China Plus One theory is playing out in India’s favour

Kumar Mangalam Birla, Chairman of the Aditya Birla group, spoke with CNBC TV-18 on the sidelines of the Indian All India Management Association Awards. The industrialist talked about how he sees India’s position amidst an era of global uncertainty and his outlook for FY24.

The veteran industrialist said that he felt proud of India’s steadiness amidst ‘great turmoil’. He also projected that India is likely to continue on its path of growth.

“We’ll continue as a country on our path of growth which has been very steady in a world of great turmoil and more uncertainty than as seen in the last 25 years, so I think that’s a huge positive for India and I think as someone from industry, I’m sure have been very proud about it,” Birla said.

Birla responded to a question regarding India’s position in the global value chain, with the backdrop of the meeting between our Union Finance Minister Nirmala Sitharaman and USA’s Secretary of the Treasury, Janet Yellen.

“I think the China Plus One theory is playing out in India’s favor. A lot of people now want to be in India and invest in India and be in the integral story,” Birla said.

Birla also spoke about rising oil prices and how Indian businesses will be able to deal with it.

“I don’t see oil prices as a headwind, commodity cyclicality has always been there. I think that we’ve learned to live with cyclicality and Indian business is truly world-class and of world quality in every way I wouldn’t say that (oil prices) is a bend in the road,” Birla said.

The Chairman of the Aditya Birla Group also spoke about Vodafone Idea’s plans to begin its 5G rollout and said that the telecom company plans to roll out its 5G service soon. Moneycontrol