India's Global Manufacturing Share to Double in Two Years, FedEx CEO

In the next two years, India's share of the global manufacturing market will likely double, owing to the increasing business opportunities and rising global interest, stated Raj Subramaniam, the Chief Executive of FedEx Corporation.

Addressing an Indiaspora Forum for Good event in Abu Dhabi, he detailed the potential India has to develop as a rival for the world's third-largest economy by 2030 because of its openness to foreign direct investment. He also serves as Vice Chairman on the US-India Strategic Partnership Forum; he gave additional attention to India's rising appeal as a manufacturing hub. " The opportunity for Indian manufacturing to double in the next two years is very big," he said.

This optimism comes at a time that global realignment in supply chains has spurred companies seeking alternatives to China, where India is still preferred. Presently India has a 2.8 percent share in global manufacturing; however, government-backed initiatives such as 'Make in India' and PLI schemes are showing results and competing for MNCs.

He stressed the interconnectedness of the global environment for the economy and how Indian companies need to be aware of the newly developing opportunities. "It’s a dynamic world, and things are changing dramatically as we speak. Make no mistake, the world is highly interconnected. I see a huge opportunity for Indian businesses. There is a sense of optimism and real change", said Subramaniam.

The Indiaspora Forum for Good, a three-day summit in the UAE, gathers leaders of Indian origin from over 30 countries to catalyze collaboration and create a dynamic global network. Subramaniam sought to stimulate the Indian diaspora into active engagement in India's economic ascendancy and pushed for synergistic partnerships to incite exponential growth.

Kumar, Founding Member of Indiaspora and Managing Director at Celesta Capital, agreed with Subramaniam's standpoint. He cited India's improving manufacturing proficiency in areas like automobile production. Moreover, he noted that with global supply chain redundancies, there are intensive moves toward more manufacturing in India-another plus point for India.