Top venture capitalist, entrepreneur, and philanthropist MR Rangaswami, from the startup hub of the world, Silicon Valley, stated that India would witness their ‘golden moment’ in many key industries like tech, pharma, ecommerce, and manufacturing, as reported by PTI (1).
He believes that the $20 billion foreign direct investment made in India, with US-giant Google’s generous contribution of $10 billion, despite the ongoing coronavirus crisis, shines light upon India’s brighter future.
Some other prominent FDIs made in India include $5.7 billion from Facebook, $1 billion from Foxconn, and $1.2 billion from Walmart.
Rangaswami mentioned that there’d be many more deals coming in this year with a lot more investments.
India’s chance to be a game-changer
He said, “Amazon continues to invest in India. Other companies are looking at India now. Private equity guys are looking at India. Sovereign funds will be looking at India. Definitely, India is going to be the hot destination for technology money.”
Currently, the disputes between India and China are at an all-time high because of the misfortunate events that took place in the Galwan Valley clash. US support towards India and its anti-China sentiment has helped in boosting investments further.
The relations between the Trump-led administration and China has turned sour ever since they criticized the Chinese government for mishandling the Covid-19 pandemic that originated in the country. The US has raised questions on the new security law in Hong Kong, security measures in Tibet, and the treatment of Uyghurs Muslims.
Rangaswami, who’s a keen observer of the Indian market, said that India has an opportunity to become an economic game-changer.
The entire market has been adopting technologies like never before, which has helped in providing easy solutions in the business.