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India is the ‘best bet’ in the global economy

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The Hinduja Group: The world is now looking to India for manufacturing

The India chairman of conglomerate Hinduja Group said he is bullish on India, which he called “a very large emerging and fast-moving market”.

Speaking to CNBC on Thursday, Ashok Hinduja explained: “We see a recession coming in the US, recession coming in the UK, in Europe, problems in China, [a] problem in Southeast Asia under the fear of China-Taiwan. So, looking at the big picture, we focus now [on] India as an Emerging Market.”

The Hinduja Group is headquartered in India, although it owns businesses in many industrial sectors and has a presence in nearly 40 countries, including the United Kingdom, Switzerland and the United States.

Its core business is Ashok Leyland, one of the leading commercial vehicle manufacturers in India.

“India, politically, is well placed,” chairman Tanvir Gill told CNBC.

“Credit goes to our Prime Minister,” he said, referring to Prime Minister Narendra Modi. “He has handled, in the current situation, relations with the USA, with Europe, with Russia, with China, although there have been problems with China, but he has handled them well, it is under control.”

Tensions between India and China escalated in 2020 after their troops clashed on a shared border and remain tense. Western countries have recently criticized India for increasing its purchases of Russian oil as that country’s occupation of Ukraine suffers.

Workers unload goods from a truck in the main market area in Gandhidham, India. India is a huge market and the “best bet” in the global economy, said Ashok Hinduja, chairman of Hinduja Group, India.

Prashanth Vishwanathan Bloomberg | Getty Images

Asked whether rising interest rates and the risk of recession in the United States would affect India, Hinduja said the impact would be somewhat limited.

He noted that US and European stock markets are lower this year, while Indian stocks have been more resilient.

The S&P 500 and the pan-European Stoxx 600 have both fallen more than 17% this year. India’s Nifty 50 is up around 1%.

Economic growth decreases

The Hindu claimed that the government in India is fighting corruption and said it will make investments in infrastructure ahead of elections expected before May 2024.

“Infrastructure spending will be there, economic growth will come, so we see, looking at the global scene, India is today [the] best bet,” he said.

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India’s year-over-year economic growth has been strong in 2022, although its growth rate appears to have slowed recently.

Last week, The OECD said that on a quarter-on-quarter basis, India’s GDP growth for the second quarter it was the second worst among the G-20 group of major rich and developing countries. Earlier this month, Goldman Sachs cut its full-year forecast for India’s gross domestic product growth from 7.6% to 7%.

Foreign investments

According to a report by the Ministry of Finance of India, the country received $17.3 billion in foreign direct investment in the first quarter, which puts it ahead of newcomers Indonesia and Argentina, but behind countries including Brazil and Mexico.

China’s foreign direct investment dwarfed India’s by $101.9 billion during the same period, the report said.

In the second quarter, India’s foreign investment fell to $16.1 billion, the ministry said.

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