Chinese media worried India’s consumer market may ‘steal the thunder’
Apple Chief Executive Tim Cook is currently visiting India to push his company's proposals to open its own stores in the country and increase its presence in India's fast-growing consumer market, an article in the state-run Global Times said.
Before this much-anticipated tour, some major Apple suppliers such as Foxconn had also announced plans to expand their business in India, it said. "This story has once again touched a sensitive nerve among many Chinese people. Since the launch of the 'Make in India' initiative by the Modi administration in 2014, there has been a lot of discussion about manufacturing moving from China to India," the article titled 'India competing more strongly but it also offers a huge market for Chinese firms' said.
"Now it seems India's fast-growing consumer market is also stealing China's thunder," it said. Given India's improving industrial infrastructure, fast- growing consumer market, cheap labour and other advantages for the development of the manufacturing sector, global companies may find India an increasingly attractive destination, it said. "Considering the potential competition from India, China needs to work hard to maintain the vitality of its manufacturing sector," it said.
"However, the global economy is not a zero-sum game. The rise of India will bring increased competition for China's manufacturing sector, but India's fast-growing economy will also provide opportunities for young Chinese multinational corporations like smartphone manufacturer Xiaomi, which sees India as one of its most important overseas markets," it said.
"Some analysts have predicted that India will be the last new major market to emerge in the 21st century. If India can further improve its business environment, the country can turn itself not only into a new global manufacturing base, but also a vital source of consumption and demand for the global economy," it said.