Over next few years, India will have a much more balanced economy: Ritesh Jain
Ritesh Jain, Global Macro Trader, says India had leapfrogged manufacturing and directly went into services because of digital infra and English-speaking population. Data show services create 20% of the jobs created by manufacturing. That is why we have a jobless recovery and wealth concentrated in metros. Now, India is going back to the drawing board and manufacturing will start pulling its weight because of government focus, PLI schemes, China plus one, etc. This will lead to broad-based prosperity due to job creation and real estate prices in tier II, tier III cities will outpace those of metros.
What kind of structural changes are you witnessing in the Indian economy right now?
Ritesh Jain: I believe the structure of the Indian economy is changing.
India is moving from services incrementally to manufacturing-based economy. India had leapfrogged manufacturing and directly went into services because of digital infra and English-speaking population. Now, there is some data out over there which says that services only create 20% of the jobs created by manufacturing.
Hence, most countries which have a greater share of GDP from services are rich countries. They are not poor countries. India is an exception.
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