New Delhi Eyes 8% GDP Growth for Multiple Years – Companies Are ‘Friendshoring’ to India as PM Modi Puts a Kinder Face to Multipolarity
After landing a spacecraft on the moon, India is on a roll, putting the pedal to the metal to solidify its position as one of the locomotives driving the growth of the so-called ‘Global South’.
It now arises that the world’s most populous country wants to attain up to 8% annual GDP growth for several years.
New Delhi is focused on boosting its manufacturing capabilities, as the country offers a kinder face for Western investments, in contrast with its Chinese counterparts.
CNBC reported:
“’Every sector of the economy has seen a significant improvement in the manufacturing processes’, Union Minister for Railways, Communications, Electronics and Information Technology Ashwini Vaishnaw said.
He highlighted that manufacturing in electronics, pharmaceuticals, chemicals and defense has seen great advancements and will tie into Prime Minister Narendra Modi’s ‘Make in India’ initiative that encourages companies to manufacture and assemble goods in the country.”
The minister’s comments came after the government’s interim budget of $133.9 billion in capital expenditure, an 11.1% jump from the prior year.
“’This budget will reinforce the process of making India which started 10 years back, [and] will lead to significant and consistent 7-8% growth rate for at least next five to seven years’ Vaishnaw told CNBC.”
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99% of the phones used in India were, at this point, made
Source: The Gateway Pundit
