India’s economic development strategy has undergone significant evolution, shaped by changing global and domestic dynamics. At this critical juncture, India’s growth model presents vast opportunities but also faces considerable challenges in achieving its full potential. This briefing examines the historical, systemic, and structural hurdles that could hinder progress while outlining strategies to capitalize on emerging opportunities and maintain growth momentum.
A new report by the Asia Business Council, featuring the Asia Manufacturing Diversification Index, assesses the preparedness of ten emerging Asian economies vis-à-vis China in a new world of global trade, as multinational businesses look to adopt “China-plus-one” or even “China-plus-many” strategies in export manufacturing, and intra-Asian trade continues to soar. It offers a strategic roadmap for countries aiming to increase their investment appeal by identifying new growth opportunities and overcoming obstacles in the face of global supply chain shifts and escalating trade tensions.
Asia and the Gulf have deepened their interdependence over the past decade, particularly in energy, trade, investment, and technology. Gulf Cooperation Council (GCC) nations are strengthening ties with Asian countries like China, India, Japan, South Korea, and ASEAN, fostering mutual economic growth. These partnerships are driven by shared goals including economic diversification, energy security, and the advancement of emerging technologies like AI, renewable energy, and electric vehicles. Growing Asian-Gulf ties are strategically important amid global and regional challenges.
Staying ahead will require diversifying in hi-tech sectors, boosting workforce resilience and advancing sustainable supply chains
The Asia Business Council conducted its 2024 survey of members in July and August 2024, offering a set of perspectives from CEOs and Chairmen of predominantly Asian businesses. Overall business sentiment was split, with 43 percent of respondents indicating optimism about business conditions improving in the next year, 11 percent foreseeing a worsening business environment, …
A collaborative article by the Asia Business Council and McKinsey delved into the perspectives of business leaders in Asia as they navigate an emerging and potentially more turbulent era, in terms of world order, technology, demographics, resource and energy systems, and financial capitalization. Overall, they believe the region can sustain its growth but will need strategic adjustments to address disruptions and volatility in a multipolar world.
Asian countries may suffer setbacks in their manufacturing ambitions if they aren’t able to produce more sustainably from the start and decarbonise rapidly
If India is to successfully double the size of its economy by 2030, the only viable path is raising the number of women in the workforce
Cooperation among nations in the Global South has enabled developing economies to help each other through knowledge and technology transfers. Using this approach to address the digital infrastructure gap and build a highly skilled workforce can keep emerging countries from falling further behind.
The speed of India’s rise in consumerism is outpacing China’s as the gap between the two countries’ markets continues to narrow. If it wants to maintain its lead as the world’s top market, China must broaden its focus to include rural areas and cater to often-overlooked consumer bases.
