7 September , 2022 Fdiindia
Corporate Honchos of Silicon Valley Says its India’s Time to Shine
According to John Chambers, former chairman and CEO of Cisco Systems, India is the world’s fastest-growing major economy and offers global businesses when China is losing out. And Nikesh Arora, CEO, and chairman of Palo Alto Networks thinks that India is growing and it’s India’s movement. And on the other hand, the chairman and CEO of Adobe, Shantanu Narayen, declares the county is a large part of the software giant’s schemes of things.
As all the Indian policy-makers go out to woo foreign businesses, some of the corporate chiefs in Silicon Valley have confirmed the country’s possible development as a prominent investment destination in the upcoming years.
On Monday, at the end of the meetings with industry and commerce minister Piyush Goyal, they backed the minister’s call to global businesses to invest in India. They also list the proposal on how to take the India story forward. After the meeting with Piyush Goyal, Nikesh Arora stated that India provides resources, capability, and stability if we look at the global aspect. As we have a demographic opportunity, the right population dynamics, numerous young people, and exceptional GDP growth, which will allow companies to succeed in the country.
John Chambers said that India offers a trusted partnership at a crucial time when China is losing that trust. India will remain the world’s fastest-growing economy in the next decade. He also mentioned that everything from start-ups to investments in businesses gives an opportunity to lead in the future.
Adobe CEO Narayen’s company is extensively expanding in Noida and Bengaluru. “India continues to be a massive area of importance for us and we continue with expansion,” he added.
In recent years upraise foreign investments partly made up for the domestic private CAPEX. The improved pitch for foreign investments comes when the EU and the US are facing a downturn, covid hit china witnessing a growth halt, and the Ukraine war has altered the channel of the global supply chain. These factors will consider the flows of foreign direct investment globally. However, with decent economic development, India can capitalize on this adversity if it puts in the right policies.
The International Monetary Fund has predicted a 7.4% growth rate for India in FY22 and a 3.3% projection for China.
Narayen aid India has a lot of potential to develop two crucial areas- the film industry and the animation industry. “The minister outlined some of the things that are happening in India like digital commerce. We touched on what has to happen to continue to engage people digitally so that you can automate inefficient, paper-based processes,” he said.
At a meeting with American and Indian corporate honchos organized by USISPF, Goyal affirmed that the period to invest in India is now, given the immense opportunities.
Goyal mentioned there are production-linked incentive (PLI) schemes, and the ten dollars billion investors have received the semiconductor program. “There was a lot of interest about knowing potential locations for the semiconductor industry to locate in India and some very interesting offers and ideas came to the table,” he said. “The government is open to ideas. We are already exploring a few more sectors which could be brought under the scheme,” he added.
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