According to a senior S&P Global executive, India has proven it can draw in top businesses from the rapidly growing electronics and telecommunications industries and has emerged as one of the world’s most digitally advanced nations. President of S&P Global Market Intelligence Adam Kansler stated, “India’s telecom and electronics sectors are a good case study attracting the world’s biggest companies, through which India’s become one of the world’s most digitised countries.”
What was said in the S&P Report?
The senior executive went on to say that India would keep making significant progress toward the future in 2024, with its domestic accomplishments supporting and strengthening its standing internationally. According to the New York-based business, among the G20 countries, India’s GDP is expected to develop at the highest rate.
The company feels that the FDI inflows into India over the past ten years, along with the country’s youthful demographic composition and rising urban household incomes, are indicative of the economy’s favorable long-term economic prognosis.
The American company had predicted that 1.1 billion Indians would have access to the internet by 2030 and mentioned that the country’s own unicorns would benefit from the quick rise in e-commerce and the adoption of 4G and 5G smartphone technologies.
With continued supply chain diversification, India’s manufacturing sector is predicted to account for 20% of GDP by 2030. In the meantime, services will account for 56% of GDP by 2030, driven by demand for retail finance and trading as well as exports and related services.
The charts
2020 saw the acquisition of Tower Infrastructure Trust, which owns assets related to telecom towers in India, by Canada’s Brookfield Asset Management and Singapore’s GIC (Gic Investment Corporation). When Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, visited India in September of last year, he stated that the two countries were working together to generate possibilities and build the future. At the recent India-Saudi Arabia Strategic Partnership Council meeting, Indian Prime Minister Narendra Modi declared that Saudi Arabia would rank among India’s most significant strategic allies.
Saudi Arabian foreign direct investment (FDI) increased significantly in the 2020–21 fiscal year, reaching $2.8 billion, according to S&P Global. 2020 saw the acquisition of $1.3 billion in Reliance Retail by Saudi Arabia’s Public Investment Fund and a USD 1.5 billion investment in Jio Platforms. While port capacity is predicted to quadruple over the next ten years, the executive continued, “the government’s efforts to improve cost competitiveness and logistics also are encouraging.” A research chapter on India’s expanding market was introduced by S&P Global.
