The post liberalization era in India saw the arrival of three Korean companies – LG, Samsung, and Hyundai which transformed the face of the consumer electronics and high-end electronics and automobiles market in India. The rapidly expanding digital profile of India, backed by the Prime Minister’s vision of Digital India, Start-up India, and Skill India is aimed to transform the country into a knowledge economy and a digital powerhouse. This provides enormous opportunities for Korean companies to invest in the Indian market, and in Make in India for not only India but for the neighboring markets of Middle East and ASEAN as well, asserted Ravi Shankar Prasad, Minister for Electronics, and Information Technology (MeitY), Government of India in his address at the India–Korea Business Summit held at New Delhi. The summit was organized by the Confederation of Indian Industry (CII) and Chosun Ilbo in cooperation with the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India. The flourishing e-commerce sector is yet another promising sector which opens window of opportunities in the areas of digital payments, cyber security, and newer technologies like artificial intelligence, robotics, and IoT.
Sanjay K Rakesh, joint secretary, MeitY, Government of India mentioned that the government is keen to work with Korean companies in the field of ESDM. The government is also in the process of revising the electronics policy formed in 2012 and simplifying the ease of doing business norms further. Rajive Kaul, past president CII and chairman, NICCO Engineering Services Ltd., mentioned that India and Korea can draw upon each other’s strengths and leverage the immense opportunities that exist.