The country has the best growth prospects among seven large economies of the world, including China and South Korea, a study done by a global logistics major said today.
This is due to “strong and sustained increases in both air and ocean freight in and out of the country”, DHL and consultancy firm Accenture said in the maiden ‘Global Trade Barometer’ study released today.
“More than any of the world’s largest economies, India’s major industries have displayed levels of resilience and growth that will buoy business confidence in the short to medium turn,” DHL global forwarding India’s managing director George Laswon said.
He said the country’s GDP has doubled since 2008 to over USD 2.44 trillion now and will continue its upward trajectory for the foreseeable future on the back of infrastructure investments.
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The study uses artificial intelligence, big data and predictive analytics to come up with an outlook on future trade and includes seven top trading nations in the world, including the US, UK, China, South Korea, Germany, Japan and India, which represent 75 per cent of global trade.
It can be noted that the study comes even as the country fixes greater focus on domestic manufacturing and some experts expressing doubts if it can emulate China’s on the manufacturing front.
The study said both air and ocean freight remain strong in the country, with high demand for commodities and equipment driving growth.
The ocean trade will improve on demand for commodities and industrial materials from overseas, while air freight demand is projected to be stable at current highs, sustained by growth in machinery and technology imports, it said.
“We’re expecting strong performance in not just one or two sectors, but across the entire Indian economy,” Lawson said, adding Indian companies are not only growing fast but also getting integrated faster with the world.moneycontrol