Indian companies looking to international markets for growth: CRISIL
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CRISIL in its latest report has said that as the economic landscape in India continues to shine with optimism, Indian companies are increasingly turning their gaze towards international markets, seeking new avenues for growth. This surge in global expansion is anticipated to drive an increase in revenues for both global and domestic banks providing cross-border support.
It stated, in recent years, Indian corporations have significantly ramped up their international operations. Currently, approximately 83 per cent of large India-based corporations utilize at least one bank for cross-border trade and payments, a rise from 71 per cent two years ago. This increase reflects a broader trend of Indian firms seeking to leverage domestic economic strength to capitalize on global opportunities.
Ruchirangad Agarwal, Relationship Director and Head of Corporate Banking - Asia and Middle East at Coalition Greenwich (a division of CRISIL) highlighted this trend and said, ‘Over the past 12 months, we have seen an increase in activity by large corporates in India across various outbound, cross-border corridors into other markets within the Asia-Pacific region, into Europe, and North America as well.’ Not only large corporations are venturing abroad; approximately 75 per cent of mid-sized Indian companies are also engaging with banks for international trade needs. These businesses primarily use banking services for traditional trade, cross-border payments, and managing receivables from global suppliers and clients.
