India Unveils Its Newfound Status as a Global Manufacturing Hub
New Delhi: In what seems like an imminent shift towards becoming a world-class manufacturing destination, India's "Make in India" initiative has shown marked signs of growth, accelerating the country's emergence as a major player in global trade.
H.E. Sultan Ahmed bin Sulayem, Chairman and CEO of DP World Group, stated that India is the ideal location for nearshoring and manufacturing for global markets, highlighting the growth of its infrastructure, exports, and new trade agreements.
The significant expansion of India's roadways, railways, and ongoing improvements in logistics capabilities demonstrate its increasing capacity and efficiency. Adding to the narrative, industrial parks and free trade zones near ports will be pivotal in sustaining India's trade momentum as it opens up new markets worldwide.
India's merchandise exports have reached a staggering $284.31 billion from April to November 2024, an increase of nearly $5.9 billion from the comparable period in 2023, underscoring its growing status as a global trading hub.
The country has signed 14 free trade agreements (FTAs) since January 2021, leading to substantial boosting of bilateral trade with its strategic partners like the UAE. India holds high value for DP World, which has so far plowed US$ 2.5 billion into the logistics ecosystem, thereby amplifying the connectivity between domestic and international markets.
DP World has been an integral player in India's trade landscape over the years, handling 25% of its EXIM container trade with a capacity of 6 million TEUs from one of its cutting-edge container terminals. Moreover, it has built three Free Trade Zones spanning 4.2 million square feet and boasts as one of the largest rail freight operators operating services across numerous routes.
Amid an upward trajectory of global exports and growth in new markets, DP World is firmly committed to enhancing the operational prowess across logistical capabilities that will facilitate business operations with utmost convenience, boost India's participation in global commerce, and drive accelerated exports further.