Prime Minister Narendra Modi said on Sunday that his recent meeting with Walmart CEO Doug McMillon in the national capital was a “fruitful one”, with the two having meaningful discussions on a variety of topics. Earlier, the Walmart CEO met Prime Minister Narendra Modi in Delhi last week.
Taking to Twitter, PM Modi briefed his followers about the conversation with Doug McMillon.
On May 11, Walmart Inc. had tweeted that this long-term alliance with India will help create and sustain an ecosystem of employment, strengthen communities, and enable India to become a global export leader. This alliance is also beneficial as it connects the goal of Make in India products and increase exports up to $10 billion (about $31 per person in the US) by 2027., the tweet said.
According to the IBEF, the manufacturing sector in India plays a pivotal role for the Indian economy. IBEF also stated that India has huge potential to compete in the global market. The government has implemented the ‘Make in India’ scheme as the manufacturing sector has grown as the highest growth sectors in India. The implementation of various schemes is an effort by the government to make 25% of the economy’s output come from the manufacturing sector.
Why is India gaining traction for being an investment gold mine?
India’s market opportunities are hugely significant in the future of becoming the global export leader. India has a huge potential to perform well in global markets due to aspects like the level of population, electricity expansions, and the young population in India ensure that there is stability for long term employment in this country.
The west has looked at the developing nations for sourcing raw materials and one of India’s assets is raw materials and the increase of the IT sector consequently saw a rise in the number of young entrepreneurs in the nation. These developments put India into the radar of global market surveyors.
There are some measures taken to expand toy manufacturing, a sector that is quite labor intensive. According to the IBEF, globally there is an increase in the demand for toy production due to the rising disposable incomes and an increasing young population. The current value of the global toy market is at USD 93 billion in the year 2020. India currently only holds around 0.2 % in the global toy market, and this proves to be a golden opportunity to increase their exports in the global toy trade.