India is benefiting the most from the China plus one strategy, which is anticipated to create new growth opportunities for Asian economies, as per a report by Nomura released on Tuesday. The report predicts that India’s exports will surge to $835 billion by 2030 from $431 billion in 2023, driven by its large domestic market that attracts firms seeking supply chain alternatives to China.
Nomura says: “Firms in electronics, apparel & toys, automobile & components, capital goods and semiconductor manufacturing are looking to invest in India. Given India’s large domestic consumer market, firms setting up shop in India are attracted also because of the captive domestic market.”
The report forecasts a 10% annual growth in exports over the period, with electronics becoming the fastest-growing sector, achieving a compound annual growth rate of 24% and nearly tripling in value to $83 billion by 2030. Machinery exports are expected to more than double to $61 billion by 2030 from $28 billion in 2023.
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