If you plan to start a business in India, here are a number of things you should consider before expanding…
Trade between Europe and India has greatly increased in the past few years. India has a growing economy and a population of over 1.2 billion people – this could generate huge potential for your business. There are endless opportunities in a wide range of sectors including: construction services to meet the demand for infrastructure, telecommunications equipment, information technology (IT), health equipment, pharmaceuticals and call centres. Additionally, the number of middle-class consumers is increasing as the labour remains cheap. Indian businesses are organized similar to those of the United Kingdom. The historical relationship between the UK and India means that Indians
have a high degree of accuracy when speaking English. Although the accent and vocabulary of Indian English is slightly different from British or American English – international organizations will benefit immensely from graduates’ ability to speak English fluently, as well as their command of the many local languages of India. Additionally, the Government of India is very desirous for more trade liberalization and economic reforms as the economy is predicted to become the third largest in the world by the year 2030.
In today’s society, India is still a very bureaucratic country. India is also a very ethnically diverse country with a number of different languages and religions – this means you will need to ensure your strategy can comply with the standards and norms of this society. It will also be beneficial to your
company by confirming that your product or service can thrive in India. Negotiating and securing business deals in India is a very long process as you will be required to invest a large amount of time into building long-term, trusting relationships with your Indian counterpart(s). It is essential to get
your transportation and logistics right as exports to India are subject to duties and if you have an Indian office the process of taxation is very complex. You must also remember that as skilled manpower is growing, there is a severe shortage in terms of skills within the highly competitive labor force. Finally, you will be required to use an intermodal method of transportation using airfreight or shipping to an Indian port where will then be delivered using road transport.
Trade between Europe and India has greatly increased in the past few years. India has a growing economy and a population of over 1.2 billion people – this could generate huge potential for your business. There are endless opportunities in a wide range of sectors including: construction services to meet the demand for infrastructure, telecommunications equipment, information technology (IT), health equipment, pharmaceuticals and call centres. Additionally, the number of middle-class consumers is increasing as the labour remains cheap. Indian businesses are organized similar to those of the United Kingdom. The historical relationship between the UK and India means that Indians
have a high degree of accuracy when speaking English. Although the accent and vocabulary of Indian English is slightly different from British or American English – international organizations will benefit immensely from graduates’ ability to speak English fluently, as well as their command of the many local languages of India. Additionally, the Government of India is very desirous for more trade liberalization and economic reforms as the economy is predicted to become the third largest in the world by the year 2030.
In today’s society, India is still a very bureaucratic country. India is also a very ethnically diverse country with a number of different languages and religions – this means you will need to ensure your strategy can comply with the standards and norms of this society. It will also be beneficial to your
company by confirming that your product or service can thrive in India. Negotiating and securing business deals in India is a very long process as you will be required to invest a large amount of time into building long-term, trusting relationships with your Indian counterpart(s). It is essential to get
your transportation and logistics right as exports to India are subject to duties and if you have an Indian office the process of taxation is very complex. You must also remember that as skilled manpower is growing, there is a severe shortage in terms of skills within the highly competitive labor force. Finally, you will be required to use an intermodal method of transportation using airfreight or shipping to an Indian port where will then be delivered using road transport.
Link(s):
http://www.communicaid.com/cross-cultural-training/blog/cross-cultural-training/benefits-of-doing-business-in-india/
http://www.metrocorpcounsel.com/articles/13403/doing-business-india-mutual-benefits-and-big-opportunities
http://www.smarta.com/advice/suppliers-and-trade/import-and-export/how-to-do-business-in-india