| Company | Value | Change | %Change |
|---|
Brende emphasised the transformative potential of this entrepreneurial surge, likening it to the Silicon Valley boom that birthed global giants like Google. He highlighted the significance of India’s vibrant startup culture, contrasting it with regions more reliant on large, industry-policy-driven companies.
India’s digital knowledge base and youthful population are key strengths. Global Capability Centers (GCCs), leveraging India’s talent pool, are central to the country’s service-led export growth. “The young population is something that works for India,” Brende said, noting that these factors position the country to remain the fastest-growing large economy despite recent growth moderation.
India’s manufacturing sector is evolving rapidly, fueled by initiatives like “Make in India” and the diversification of global supply chains. Companies like Apple have significantly increased their manufacturing presence in the country.
“Who would have thought that Apple was going to build iPhones for $10 billion in India this year when there was almost none manufactured just five years ago?” Brende noted.
Read Here | 30 startups join Startup Policy Forum: An initiative to advance India’s new-age economy
India’s advantages—its young, English-speaking workforce and improving infrastructure—are attracting global manufacturers. However, Brende underscored the need for predictable electricity and competitive energy prices to sustain growth. He sees pharmaceuticals as a promising manufacturing segment, where India already demonstrates robust capabilities.
Despite the manufacturing push, Brende believes India’s comparative advantage lies in services and digital trade. “Where the demand is really increasing is on services and digital trade, and there India has a comparative advantage,” he said, adding that the nation’s dominance in these areas remains unparalleled.
Also Read | India GDP outlook: Manufacturing dip may offset gains in agriculture, says SBI Research
