Peter Adams | Photolibrary | Getty Images
Crawford Market in Mumbai, India.
India, home to 1.3 billion people, offers a huge consumer market. although, according to one business expert within the country, the capacity of the entire world’s second largest population to sell is actually undervalued.
“I think one of the areas which we need to start talking about is actually also services,” Rakesh Bharti Mittal, president of the Confederation of Indian Industry, told CNBC on Monday. “So far, we’ve been talking more on trade, on products.”
“India is actually known for its software power. the item does back office work as well as also software development across the globe — so why should those strengths not be looked at?” he said at the Commonwealth Business Forum in London. “Given in which we are talking about all economies going digital — digitization is actually the buzzword — I think in which India can play a very important role.”
Mittal also spoke of India’s potential as a hub for cybersecurity, particularly given recent headlines about data privacy. “A lot of investment will go into This specific,” he said.
India’s information technology sector is actually projected to grow to approximately 8 percent of gross domestic product within the fiscal year of 2017, said a report by the National Association of Software as well as also Services Companies, an industry body. This specific is actually valued at $154 billion.
According to a report by India’s Ministry of Electronics as well as also Information Technology, the country “remains the entire world’s top sourcing destination in 2017-18 having a share of about 55 percent.”
although India is actually more likely to expand its exports globally on a multilateral basis, Mittal said.
“The matter of fact is actually in which regional, bilateral trade agreements are on the backburner. FTAs (free trade agreements) have not resulted in both sides being happy. Someone gains as well as also someone else loses, as well as also in which’s what we are right now seeing globally.”