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India becoming the factory of the world?
Western companies are urgently looking for alternative markets to China, the "world's factory". According to a report from the Wall Street Journal, India is emerging as a strong competitor to replace China's position. The report states that India is the only country in the world that has a labor force and domestic market comparable to China's. United Nations data shows that India may become the world's most populous country, and Western governments are beginning to see India as an ideal partner. The Indian government has also taken action to create a more business-friendly environment.
It is worth noting that the overall environment in India is changing. For example, in the huge industrial park of Sriperumbudur in Tamil Nadu, foreign manufacturers have been producing cars and appliances for the Indian market for a long time. Now, multinational companies that produce various products such as solar panels, wind turbines, toys, and shoes are also joining the lineup. These companies are all looking for alternatives to China.
Compete against each other
The report mentions that China still holds the dominant position in global manufacturing, but more and more factors have prompted companies to seek backup plans. First, labor costs in China are rising, and there is pressure from the Chinese government for technology transfer. Secondly, former US President Trump imposed tariffs on imports from China in 2018, and China's strict anti-epidemic measures in 2020-2021, as well as Western governments beginning to push for decoupling from the Chinese economy.
India must overcome some challenges, including a large proportion of the workforce being poor and lacking skills, underdeveloped infrastructure, and a business environment and regulations that may be more complex. However, the report states that India is making progress. Indian Prime Minister Modi launched the " #Make in India " initiative in 2014 and has accelerated the construction of railways, airports, container ports, and power facilities.
border dispute
World Bank data shows that India's manufacturing exports in 2021 were almost only one-tenth of China's, but this number exceeded all other emerging markets except Mexico and Vietnam. Electronic products have become the largest growing area in India, with exports in this area doubling since 2018. In addition, foreign direct investment in India averages $42 billion per year, and has doubled in the past decade.
#Indian economy #Indian population #Indian style #Indian factory #Indian competitiveness
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Western companies are urgently looking for alternative markets to China, the "world's factory". According to a report from the Wall Street Journal, India is emerging as a strong competitor to replace China's position. The report states that India is the only country in the world that has a labor force and domestic market comparable to China's. United Nations data shows that India may become the world's most populous country, and Western governments are beginning to see India as an ideal partner. The Indian government has also taken action to create a more business-friendly environment.
It is worth noting that the overall environment in India is changing. For example, in the huge industrial park of Sriperumbudur in Tamil Nadu, foreign manufacturers have been producing cars and appliances for the Indian market for a long time. Now, multinational companies that produce various products such as solar panels, wind turbines, toys, and shoes are also joining the lineup. These companies are all looking for alternatives to China.
 |
| Compete against each other |
The report mentions that China still holds the dominant position in global manufacturing, but more and more factors have prompted companies to seek backup plans. First, labor costs in China are rising, and there is pressure from the Chinese government for technology transfer. Secondly, former US President Trump imposed tariffs on imports from China in 2018, and China's strict anti-epidemic measures in 2020-2021, as well as Western governments beginning to push for decoupling from the Chinese economy.
India must overcome some challenges, including a large proportion of the workforce being poor and lacking skills, underdeveloped infrastructure, and a business environment and regulations that may be more complex. However, the report states that India is making progress. Indian Prime Minister Modi launched the " #Make in India " initiative in 2014 and has accelerated the construction of railways, airports, container ports, and power facilities.
 |
| border dispute |
World Bank data shows that India's manufacturing exports in 2021 were almost only one-tenth of China's, but this number exceeded all other emerging markets except Mexico and Vietnam. Electronic products have become the largest growing area in India, with exports in this area doubling since 2018. In addition, foreign direct investment in India averages $42 billion per year, and has doubled in the past decade.
#Indian economy #Indian population #Indian style #Indian factory #Indian competitiveness
#Indian economy #Indian population #Indian style #Indian factory #Indian competitiveness
