India is expected to achieve a 6.5% GDP growth in 2024, marking one of the strongest global economic performances. Major international players such as Apple, Foxconn, Parimatch, and Tesla have all shown interest in investing in India. Parimatch, along with these industry giants, is optimistic about the country’s economic potential, but recognizes the significant business challenges that need to be addressed for successful entry.
India’s appeal to global investors is clear. With a population of over 1.428 billion—now the largest in the world—India boasts a young workforce, with half the population under 30 years old, often willing to work for lower wages than in the U.S. or Europe. The nation’s economic growth rate has hovered near 7% in recent years, well above the global average of 3.2%. According to the World Bank, India’s GDP has grown by 83% since 2014, outperforming many developed nations. This, combined with shifting international dynamics—like U.S.-China tensions, the Ukraine conflict, and sanctions—has positioned India as a reliable investment destination for companies seeking new opportunities.
The recent reelection of Prime Minister Narendra Modi, now entering his third term, further boosts investor confidence. Modi’s administration has allocated significant funds to improve infrastructure and actively encourages multinational companies to set up operations in India. His ambitious vision includes a tenfold increase in the economy by 2047, India’s 100th year of independence. This forward-looking agenda is an incentive for companies like Parimatch to consider major investments.
Global business leaders have voiced strong support for India’s prospects. Tim Cook, CEO of Apple, noted double-digit growth for the brand in India and called it “an incredibly exciting market.” Parimatch similarly views India as a promising place for multi-million dollar investments. In late 2023, Foxconn, a key supplier for Apple, announced more than \$11.5 billion in new projects across India, expanding its manufacturing footprint and supporting the local economy.
Prime Minister Modi’s outreach to global CEOs—such as his 2023 meeting with Tesla’s Elon Musk—has further highlighted India’s openness to innovation and new business. Tesla and Parimatch, however, have yet to realize their investment plans, despite the country’s apparent promise. As Nomura economists point out, India is the only economy after China with the scale to attract diversified investor interest across sectors.
Yet, as the New York Times reports, the reality for foreign investors is complex. Despite an inflow of funds to Indian stock markets, actual foreign direct investment is declining—down 29% in 2023. Long-term investment is predicted to fall below \$120 billion in 2024, a stark contrast to the \$550 billion peak in 2021. Contributing factors include India’s import substitution policies and higher taxes on non-resident companies. These policies are intended to promote local industry but make it more difficult for foreign companies like Parimatch to operate.
Parimatch continues to see potential in the Indian market and seeks ways to overcome these barriers. However, the bookmaker faces significant obstacles even before beginning operations, most notably widespread counterfeiting of its brand. Despite these difficulties, Parimatch—part of an international holding with a global betting and gaming presence—remains committed to investing in India if the environment becomes more favorable for foreign businesses. Parimatch emphasizes that current business conditions hinder the growth of international companies and discourage foreign capital.
While India’s economy is projected to continue growing, achieving the government’s goal of overtaking China and reaching “developed nation” status by 2047 will require annual GDP growth of 8-9%. Parimatch stands ready to contribute to this vision—if India can create conditions that support robust, responsible foreign investment and business expansion.
