New Delhi [India], January 28 (ANI/SRV): "The world we are living in is very uncertain and the level of uncertainties is on a rise. India is like a rock in the ocean. India has been good news as it was the fastest-growing economy in the world last year and India may overtake other countries like Japan, US and finally China as it emerges as the new entrant to the global economic road," said Dr. Frank-Jurgen Richter, Chairman, Horasis while addressing the members of Thought Leaders of India (TLOI) in an exclusive virtual engagement. Focusing on digitization, deglobalization, and decoupling as the three growth drivers, he said, "The potential of India is higher than what we see right now''.
Keeping the world's economic, business, and political scene in perspective and recognizing the role of key global players in the world economy Thought Leaders of India, a business community of India's corporate stalwarts, believes India can play a major role by championing shared values and open societies. Hence, it invited Dr. Richter, one of the world's respected voices on corporate globalization and Asian business, who has influenced major business and governmental decisions with his public comments individually and through Horasis, a Global Visions Community. Dr. Richter threw light on India as a player in the world economy while speaking on the topic, "Unlocking India's business potential on the world map".
While sharing his views on India's potential he said, "Indian companies should invest more overseas and build a global presence. India so far has been mostly successful domestically - with a lot of domestic demand and maybe that was why India never looked overseas. I would encourage Indian companies to take the risk and invest overseas to build global brands in MNCs like Apple and Microsoft."
He added, "As we see the decoupling going on there are many supply chains that have to be reorganized and there is a historic opportunity for the Indian economy to step in and take over from where the Chinese are leaving. If you compare India and China in the 90's they were the same in terms of GDP and per capita but now 40 years later the Chinese GDP is 4-5 times higher. So, what really happened? The Chinese government was putting forward five years plan and even 50 years plans to develop the economy whereas India was so focused on the domestic market that the whole globalization process didn't really happen. But now is its historic chance to move in all these products that the Chinese are usually known for, especially consumer products. The world is also ready to see India in the manufacturing space and apart from IT and IT outsourcing, India should also look into the manufacturing of consumer products, machinery, and hi-tech products. Thus, decoupling is a major opportunity for India to couple and link with the rest of the world."
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