38% of global corporates currently do or plan to manufacture-source from India
India will be a key driver of global trade growth, with its exports projected to grow at an average annual rate of 7.6% to reach US$564 billion by 2030, according to a research report by Standard Chartered.
Additionally, the research found that 38% of global corporates currently do or plan to manufacture-source from India within the next five to 10 years, according to the report “India – Future of Trade 2030: Trends and Markets to watch”.
“This is evidence that India will be a major driver of global trade growth over the next decade,” Standard Chartered said in the report on 23 Nov 2021.
Singapore and Hong Kong, regional trade hubs and strategic corridors for India, are projected to grow at average of 8.4% and 6.6% per year, respectively, until 2030.
The USA will continue to be the largest export corridor, accounting for 17% of total exports in 2030.
India, the report noted, is investing in its manufacturing sector and digital economy to drive economic growth.
Standard Chartered Bank’s MD & Head for Trade & Working Capital, India & South Asia Gaurav said, “Global trade has been the engine of economic growth for several years now, and has greatly enabled social, cultural and technological interactions. With India poised to drive global trade growth from the forefront in the current decade, we have an obligation and responsibility to incorporate sustainable and inclusive practices to make trade more equitable.”
He elaborated, “Digitisation continues to be a key focus area for us. Increased adoption of technology and innovative digital solutions will result in elevated client experience, more security, and faster trade flows.”
The report, commissioned by Standard Chartered and prepared by PwC Singapore, is based on an analysis of historical trade data and projections until 2030, as well as insights from a survey of more than 500 C-suite and senior leaders in global companies. #economies #exports #manufacturing /fiinews.com
