David Solomon, Chairman and CEO, Goldman Sachs, takes part in a panel conversation throughout the yearly Milken Institute Global Conference at The Beverly Hilton Hotel on April 29, 2019 in Beverly Hills, California.
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India has a “very, very high growth trajectory,” however administrative difficulties continue, CEO of Goldman Sachs David Solomon stated in an unique interview with the Economic Times.
Economists at the financial investment bank anticipate India’s economy to grow by 6% to 7% over the next 3 years, Solomon stated.
“It’s especially exciting as businesses around the world continue to diversify supply chains and think differently about where there is growth and where they can do business,” he informed the Indian news publication. “It’s a fascinating time to really take stock of what’s going on here.”
The CEO discussed deglobalization and what it indicates amidst “U.S.-China decoupling,” a term that describes the taking apart of financial dependence in between the 2 competitors.
“A great deal has happened in the world and I think looking at India, people see opportunity. They see it with a slightly different lens than they did back in 2019,” he stated.
To be clear, he does not believe the U.S. and China are decoupling.
He stated there will be modifications to the regards to engagement moving forward, “but that is different from a complete economic decoupling. In turn, it presents a very interesting opportunity for India, but it’s also not without challenges.”
Still, he stated that buying the nation includes its own set of difficulties.
Global CEOs he spoke with consider India as “a big growth opportunity while also recognising some of the challenges of investing here.”
“There’s a great opportunity here because of the population size and growth, but there are challenges in terms of how certain parts of bureaucratic structure work and those are things I know CEOs always think about and focus on when diversifying their supply chains,” Solomon stated.
Read more about why Goldman Sachs is bullish on India in the Economic Times.