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India has become the leading choice for multinational companies seeking to expand trade and manufacturing operations, according to Standard Chartered’s 'Future of Trade: Resilience' report published on Tuesday.
Based on a survey of 1,200 senior corporate executives across 17 markets, the study found that more than 40 per cent of firms plan to increase their activities in India, largely because of its status as the world’s most populous market and one of the fastest-growing large economies.
“India is the leading market of interest from our survey, where almost half of the respondents are looking to ramp up or maintain trade activities,” the report noted.
"In particular, more than 60 per cent of corporates from the United States (US), the United Kingdom (UK), Mainland China, Hong Kong and Singapore are looking to trade with India," it added.
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It further highlighted India's recent trade agreements, including a free trade pact with the UK and efforts to deepen access with Singapore and China.
While the US remains India’s largest trading partner, the report said that tariffs imposed earlier this year could impact export flows. Washington has imposed a 50 per cent tariff on India, which includes a 25 per cent penalty tariff for importing Russian oil.
In line with the report's outlook, India’s private sector growth in September eased to 58.5 from its recent peak of 59.3 in August, indicating a modest slowdown, according to HSBC’s flash Purchasing Managers’ Index survey released on Tuesday.
Reforms attracting investment
The report added that reforms to attract foreign investment have supported India’s rise up the value chain. "Business process outsourcing has transformed into global capability centres (GCCs) that play a vital role in the operations of many multinational corporations," the report said.
India has about 1,760 GCCs, according to data from Nasscom, which is expected to cross 2,000 by the end of next year. Many of those centres are seen as extensions of the headquarters, work on some cutting-edge technology in several sectors, including retail, automotive, healthcare, and banking, with greater control on product R&D, analytics, and design.
Asia will continue to drive trade growth
Alongside India, the report noted that Asia will continue to drive trade growth in the next three to five years, with rising prominence from the Middle East and the US remaining as a heavyweight.
"Yet one thing is also clear: both the US and Mainland China will remain key players in the global supply chain,' the report added.
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