An article in the Financial Express magazine highlights the fact that India is a country where commercial affairs and commercial diplomacy are key parts of the country’s foreign policy.
“While the country has long been a land of opportunity for multinationals, India has also witnessed a rise in the number of corporate offices and corporations operating in the country, with a rapid growth in the size of the corporate business,” the article reads.
The article also highlights the increasing importance of commercial diplomacy, highlighting that India has witnessed “a surge in the development of its commercial diplomacy capabilities”.
The economic power of India is evident in its high profile role in world markets, and its ability to influence global business through trade, investment and finance.
The country is also seen as a leader in the digital space and a major market for Indian startups, as well as its efforts to establish itself as a centre of excellence in the global business of entertainment and film, among others.
Ahead of the global financial markets, India also has a very active market for its intellectual property, and it has developed a number of partnerships and acquisitions, including the sale of a stake in Apple for $US100 million ($128 million) in 2018.
India is also a strong market for foreign direct investment (FDI) with its large investment in the manufacturing sector, which was up 8.5% in 2017, according to the World Bank.
China, meanwhile, has been a major player in the Indian economy for years, and is the second largest FDI destination in the world behind the United States.
However, India’s relationship with the US, despite being a close one, has deteriorated in recent years.
In 2019, China imposed a trade restriction, and in October 2018, US President Donald Trump said India should stop buying American-made goods and stop taking American products to the country.
While the Indian government has been pushing for the removal of the restrictions, it has also been trying to push back against Chinese pressure.
India has not signed any trade deal with China, but there is a growing trend in the region towards more close cooperation between India and the region.
The two countries have also signed an economic corridor for regional connectivity.