Chinese Group Expects India to Overtake China in Innovation by 2025

According to China’s Science Technology Exchange Center, India’s innovation growth rate will rise significantly over the next 15 years, and come close to surpassing China. “It is predicted that the innovation competitiveness of India will see a significant rise with its growth rate probably surpassing China between 2025-2030,” the independent Chinese research body wrote in its BRICS Innovation Competitiveness Report 2017.

CNBC India reports: India has been taking notable steps forward in innovation, supported in part by Prime Minister Narendra Modi‘s reform agenda. Government initiatives such as Digital India, which expands the country’s online infrastructure, and Startup India, which promotes financial backing for entrepreneurs, have been unveiled to boost the country’s innovation and technology sectors. Meanwhile, the country’s growing information technology and scientific expertise have also helped turn it into an increasingly dominant outsourcing hub.

Innovation Poster

The International Monetary Fund recently forecast India’s GDP to grow 7.2 percent in 2017 versus China’s 6.5 percent. This new study highlights the growth that can be expected in intellectual advances, such as science and technology, which are often perceived as indicators of future growth.

September 15, 2017   No Comments

New Jersey based ATCS Sets Up Innovation Lab in India

New Jersey-based IT solutions company Advanced Technology Consulting Service (ATCS) expanded its operations in India by recruiting new staff and setting up its first Innovation Lab (I-Lab) in Jaipur, in the western state of Rajasthan. The company also opened a new office in Bangalore.

“The I-Lab not only serves as a functional space for approaching ideas and concepts in an alternative setting but also embeds a spirit in our team that ATCS is expected to think differently, creating solutions beyond one’s peripheral views,” said Jason Castellani, partner at ATCS.

The company provides strategic guidance to and implements software solutions for several Fortune 500 companies, and has offices in China, Germany and Canada, reports NDTV Profit.

Manish Krishnan, Global CEO, ATCS, said, “For our customers, innovation is a big drive. Having such a lab in our India office helps us in delivering more inventive ideas to our clients.”

ATCS Press Conference in Jaipur

ATCS Press Conference in Jaipur

July 13, 2017   No Comments

Harvard Study: India Becomes New Economic Growth Pole, Surpasses China

According to the Harvard University‘s Center for International Development  growth projections, India will feature on top of the list of the fastest growing economies until 2025 with an average annual growth of 7.7 per cent. The university-wide center works to advance the understanding of development challenges and offer viable solutions to problems of global poverty.

Indian flag

Key Highlights of the  study:

  • “The economic pole of global growth has moved over the past few years from China to neighboring India, where it is likely to stay over the coming decade.”
  • “The countries that are expected to be the fastest growing – India, Turkey, Indonesia, Uganda, and Bulgaria – are diverse in all political, institutional, geographic and demographic dimensions.”
  • “India, Indonesia and Vietnam have accumulated new capabilities that allow for more diverse and more complex production that predicts faster growth in the coming years.”
  • “What they [the countries mentioned in the previous bullet] share is a focus on expanding the capabilities of their workforce that leaves them well positioned to diversify into new products and products of increasingly greater complexity.”
  • “India has made inroads in diversifying its export base to include more complex sectors, such as chemicals, vehicles, and certain electronics.”

NDTV says, that the growth projections are based on measures of each country’s economic complexity, which captures the diversity and sophistication of the productive capabilities embedded in its exports and the ease with which it could further diversify by expanding those capabilities.

 

 

July 10, 2017   No Comments

India Holds $124 Billion in U.S. Securities

The most recent data available with the U.S. Treasury Department shows that India increased its holding of American government securities to $124.1 billion at the end of April, a $7 billion increase from the previous month.

Among the BRIC nations, India had the third largest exposure to the U.S. government securities after China and Brazil, while Russia‘s holding rose to $104.9 billion reports the Press Trust of India.

With the U.S. economy witnessing relatively better economic growth trends, India has hiked its exposure to the securities. According to the latest estimate from the Bureau of Economic Analysis released last month, “Real gross domestic product increased at an annual rate of 1.2 percent in the first quarter of 2017.”

picture depicting growth

June 27, 2017   No Comments

Over 50 Global Retailers to Set Up Shop in India

More than 50 mid-rung global retailers are planning to enter India within the next six months, according to data compiled by Franchise India. The majority of the brands are from the United States and Singapore, and they will invest $300-500 million in India.
The Economic Times reports that the latest brands are mostly smaller ones that rely on the franchise system for global expansion. These companies want to focus on smaller and untapped markets such as Tier 2 and 3 cities. Of the incoming brands, 18 are in the food and beverage space followed by 13 each in apparel and lifestyle products and education products.
Retail Marketing
Recently, India replaced China as the most promising retail market in the world, according to an AT Kearney report. The report said, “Government efforts to boost cashless payments and reform indirect taxation with a nationwide goods and services tax are expected to accelerate adoption of modern retail.”

The Indian retail market is expected to reach $1.6 trillion by 2026, growing at a compounded annual growth rate of 10%, according to the India Business of Fashion 2017 report. With food and grocery retail just 3% of the overall market, several global food chains sense an opportunity in India.

June 19, 2017   No Comments