India's trade with America-Japan-EU will double
New Delhi India's trade. There is a possibility of increasing trade war between America and China, which is expected to benefit India. According to the report of Boston Consulting Group (BCG), India's total trade is expected to reach 1.8 trillion dollars i.e. 158 lakh crore rupees with an annual growth of 6.4% CGR in the next 8 years i.e. by the year 2033.
India has a large number of such workforce
BCG report said that global companies including America are now thinking about supply from India instead of China. Along with this, the Indian government is also continuously promoting manufacturing. India has a large number of such workforce whose cost is low, infrastructure is being improved rapidly, this is strengthening India's position. Because of this, India is becoming a favorite destination for foreign investment and trade cooperation.
India's trade with these countries will increase
According to the BCG report, India's trade with the US is expected to more than double in less than the next decade. Trade between the two countries will reach $116 billion by 2033. This reflects the deepening political and economic ties between the world's two largest democracies, especially in the defense and technology sectors. Apart from this, trade with the European Union (EU), ASEAN and Africa can also grow by more than 80%. In particular, India's trade with countries like Japan and Mercosur is expected to almost double.
Cautious about Chinese investment
India's trade with Australia and South Korea is likely to more than triple from the present by 2033. Apart from this, trade with Russia is also expected to increase significantly due to increasing imports of Russian hydrocarbons. Not only this, India's trade with Turkey and African countries is also expected to accelerate. This will strengthen India's position in the global supply chain.
India's trade with the European Union will strengthen in the IT, pharma manufacturing sector. Economic tensions between the US and China are increasing. Also, India is cautious about Chinese investment in sensitive sectors due to the dispute with China. This will affect China's trade.
