Globally business has just emerged from the unique event of the pandemic that caused even the big business to fall. Those that had huge reserves of cash suffered lesser losses though the setback was large enough to create an obstacle to future growth till the losses were recovered. Given this scenario, globally businesses are searching for cost-effective options for manufacturing, supply chain, service, and logistical operations. With consumer spending still restricted, businesses are finding it tough to push forward to recover.
A study by Morgan Stanley paints a rosy picture of India’s growth, particularly in the infrastructure sector. This growth in the infrastructure industry is projected at a higher level in comparison with China. The study reinforces this statistically through data depiction emphasising the demand-supply situation. This may appear to be true for retail investors, though a large portion of these investors are NRIs that find the quoted price cheaper given their purchasing power in currencies valued higher than the Indian rupee.
However, globally the commercial infrastructure sector is facing severe problems with its asset portfolio, and now it is looking at selling to mitigate the losses. This is true in India as well. This is attracting large corporate investors that are on the lookout for taking over these prime assets at much lower values. These investors require analysts and financial experts to manage this investment opportunity.
India Factor
Given that workforce is a major cost in business, these corporate investors prefer outsourcing the financial and investment research and data analysis and interpretation to a workforce of qualified analysts in a country where the currency is at a level which facilitates cost mitigation, and the workforce is trained and educated with higher degrees. This makes India, as earlier during globalisation, a perfect fit as an outsourcing hub.
The same is true in industries like retail, manufacturing, and hospitality. The government has taken several initiatives to encourage investments in pharma, manufacturing technology, and the retail sector. This encourages and opens doors to foreign investment by businesses looking to minimise their costs and recover from the pandemic-caused setbacks in a faster mode. This necessitates an increasing demand for financial experts, economic analysts, risk analysts, supply chain experts, and business economists.
Technology has touched a higher level of achievement with technological innovations and gadgets introduced for enhanced productivity. The government has started numerous initiatives for encouraging the start-up culture and boosting the technology sector. Further, global businesses and MNCs around the world are attracted to the young workforce of the country. Thus STEM researchers, software professionals, medical industry technology experts, or technology managers are in extensive demand.
“Digital India” targets a drastic change and upgradation of government services with electronic identity, digital payments, and bank accounts requiring the services of digital professionals who combine the knowledge of banking, commerce, economics, and technology.
Moving forward, India’s growth trajectory largely depends on the management of inflationary conditions, economic analysis, commodity market management, and navigation of geo-political uncertainties necessitating the presence of commodity analysts, economists, public policy experts, and growth and risk analysts making these attractive career opportunities.
-The author is Dean- School of Economics & Commerce, MIT-WPU. Views expressed are personal.
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