IPM MD calls for right push to make India lucrative global investment destination
In a young and growing economy like India, there is an urgent need to increase investments in human development and peripheral infrastructure to capitalize the demographic dividend, says Alexander Reisch, Managing Director, IPM India Wholesale Trading Private Limited, a joint venture with participation by Switzerland’s Philip Morris Brands Sarl.
“Providing the right push will be of utmost importance for the Government to make the country a lucrative global investment destination,” he said on 17 Feb 2023.
India’s road to sustainable growth and competitive manufacturing will depend on robust and reliable infrastructure creation. Initiatives such as Make in India, PLI scheme and use of innovative solutions will lead to productivity-led growth,” he highlighted.
India is emerging as the most alluring destination for foreign investments in the manufacturing sector.
The country recorded the highest-ever FDI at US$83.6 billion.
Favorable developments in the domestic manufacturing sector have enabled it to create resilient supply chains, making Indian industries more competitive and boosting the export potential.
Highlighting the importance of start-ups in the economic growth, Reisch elaborated, “India is the third largest startup ecosystem in the world. There has been a significant increase in the number of start-ups that have entered the coveted billion-dollar unicorn club.
“Recently, India beat China to add more unicorns in the first half of 2022. Given the sheet size of the nation and untapped potential, India must take a leaf out of developed nations’ book and provide the necessary ecosystem to create more wealth creators than job seekers.”
As global economic slowdown looms, there is significant uncertainty about the impact it will have on India’s growth story.
India can withstand the impending global recession, with few hurdles faced due to the larger macroeconomic environment.
While this may cause delay, it is without a doubt that India will continue its growth trajectory.
The current global geopolitical climate will certainly work in India’s favor as it will become the preferred destination for manufacturing, talent and technological development.
IPM India Wholesale Trading Private Limited is a joint venture between Philip Morris Brands Sarl of Switzerland and two Indian entities, Godfrey Phillips India Limited and K.K. Modi Investment & Financial Services Private Limited. fiinews.com
