India emerges as top destination for global corporates: Report

New Delhi: India is emerging as the leading market of interest for companies looking to realign their trade and manufacturing activities, a report said on Tuesday.

India is the leading market of interest, where almost half of the respondents are looking to ramp up or maintain trade activities with the world’s fastest-growing major economy, while two in five intend to ramp up or continue manufacturing activities, Standard Chartered said in a report.

In particular, more than 60 per cent of corporates from the US, the UK, Mainland China and Hong Kong are looking to increase trade with India, the report titled ‘Future of Trade: Resilience’ said.

The report presents inputs from 1,200 C-suite and senior leaders at multinational corporations based in 17 key markets across four industries, on their views for global trade and their strategies over the next three to five years.

While trade tariffs are top of mind, emerging technologies and global economic growth are equally critical factors, with 53 per cent of corporates respectively ranking those as the top strategic drivers shaping the future of global trade, it said.

Corporate leaders believe that Asia will continue to drive trade growth in the next three to five years, with rising prominence from the Middle East and the US remaining as a heavyweight, it said.

The report also revealed corridors that will see increased trade and manufacturing activities, it said.