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Incredible India!

Incredible India

India’s astounding diversity of religions, languages, and cultures is unique and unparalleled. The society of vast subcontinent, varied and complex in its rich heritage, is among the oldest in the world.

Five thousand years of history have nourished the growth of a great civilization. It has been vitalized through cross-cultural contact and characterized by unity in diversity of culture and race, caste, religion, and language.

Business opportunity

India has emerged as the fastest growing major economy in the world and is expected to be one of the top three economic powers of the world over the next 10-15 years, backed by its strong democracy and partnerships.

India’s nominal GDP growth rate is estimated at 12 percent in 2019-20. The estimate for 2018-19 was 11.5 percent. During Q2 of 2019-20, GDP (at constant 2011-12 prices), GDP stood at Rs 33.16 lakh crore (US$ 474.46 billion) showing a growth rate of 4.3 percent over the corresponding quarter of previous year.

India has retained its position as the third largest startup base in the world with over 8,900-9,300 startups, with about 1,300 new start-ups being founded in 2019, according to a report by NASSCOM. India also witnessed the addition of 7 unicorns in 2019 till August, taking the total tally up to 24.

India’s labour force is expected to touch 160-170 million by 2020, based on rate of population growth, increased labour force participation, and higher education enrolment, among other factors, according to a study by ASSOCHAM and Thought Arbitrage Research Institute.

India’s foreign exchange reserves were US$ 448.59 billion in the week up to November 22, 2019, according to data from the RBI.

Recent developments

With the improvement in the economic scenario, there have been various investments in various sectors of the economy.

  • The M&A activity in India increased 53.3 percent to US$ 77.6 billion in 2017 while private equity (PE) deals reached US$ 24.4 billion. Some of the important recent developments in Indian economy are as follows:
  • Exports from India increased 1.60 percent year-on-year to US$ 356.96 billion in April-November 2019. Nikkei India Manufacturing Purchasing Managers’ Index (PMI) stood at 52.7 in December 2019, showing expansion in the sector.
  • Mergers and Acquisitions (M&A) activity in the country has reached US$ 48 billion during Jan-Sept 2019.
  • The gross tax revenue stood at Rs 11.74 lakh crore (US$ 168 billion) out of which Income tax collection contributed Rs 2.67 lakh crore (US$ 38.34 billion) between April-November 2019.
  • Companies in India have raised around US$ 114.1 billion through 768 Initial Public Offers (IPO) first nine months of 2019.
  • India’s Foreign Direct Investment (FDI) equity inflows reached US$ 436.47 billion between April 2000 and June 2019, with maximum contribution from services, computer software and hardware, telecommunications, construction, trading and automobiles.
  • The World Bank has stated that private investments in India is expected to grow by 8.8 percent in FY 2018-19 to overtake private consumption growth of 7.4 percent, and thereby drive the growth in India’s gross domestic product (GDP) in FY 2018-19.
  • India is expected to retain its position as the world’s leading recipient of remittances in 2018, with total remittances touching US$ 80 billion, according to World Bank’s Migration and Development Brief.

Government Initiatives

Numerous foreign companies are setting up their facilities in India on account of various government initiatives like Make in India and Digital India. Mr. Narendra Modi, Prime Minister of India, has launched the Make in India initiative with an aim to boost the manufacturing sector of Indian economy, to increase the purchasing power of an average Indian consumer, which would further boost demand, and hence spur development, in addition to benefiting investors. The Government of India, under the Make in India initiative, is trying to give boost to the contribution made by the manufacturing sector and aims to take it up to 25 percent of the GDP from the current 17 percent. Besides, the Government has also come up with Digital India initiative, which focuses on three core components: creation of digital infrastructure, delivering services digitally and to increase the digital literacy.

Some useful informative links

Here are some important links that provides useful information about India.

1. The Ministry of External Affairs of India
2.The National Portal of India
3.The Ministry of commerce and Industry
4.National investment promotion and facilitation agency

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