Davos 2025: India Growth Prospects Strong Amid 'China Plus One', Says Welspun's Dipali Goenka
The growth opportunity is strong in India amid the "China plus one" scenario, according to Dipali Goenka, chief executive officer of Welspun Living Ltd., while speaking to NDTV Profit on the sidelines of the World Economic Forum in Davos.
China plus one refers to the business strategy to reduce reliance on China and diversifying manufacturing in other markets. The strategy could be widely adopted if US President Donald Trump proceeds with the plan to slap up to 60% tariffs on Chinese imports.
Trump has also promised a blanket tariff on all imports, and during one of his election speeches in September, had described India as a "big abuser" of tariff. Asked whether Trump's tariff plans could hit India adversely, Goenka said the country is much better placed as compared to China.
The tariffs also present an opportunity to work with global retail partners, she said, while suggesting that India with its strong integrated supply chain, and a large skilled workforce remains one of the ideal destinations for manufacturing.
The stable democracy, along with the government being invested in growth, also adds to the country's strength, Goenka said. This is reflected through measures like the "privatisation of ports, support for micro, small and medium enterprises, and upskilling of blue and white collar workers".
The Welspun CEO is also bullish on the growth prospects in India, despite the recent downturn seen in consumption due to the slump in urban demand. "The last two quarters were slow, but India continues to have growth opportunity," she said.
"Welspun makes in India for the world, and for India. A lot of companies will be doing that," she added.
Goenka, while pointing to the kind of portfolio of products the company has, said it is looking to expand its overall business to Rs 15,000 crore by financial year 2027-28.
The India business, by that fiscal, is seen at around Rs 1,700 crore, she said. "Our manufacturing and B2B business will have tailwinds due to China plus one."
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