Global auto companies are driving into India on young talent and government policies
- IBEF
- September 21, 2023
Some of the top automakers in the world are turning to India as the next big market and a powerhouse for innovation, driven by its youthful, skilled workforce, expanding economy, and supportive governmental policies.
The relentless energy of India, according to Mr. Detlev von Platen, Executive Board for Sales and Marketing at Porsche AG, is a "wake-up call" for Western economies like Germany. He claimed that efforts towards the bare preservation of status and money will leave no room for innovation and advancement.
According to Ms. Sofia Frandberg, Chairperson of VECV and a Senior Executive of Sweden's Volvo Group, "the transformation" she has witnessed in India over the past 15 years has been enormous, and the nation is set to experience exponential growth during the coming ten years.
India recently overtook China as the world's most populous country.
A dozen or so international executives, including Mr. Detlev von Platen, Mr. Ola Kallenius, and Ms. Sofia Frandberg, visited India recently to assess their operations in what is now the fastest-growing major economy in the world. In sharp contrast to Western economies, where the demographic dividend is on the wane, these executives are migrating to India, attracted by its immense market potential and promising people resources.
According to Mr. Ola Kallenius, Bengaluru is home to Mercedes Benz's largest R&D facility outside of Germany. All of Mercedes-Benz's international development projects are being worked on by the roughly 5,000-person engineering staff there.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
