India Emerges as the Most Favourable Destination
even in a Pandemic
At a time when economic activities and opportunities are seeing a downward trend in the wake of the outbreak of Covid-19, the global MNCs have been looking towards India as a preferred destination for partnerships and investments. These companies include technology majors, IT, electronics and telecommunication companies, data analytic firms, automobile manufactures and giant retailers. Despite the challenges that the pandemic has posed and it demand for a fair share of India’s financial and human resources. Government of India has not let it dampen the flow of investment into the country. The recent interest of these global companies is reflective of their confidence in India’s market and digital innovation and the ease of business offered. Companies are also increasingly looking towards making use of technology to change the lives of peoples and promote innovation and enterprises.
In particular, IT giants perceive India as a lucrative market for their growth. Tech-giant Google’s decision on 13th July 2020 to invest $10 billion termed as “Google for India Digitization Fund” is an example in this regard. The fund seeks to cover affordable internet access, new product development tailored to Indian market needs and accelerating digital transformation, as well as healthcare, education and agriculture.
Apart from above, during the period from April-July 2020, many global companies have decided to invest in India; Walmart (1.2 billion dollars), Foxconn-Apple Inc. Supplier (1 billion dollars). Facebook, the world’s largest social media company invests 5.7 billion dollars in India’s Reliance Jio Platforms. It is Facebook’s biggest single investment in another company. Qualcomm Ventures (97 million dollars), Thomson (142.8 million dollars), We Work Global (100 million dollars), Hitachi (15.9 million dollars), Kia Motors (54 million dollars), Saudi Arabia’s PIF (1.6 billion dollars).
Hyundai Mobis expands its technical centre in India to strengthen software development of future vehicles. Through this expansion, the company aims to strengthen its R&D activities in India, particularly software development for autonomous vehicles. SGS is Amazon’s trusted partner in quality packaging and is one of the world's leading inspection, verification, testing and Certification Company. The company opens its first accreditation testing lab in India along with labs in other parts of the world which are Cestas in Bordeaux, France and Appleton in the US.
Axtria, a global leader in cloud software and data analytics for the life sciences commercial business, further expands its presence in India and opens its first delivery centre in south India. The big data analytics and cloud software giant is creating new employment opportunities to meet increasing market demand in India. f5, a company providing solutions to App based platforms, opens its first centre in India. After successful launches in Sydney, Australia, and Hong Kong, it opens its first centre in India.
Tsuzuki one of the leading Japanese electronics company, opens a brand-new plant at Reliance's Model Economic Township in Jhajjar, Haryana, India.
Samsung, the South Korean giant now has started manufacturing their entire range of 18 smartwatches in India. The company which has its largest smartphone manufacturing facility in Noida, has also launched a new 4G-enabled smartwatch that will be manufactured locally.
