Indore (Madhya Pradesh): When someone talks about home, the first name that comes to mind is Indore, says Vivek Tiwari working as a CFO in Flying Dove group, Lagos, Nigeria since 2012. He has a professional experience of around 30 years having worked with reputed companies like OTG, Reliance and Hathway while in Indore. Remarkable comeback of India after corona
Despite India’s economy suffering significantly from Covid, it has been able to make a remarkable comeback. When compared to its pre-Covid era, India’s success in the tech sector is obvious. Although there is still a problem of paucity of enough good jobs I think India’s economy will continue to expand rather quickly. Recently the IMF has warned that one-third of the global economy will face recession this year (2023) including the US, European Union and China that are all slowing down simultaneously. The prediction is that the global economic growth will slow to 1.8% but we are very confident that India’s growth rate will cross 6%, he said.
India has world’s second largest road network
The world’s second-largest road network is in India. Additionally, the Modi administration’s Bharatmala Pariyojana is maximising the effectiveness of freight and passenger transportation throughout the nation. Other large infrastructure projects too are coming up at a fast pace.
As far as Indore is concerned IT infrastructure development along the Super Corridor is appreciable with big IT companies setting up base in the city.
India shares commercial relationship with Nigeria
India and Nigeria have a strategic, cultural, and commercial relationship and India is Nigeria’s largest trading partner. For the fiscal year 2021–2022, bilateral trade volume has surpassed USD 15 billion, an increase of 69.80%. The majority of Nigerian petroleum products are imported from India and Nigerians have the utmost respect for Indians. All reputable Indian commercial organisations operate in Nigeria.
Indian firms predominate in Nigeria’s electricity, transmission, and pharmaceutical industries. Indians living in Nigeria are engaged in the production and sale of consumer products, construction and aviation. After the Federal Government of Nigeria, Indian-owned/operated businesses are believed to employ the second-highest number of people in Nigeria.
Fastest growing city Indore
Indore is one of the fastest-growing cities and of course the cleanest city in the country and is both the financial and educational centre of central India. An educational hub with institutions like IIT, IIM, Narsee Monjee and Symbiosis, it has recently experienced significant IT growth.
Tiwari concluded, ‘according to me, Indore has a competitive advantage in the pharmaceutical space, an industry that may have the fastest growth over the next few years. Indore also has a rich textile history and has the potential to grow significantly in this sector.’