In an exclusive opinion piece for specialist publication, The BRICS Post, Alexander Rost, Commerzbank’s regional head for the subcontinent and ASEAN countries, explores the successes of the Indian economy, and argues that it could reach new heights by expanding the profile of its export trade.
Rost notes that, as a member of the ‘BRICS’ group of significant emerging powers, India has been the “standout economic performer” in recent years. Compared to Brazil, Russia, China and South Africa – suffering recession, sanctions, slow growth and volatile finances respectively – India has enjoyed stable markets and impressive GDP growth rates, as well as reaping the benefits of cheap oil.
That said, Rost believes that more can be done. Arguing that India’s trade is ripe for improvement, he highlights the country’s need for diversification into higher-value exports – such as pharmaceuticals and information technology – along with the desire to find new international markets for its goods, both near and far. Supported by an investment environment better-suited to a modern manufacturing base, such trade could spur the Indian economy yet further.
Read the full article online here.