Manufacturing, outsourcing jobs to help India drive world economic growth, raise incomes, boost consumption – MS
India has the potential to turn into the world's third largest economy, driving a fifth of the world's economic growth in the next decade - significantly rising from 14.7% in the last ten years. The primary factors that will contribute to this boom are an increased focus on India's manufacturing capabilities and outsourcing of jobs to India, which in turn will fuel discretionary consumption spending as incomes rise, Morgan Stanley said in its recent report 'Why This Is India's Decade'. · Outsourcing to boost job creation, domestic consumption A large number of global jobs were outsourced and offshored to India during the pandemic, so companies could save on labor costs. Global captive centers grew and employment rose significantly. Morgan Stanley said offshoring is a structural change, since the labor skills, lower wages and higher productivity has led to many large companies setting up permanent captive centers. · This could mean that India&#