Page 20 - Nuvama | IC Report 2023

• DE-GLOBALISATION • DEREGULATION • DEBT • DEMOGRAPHY • DEMOCRACY

That will be too costly. A more hopeful and likely scenario could be a softer version of globalisation
that balances the pursuit of global efficiency with the imperative of national self-sufficiency and
dependability. Thinking in terms of Rodrik’s trilemma, if democracy is a given, then the only way to
strengthen national sovereignty (allowing space for national policymaking) is to reform the existing
international order of deep interdependence.
India’s moment?

The unipolar world of last 30 years may be transitioning into a multipolar world; internationalism may
be making space for national sovereignty and the single-minded pursuit of economic efficiency may
be yielding to the need for diversification and dependability.
Geopolitics is making a comeback in a world that essentially revolved around economics for the last
The emerging 30 years. The emerging new world order shall throw up opportunities along the way that nations could
global landscape take advantage of.
is throwing up
opportunities In the last phase of hyper-globalisation that began with the fall of communism, it was ironically the
in three distinct communist China that identified and exploited the opportunity the most and in that process truly
areas, and India transformed its economy. The emerging global landscape is throwing up opportunities in three distinct
seems ready to areas, and India seems to be prepared to take advantage of these unfolding dynamics. Can this be the
exploit them India moment? We think so.

Exhibit 6:
Opportunities
ENERGY SECURITY
knocking at
India’s door

DEFENCE SECURITY
GLOBAL

MANUFACTURING

EMERGING AREAS OF OPPORTUNITIES

Source: Nuvama Research
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