Modern India, governed by the new Prime Minister Narendra Modi, has seen growth in electronics manufacturing of late. Structural reforms introduced in the country and a recent decline in oil prices have contributed to an increased budget, a booming Bombay Stock Exchange, and stronger finances overall.
These boons have encouraged international EMS companies such as Foxconn to establish new manufacturing facilities and information centers in India. The Taiwanese giant will be investing billions of dollars into the construction of 10 to 12 new facilities in India by 2020.
With growth numbers that surpass nearly every major economy worldwide, it seems that more movement into India from electronics manufacturers is not unlikely. At the recent Credit Suisse Asian Investment Conference, Ted Lee, the Senior Portfolio Manager of the Canadian Pension Plan Investment Board, noted that “India is becoming a substantial economic powerhouse” due to its growing markets. The former U.S. ambassador to India, David Mulford, concurred that India is going to be a leading force on the global economic scene.
At Smith, we share the view that India’s future is bright and that its electronics manufacturing sector is poised for tremendous growth. Our newly established Bangalore office is well positioned to draw on Smith’s expertise to support customers in the region and play a leading role in expanding distribution in the market.