Did someone say China is winning in this battle of two Asian giants? Now, they have to think again. China’s dominance primarily comes from the manufacturing sector and the way it runs the government. India, on the other hand carries the elephant paradigm, moves slowly but surely. Though China scores more on Doing Business over India and it is winning the race in securing natural resource in Africa, India off late is beginning to turn the tide.
The recent acquisition of Imperial Energy by ONGC to secure Russian oil fields is one such triumph. Chinese companies were in that race too. It is very rare that Chinese do not win against India and this was one such moment. ONGC was through and thus began India’s triumphs against Chinese aggression. Though there are only a few instances in the recent past of India winning, these are signs of things to come.
China hosted Olympics which is for sports. India seems to beÂ hosting a whole lot more. It is the new favored destination for world’s board meetings. Almost every other multinational is choosing India for their board meetings. ArcelorMittal has recently conducted its board meeting. PepsiCo has lined up its board meeting for next week in India. Swiss firm Nestle has scheduled its board meeting here in India for later this month. Now that is something to cheer about!
Knowing that Switzerland is the favorite destination of the board meetings, Nestle chose India to host their next board meeting over their home country. Those are just 3 in a month. I am sure we can expect more.
If the infrastructure improves to global standards and the tourism industry along with hospitality is revamped, I see no reason why we cannot attract more foreign investments and make India a better place.