Over the last few decades, the rise of China has remained the most compelling narrative in the global market. While the Chinese state certainly has enjoyed its time in the sun, that golden era may end in an early sunset. China faces a crumbling property market, global inflation and economic woes, and — most worrisome — a staggering demographic cliff. Its mounting list of problems has inspired significant and growing concerns for its future.
In contrast to China’s stumbles, its neighbor and near-peer, India, has begun its emergence as a potential new economic competitor. Indeed, India could replace China, becoming a superpower in its own right.
A Clarity of Focus — India
Leaving aside the somewhat fraught topic of post-colonialism for the moment, many observers have viewed India as an inferior neighbor to China. Navigating commercial interests has proven difficult with its sclerotic, inefficient, and mazelike state bureaucracy. Additionally, India still suffers from bone-grinding poverty and languishing infrastructure.
Nevertheless, India has already begun its emergence as an economic rival to China. India has already produced economic growth figures that seem eerily reminiscent of its giant Asian neighbor. Indeed, India has followed China’s lead in more ways than one. Between the economic liberalization of its private sector and a rapidly growing skilled workforce, India sometimes seems to echo China’s earlier days.
We have already witnessed some serious realignment of the global supply chains away from China. Much of that reordering has already moved towards India. Just to put this in perspective, The Times of India put it this way:
“India is likely to overtake Japan as Asia’s second-largest economy by 2030 when her GDP is also projected to surpass that of Germany and the UK to rank as the world’s №3, IHS Markit is reported to have said in a report. Currently, India is the sixth-largest economy, behind the US, China, Japan, Germany, and the UK.”
The real test facing India will be this. India must continue its meteoric rise despite a rapidly deteriorating global economic and political order and an uncertain transitional period. It must continue positioning itself to benefit from its young, educated working population. India must also adroitly navigate a growing rift between China and the West. As the geopolitical chasm between China and the West continues to grow, India has the opportunity to have a hand in reshaping the international order. Only time will tell.
An Eye Toward India
The Serenity Shield team has decided to pursue an aggressive policy of developing with the Indian market firmly in mind. We believe that India will become a significant power over the next decade. Furthermore, India promises to become the next major global economic success story. We intend to become a part of that success story as well. India is already necessary for both financial and technological reasons. The following is our reasoning:
India possesses a large and growing population. As the second-most populous country in the world, with over 1.3 billion people, India represents an enormous and largely untapped retail market. This large and growing population presents a significant opportunity for companies looking to expand globally, both on the supply and demand sides of the ledger.
The impressive demographic profile also includes a young and educated workforce. As a result, India boasts a large and growing workforce of young and educated individuals, many of whom are proficient in English. This makes India an attractive location for businesses looking to tap into a skilled and cost-effective labour pool.
Because India has already begun to attract serious business interests, its demographics also portend an even faster-growing middle class over the next few decades. The middle class in India has already rapidly expanded recently. That rapid expansion has also started driving growth in consumer spending and demand for goods and services.
With such a young, vibrant, educated workforce, India has developed a booming technology sector. This rare confluence of developmental trends led market stalwarts Ernst and Young to comment on its optimism publicly here. In it, they stated that India has the opportunity to become a technology and innovation hub.
With its thriving technology industry, India has a number of companies specializing in software development, IT services, and e-commerce. This has led to the emergence of a vibrant startup ecosystem in cities like Bangalore, which is sometimes referred to as India’s Silicon Valley. Moreover, India has some of the fastest growth in the popularity and usage of blockchain technology in the world.
Due to India’s promising demographic, economic, and technological trends, the country has begun what could be considered a digital transformation. For example, a significant portion of its population accesses the internet through mobile devices. The expected result seems pretty straightforward. India boldly seems poised to leap into the next stage of broad technological adoption. This presents companies with e-commerce, digital payments, and online education opportunities.
Sunrise Over Bangalore
Overall, India’s large and growing market, young and educated workforce, and thriving technology sector make it an important player both economically and technologically. The strategic logic for us could not be more apparent. To ignore India, or even to deprioritize it, seems foolish to us. With our focus on digital security and privacy and our dedication to education, the move feels natural for us. Serenity Shield indeed remains dedicated to sharing and expanding our utility to all corners of the world and always will. That being said, for the foreseeable future, India will become a major point of focus for us moving forward.
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