India to Perform Better than Most Asian Peers Due to Policy Steps, Lesser Reliance on China, says ING

According to ING bank, India is determined to perform better than most Asian Peers in the year 2023, as the proactive policy puts the nation in a good position to benefit from easier conditions throughout the year. 

“India’s lesser reliance on trading with China has also provided a buffer, while a rethink on global bond market inclusion for government securities can see huge capital inflows”, as quoted by Robert Carnell, Regional Head of Research, Asia-Pacific at ING stated in an investor note shared on January 10th. 

Carnell’s views echo those of the International Monetary Fund. India was a relatively bright spot in the world economy and making crucial progress on the structural reform agenda. International Monetary Fund’s deputy managing director Antoinette Sayeh said last week. 

Better FDI

ING expects India to continue to rise in the rankings of foreign direct investment (FDI) destinations in 2023, despite the darkening of the external economic outlook and the reopening of China. 

“India is increasingly being seen as an alternative destination for investment following policy measures designed to ease FDI inflows and promote the manufacturing industry as well as investment issues in China (trade wars, tech wars, zero-covid, etc),” as Quoted by Carnell. 

“India is the only economy in Asia to offer the potential for scalability, which was one of the main attractions of China”. 

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