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NEW DELHI: “Global business and India share a symbiotic relationship and the country is the most attractive market in present times when there is a slowdown in many parts of the world,” said Krish Iyer, president, Walmart India, adding that global companies like Walmart bring good technology and best practices to the country.
“As we expand our footprint in India sourcing (from farmers and small and medium enterprises) will be an important area of focus… Our major focus at this time is not profitability but building foundations for future growth, having partners who can run their business responsibly,” Iyer said at CII’s Annual Session 2018 on “Do global businesses need India?” He added that the intent of the government to increase the ease of doing business in the last four years has definitely helped in boosting this attractiveness. This is witnessed in the opening up of 21 sectors for foreign direct investment.
During the session, Nisha Biswal, president, US — India Business Council, said India is a bright spot for the US owing to its rapid growth, expanding middle class population, and a vibrant startup ecosystem. “It is believed that 80% of India’s infrastructure is yet to be built. This presents a big opportunity for partnership between India and the US. To finance the massive boom, India needs the infusion of global capital and global technology,” she added.
“India has a valuable base of engineering resources and affordable human capital,” Kazuya Nakajo, chief director general, JETRO India, said during the session, adding that Japan is looking forward to partnering with India in newer areas of services, FMCG, IT and electronics.
Speaking on increasing the two-way trade between India and the world, Shishir Priyadarshi, director, WTO said India is a big market, however, the world market is even bigger and in order to penetrate global markets, the Indian industry must excel in technology as well as other key areas.