Post-China’s rise, India emerges as global investors’ new destination of choice: ‘India’s time has come’

From Elon Musk to Apple, the world’s fifth-largest economy is increasingly attracting some of the biggest names in global investing and business

India’s booming technology scene, buoyant stock market and youthful population are just some of the factors working in its favour, experts say

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Commuters walk over a bridge in Mumbai earlier this year. India surpassed China as the world’s most populous country in 2023, and investors say its booming tech scene, buoyant stock market and youthful population mean it’s set for rapid growth. Photo: AFP

Published: 9:34am, 31 Jul 2023Updated: 9:39am, 31 Jul 2023

After China’s rise as an economic powerhouse over the past few decades, some of the biggest names in business and investing are now pointing to another Asian nation as the next big investment destination: India.

Billionaire investor Ray Dalio has said the country is ready for rapid growth, while Elon Musk has highlighted the prospect of Tesla building a factory there. Apple CEO Tim Cook has also voiced his optimism towards India, while Goldman Sachs predicts the South Asian economy to surpass the United States in size by 2075.

Factors seen favouring India’s economy in the coming years include a large and relatively youthful population, a vibrant stock market, and the nation’s strong tech industry, according to experts.

A man checks a screen displaying market updates inside the Bombay Stock Exchange building in Mumbai. India’s benchmark stock indexes hit record highs this month. Photo: Reuters

India recently surpassed China as the world’s most populous country. The nation’s benchmark stock indexes Sensex and Nifty 50 hit record highs this month.

From billionaire entrepreneurs to Wall Street banks, all eyes are on India. Here’s a closer look at their comments, projections and plans:

Elon Musk moving in ‘ASAP’

Musk has been eyeing India for over two years now. Back in 2021, the Tesla CEO said he was “quite likely” to build an electric-vehicle factory in the country, but only if government officials lowered import fees for completed vehicles.

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