India is forecasted to achieve a 6.5% GDP growth in 2024, making it a global leader in economic progress. Major corporations—including Apple, Foxconn, Parimatch, and Tesla—are ready to channel investments into the country. While Parimatch and other firms remain optimistic about India’s prospects, several barriers are slowing the actual flow of foreign investment.
India’s attractiveness stems from its population surpassing 1.428 billion, now the world’s largest. Half of this population is of working age and under 30, providing a youthful, cost-effective workforce compared to the U.S. or Europe. The country’s consistent growth—around 7% in recent years—is well above the global average, and, as noted by the World Bank, India’s GDP has surged by 83% since 2014, outpacing many developed economies.
Additional factors drawing global brands include geopolitical shifts, such as weakened U.S.-China relations and the Ukraine conflict, which have prompted investors to view India as a stable alternative. The Modi administration, following a historic third term win in 2024, continues to push for infrastructure development and has promised a tenfold increase in the economy by 2047. These ambitious plans offer strong incentives for international players like Parimatch.
Industry leaders have highlighted India’s promise. Apple CEO Tim Cook pointed to strong double-digit growth in the region, calling it an “incredibly exciting market.” Parimatch also considers India an attractive destination for multimillion-dollar investments. In late 2023, Foxconn, a key Apple supplier, announced over \$1.5 billion in new investments to expand operations, including major construction projects for its Hon Hai Technology India Mega Development subsidiary. The company already operates in Tamil Nadu and has further investments in Karnataka and Telangana.
Ahead of national elections, Prime Minister Modi met with Tesla CEO Elon Musk in the United States, further underlining India’s appeal. Musk praised Modi’s vision and openness to new businesses, a sentiment echoed in the international investment community. Yet, despite the enthusiasm, both Tesla and Parimatch have yet to launch investments due to unresolved challenges in India’s business environment. As Nomura economists note, India is the only market after China with true economies of scale and strong multi-sector investor interest.
However, The New York Times points to a worrying trend. Although there is excitement among global investors, actual long-term investment is lagging. Delays in upgrading key infrastructure and machinery are diminishing the impact of investment, and, despite record stock market inflows, foreign direct investment dropped 29% in 2023. Forecasts suggest 2024 foreign investment will fall below \$12 billion, a sharp decline from the \$55 billion seen at the mid-2021 peak.
Taxguru experts attribute much of this slowdown to India’s policies favoring import substitution, which place higher tax burdens on non-resident companies compared to domestic ones. These measures are meant to bolster exports and grow the domestic industry, but they also create additional obstacles for global firms like Parimatch. Consequently, Parimatch continues to look for ways to navigate these barriers and meaningfully contribute to the Indian economy.
Parimatch’s Challenges in India
As a globally recognized betting company, Parimatch is ready to invest millions in India. However, before launching its operations, Parimatch has already encountered significant difficulties. The most pressing is widespread brand counterfeiting, with illegal operators damaging Parimatch’s reputation and complicating expansion. As part of an international holding active in numerous countries, Parimatch sees India’s current business climate as restrictive to foreign growth. According to Parimatch, these conditions significantly complicate business operations and undermine foreign investor confidence.
India’s economic growth will likely continue, but 6% annual increases are not enough to meet government ambitions of overtaking China and becoming the world’s third largest economy by 2047. Parimatch remains committed to helping India reach its full potential—if investment conditions become more favorable for responsible foreign participation.
