The Core Report #732 The Hidden Services Boom Powering India’s Next Growth Wave | Govindraj Ethiraj | The Core Report
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Nov 22, 2025 In this engaging discussion, Sajjid Chinoy, Managing Director and Chief India Economist at JPMorgan, shares insights on India's booming service sector. He explains how high-value service exports are reshaping India's economic landscape, even amidst global challenges. The conversation dives into the role of technology and AI in creating better job opportunities while addressing potential threats to the workforce. Chinoy also discusses the cyclical advantages aiding India's growth and the implications of deglobalization on emerging markets.
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Tariffs' Impact Can Be Muted
- Global tariffs announced can be diluted by exemptions and trade workarounds, reducing their immediate impact.
- Sajjid Chinoy says AI investment growth has masked tariff effects and delayed their full bite.
AI Build-Out Masks Economic Risks
- An AI investment boom has boosted growth despite tariff risks, especially in Asian suppliers of hardware.
- Chinoy warns this could be temporary and the labor market remains precarious if AI creates few jobs.
China's Export Redirect Floods Markets
- Deglobalization plus redirected Chinese exports create both lost export opportunities and import competition.
- Chinoy explains Chinese exports are flooding Asia and pressuring domestic manufacturers in emerging markets.