New Delhi, 13/1: On paper, India’s chances of attracting global manufacturers look rosy.
Apple Inc. began assembling its latest iPhone models in India in a significant break from its practice of reserving much of that for giant Chinese factories run by its main Taiwanese assemblers, a key win for Prime Minister Narendra Modi’s “Make in India” campaign.
Among India’s advantages are rising geopolitical tensions between Western nations and China, and a growing friendship with the US, Australia and Japan, which form part of the Quad, a grouping of democracies to counter Beijing’s economic and military ambitions.
The country’s presidency of Group of 20 nations this year could also boost investor confidence. India is poised to hold the title of the world’s fastest-growing large economy in the next three years. Its gross domestic product is set to become the world’s third-largest before the end of the decade.
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