India to rank among top exporters by 2030, says HSBC
16/09/2014 15:54
According to HSBC trade forecast, India is likely to become the world's fifth largest exporter of goods by 2030 in value terms, said the media report.
The country has the potential to become an export hub for autos and it is well-placed to further develop its textile industry, despite the fact that India's near-term growth prospects remain lackluster, the HSBC report said.
India's Trade Confidence Index increased from 126 in the second half of 2013 to 137 in the first half of 2014. In the near term, respondents see Europe as the most promising trading destination, pushing Asia into second position, said the media report.
"The economic potential for India remains strong, with the growing population and rapidly expanding middle class - it presents opportunities for business. India is forecast to emerge as the world's largest middle class market, surpassing both China and US," HSBC India Managing Director and Head, Commercial Banking, Sandeep Uppal said.
In the sectoral front, pharmaceuticals, transport equipment and textiles will help accelerate overall export growth. By 2021- 30, pharmaceuticals exports are likely to emerge as one of the top ten contributors to total export growth.
India's pharmaceuticals sector is relatively advanced and in a position to compete globally, the report said.
16/09/2014 15:54
According to HSBC trade forecast, India is likely to become the world's fifth largest exporter of goods by 2030 in value terms, said the media report.
The country has the potential to become an export hub for autos and it is well-placed to further develop its textile industry, despite the fact that India's near-term growth prospects remain lackluster, the HSBC report said.
India's Trade Confidence Index increased from 126 in the second half of 2013 to 137 in the first half of 2014. In the near term, respondents see Europe as the most promising trading destination, pushing Asia into second position, said the media report.
"The economic potential for India remains strong, with the growing population and rapidly expanding middle class - it presents opportunities for business. India is forecast to emerge as the world's largest middle class market, surpassing both China and US," HSBC India Managing Director and Head, Commercial Banking, Sandeep Uppal said.
In the sectoral front, pharmaceuticals, transport equipment and textiles will help accelerate overall export growth. By 2021- 30, pharmaceuticals exports are likely to emerge as one of the top ten contributors to total export growth.
India's pharmaceuticals sector is relatively advanced and in a position to compete globally, the report said.
