Import and substituting imports with domestic production are a big opportunity. With a devaluation of the rupee, imports get expensive, and for Indian manufacturers, this creates a huge opportunity.
Sentiment: POSITIVE
If anybody was to look towards a big source of demand in future, it would be hard for them to miss India.
My view is make Indian manufacturing competitive, and if it is competitive, it can serve customers or consumers anywhere.
We must recognise that in a globalised world, we cannot remain insulated from external developments. India's trade performance in the current year has been robust, surpassing pre-crisis export levels and pre-crisis export growth trends. We have diversified our export baskets and our export destinations.
India is the most competitive manufacturing destination on this planet. If we are able to take advantage of that competitiveness for our domestic markets, this country would be humming with activity; industrial production will grow at 10-11% per year.
India has the unique advantages of having the biggest domestic market and this should support IT companies.
The world wants India to remain an import-based economy. Then India can be a dumping ground where gold can be dumped and other commodities such as oil and gas. They look at India as a huge market.
I think there are opportunities outside India as well as in India. In fact, some of the largest projects that most Indian software companies are doing are in India.
India is still considered a preferred destination for many multinationals to manufacture cost-competitive high-technology products for domestic consumption as well as for global demand.
With Indian migrants all over the world, money transfer is a big business in India.
Our strategy should be based on indigenisation and import substitution. The government must provide opportunities for domestic companies to participate in sectors in which the country continues to depend on imports.
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