Allianz Trade names new India country manager

The insurer predicts that India will be Asia’s next growth engine.

Allianz Trade has appointed Imran Khan, Country Manager for India because they believe that India will be Asia’s next growth engine.

According to its market research, India is on track to outpace regional peers in terms of real gross domestic product (GDP) growth averaging between 6.4% between 2023 and 2027 versus 4.1% growth in 2024 and 3.9% in 2025 for Asia Pacific.

In terms of exporting, the US remains by far the largest export partner for India, with export gains for India expected to reach $6.86b in 2024. The UAE and the Netherlands come next as top export partners, where export gains are estimated at $2.68b and $1.58b respectively. China and Singapore round out the top five with export gains reaching $1.29b and $1.01b respectively. 

Amongst the key sectors, India is expected to reap the highest export gains from software and IT services of approximately $19.28b in 2024.

As for business insolvencies, Allianz Trade forecasted a rebound in insolvencies in India this year, largely driven by the catch-up effect due to the long suspension of courts during the Covid years. Insolvencies in India are expected to increase by +36% this year and +6% in 2024. 

Despite the relatively high insolvency numbers, both working capital requirement (WCR) and days sales outstanding (DSO) in India are expected to see a marginal increase of 5 days and 3 days respectively. Overall, Asia and Latin America remain the only two regions with insolvencies not yet returned to 2019 levels by 2024.

According to Khan, India is poised to be the second largest economy in Asia Pacific by 2030, driven by its large and fast growing middle class which is helping fuel consumer spending.

“Furthermore, India is going to be one of the most important long-term growth markets, for multinationals in a wide range of industries, including manufacturing such as automotive, electronics, pharmaceuticals, speciality chemicals and in services such as banking, financial services, insurance, health care and IT,” Khan said.