A robust economy, a growing reservoir of professional manpower and a predominantly young population are among factors that have made India the next economic powerhouse, on its way to become one of the top three economies, Indian Consul General here said.
Speaking at the recently held IACCGH Shell Distinguished Lecture Series, where he touched upon the topic "Distinctive Advantages of India as a Business Partner," Sanjiv Arora highlighted vast potential for expanding business linkages between companies in India and their counterparts in Greater Houston, Texas.
Consul General Arora, who was a keynote speaker, quoted from Infosys co-founder Nandan Nilekani's 'Imagining India' and said India's huge population had turned from "an albatross to an advantage" in aiding the country's growth.
Arora further drove home the point by referring to a Financial Times report which said that Mercedes Benz had announced that it had picked India over China to aggressively tap the demand for the luxury car market.
He noted that innovation and development had already led to new products, citing a new portable EKG machine made by GE Healthcare in India that cut the cost of each test to just $1.
He highlighted the demographic advantage of India which is expected to have a median age of 30 years by 2025, and also pointed out to the growing reservoir of technical, professional and scientific manpower aided by institutions of higher education.
He said Indian economy continued to perform well even during the global recession and pointed out a huge middle class market of over 300 million in the country.
Earlier, guest speaker and Port of Houston Commissioner Jim Fonteno Jr noted that India is currently the world's 11th largest economy and poised to become its 3rd largest by 2035.
"We can see the emergence of India as a new star on the global scene," said Fontenot, an attorney and investment banker, as he explained how the value of trade between India and the Port of Houston had increased 130 per cent mostly in iron, steel, petroleum and related products and hoped for more in garments and manufactured goods.
"The Port of Houston is committed to grow this business," he said and welcomed the help of the Chamber and the Government of India.
