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New Delhi: It has been quite some time now that the world’s leading CEOs have expressed strong confidence and faith in India’s growth story and future progress. India is being seen as a key driver of global economic growth. India is the world’s fastest-growing major economy, with real GDP growing at 6.5%. This has drawn attention of MNCs across the world, essentially the global digital giants. The country's rapidly expanding digital economy has made it an attractive market for investment and innovation.
Amazon, Microsoft, and Google are putting their focus on India. These three tech giants have collectively committed to invest over $67 billion in recent weeks. India has become their biggest digital investment destination outside the US. In no other country have they pumped in so much money.
Reports say that India is seeing the fastest growth in new internet users of any country. Its internet user base is set to go beyond 900 million by 2025, and this is buoyed by growing digital adoption across urban and rural pockets.
Another reason is its huge, extremely young, English-speaking workforce, which remains the driver for global engineering teams. This talented workforce not only pushes innovation forward but also goes a long way in helping MNCs bolster their operations. The workforce is getting more and more skilled in AI, cloud computing, and data analytics.
Also, more and more people from a fast-growing digital middle class are shopping, streaming, and paying online. Indian businesses — from small shops to major banks — are moving to the cloud at a frantic pace. The big tech firms can't overlook India’s rapidly expanding digital consumer and enterprise market. They have to recognise it.
But does it go beyond consumer growth? The worldwide surge in AI has created a huge demand for computing power. India is seen as having the perfect blend of scale, land availability, affordable electricity, and policy stability to house hyperscale data centres.
Data localisation now works in India’s favour, many IT experts feel. If tech firms must keep and process Indian data within the country, they usually build their own data centres. Once established, these centres become profitable hubs serving India, South Asia, the Middle East, and Africa.
The political stability is a big draw for MNCs, particularly tech giants. A good governance ensures faster nods, incentives that back high-tech infrastructure, and a world-class digital ecosystem through UPI, Aadhaar, and ONDC.
For companies committing to multi-billion-dollar, long-term projects, India’s democratic set-up and consistent policy climate are huge strategic assets. They give global tech firms the predictability and stability required to plan decades in advance. Regulatory uncertainty in many countries is a big impediment for these tech giants off. As far as digital economy goes, India is gradually replacing China. It is emerging as the key pillar for a new, non-Chinese digital ecosystem.
