatively low and the country has great potential. Many now believe that India’s moment has finally arrived and the country is clouded by optimism.
Singaporean political scientist Kishore Mahbubani said in a recent CNN interview with Fareed Zakaria. Referring to Indian Prime Minister Narendra Modi, he added: “I don’t know how Modi did it, but he awakened a sleeping giant.”
Investment bankers at Morgan Stanley even recently declared that the “India decade” has only just begun. (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)
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