How to do Business in India
Doing business in India is not an easy task despite the market is huge and leveraging but the tends and fashion of market keeps on changing where it needs deep research and analyzing about the market behavior. Before entering into the Indian market it requites to research about the needs as per the traditions and culture. India with numbers of customs and religions it is very different to approach with best product that can match with every possible tradition. India after becoming a spotlight in the international market; the Indian GDP grew at an annual rate of 9%. The figure shows the extreme dynamism of the Indian economy, which in Asian level, growing at a rate similar to those in China. For every entrepreneur may be from USA or any part of the globe has only one question that is How to do business in India.
To overcome this issue there is only one way is to explore the market from varied aspects including:
- Service sector and, more specifically, the construction industry, transport, telecommunications, trade and hotels industries and high-tech services including aerospace, electronics, information technologies, biotechnologies that have their centers in all major states and cities of India.
- The technical and scientific expertise of India is a phenomenon gradually came to maturity on the basis of the investments made in the military especially since the mid-sixties; today India has the highest number of artificial satellites around the earth, for activities commercial.
- The growth of the ICT sector has fostered a range of corporate policy of many large companies in Europe, America and Asia who have moved to this area their data centers; India has become, therefore, a strong exporter of services to enterprises.
- Apart from these; the film industry where today India is the first country in the world by number of films produced. Mumbai and Indian cinema have demonstrated not only further entrepreneurial capacity of the country, but also a willingness to assert its own independent cultural model.
Current Business Trends in India
India, with highest land area and huge density of population; is one of the countries with the highest rate of growth of Gross Domestic Product, in recent times has leaned so overbearing on the world market, becoming one of the main actors. As a result today; an Indian corporate market has become one of the potential segments where everyone wants to invest. This has made India with multiple business houses and companies of varied types. Indian economy has showed an exceptional performance while showing an unmatched figure from varied segments as mentioned below:
- India in respect of agricultural products includes rice, wheat, sorghum, cotton and sugar cane as major crops where as in terms of natural resources, India has reserves of coal, manganese and small amounts of oil imports mainly from the Gulf countries.
- To address the issue of energy demand has developed the construction of nuclear power plants. India currently has 15 nuclear power plants operating, while 7 are in progress.
- Of great importance for the country appears to be the production of yarns and fabrics of cotton, jute, wool and silk: India has 9% of the frames in the world.
- Other industries are those of paper, rubber, edible oils, essential oils, leather and sugar.
- Today, India has had notable productions in the fields of iron and steel, metallurgical, mechanical, automotive, chemical, oil refining. In sharp expansion are also markets information technologies, pharmaceutical, telecommunications and aerospace.
- India has, however, a great need to improve their infrastructure, roads and railways in particular.
Benefits of Doing Business in India
India; with huge population and largest network of corporate segments welcome abroad / foreigner companies from all across the globe to visit here while doing business in India. As there are many advantages and benefits of doing business in India like:
- Huge diversity in market with numbers of traditions, customs and cultures that brings wide selection of industry for the investors.
- It is quite easy with Indian market to get raise the equity capital and it is also simple for foreigners to get open their liaison offices, branch offices or project offices in India with minimal legal formalities and arrival from Reserve Bank Of India.
- Get invest in India and repatriating profit is quite easy and straight forward in India.
- Location is the biggest advantage of doing business in India as Africa, Middle East and Southern Asia all are connected with sea route. Hyundai and Honeywell are the biggest companies trading for the African and European market.
- Another advantage of doing business in India is company over here can enjoy the talent of India's top rated engineers and managers; where most of top notch managerial positions in MNC packed by India's talent.