India is the favored destination of investors the world over as it is not only a billion and more market in sheer numbers, but has a middle class strength with money to buy consumables. The strength of the middle class buying population far exceeds the total population of western nations many times over. It has everything to offer businesses of the US and other European countries as well as several Asian giants a surefire success in their ventures.
Infrastructure is being ramped up
Loads of money is being spent all across India by the government as well as in participation with private companies to ramp up infrastructure to make it lucrative for foreign investors to plough their funds in. At 6.7 percent, India’s GDP is formidable and growing in leaps and bounds compared to other global economies. It is one of the fastest growing economies of Asia and if you compare it to China, India certainly has some very distinct advantages.
Unlike China, India does not have a communist regime in place where accountability falls short and being a former colony of Great Britain, the nation has a large pool of English language speaking people.
Moreover, the business language in India is English. Even though the capital city is Delhi, the financial capital of India is Mumbai, formerly known as Bombay. Even though Hindi is the mother tongue of 30 per cent of Indians, English is largely understood all across the country.
According to 2007-08 estimates, the per capita income was $4139 and the GDP totaled a whopping $1.16 trillion. Apart from Mumbai or Bombay as it was known earlier in business circles the world over, places like Bangalore and Hyderabad are common names in the global cyber circuit. Over the last few years, information technology and information technology enabled services have picked up.
Much of the global back office jobs especially from the US, UK and other English speaking countries, are now being outsourced to India. Total trade stood at $63.63 billion according to estimates of 2008 and US exports to India doubled up compared to last year and the US imports from India went up b y 65 percent during the same time. The world’s smallest and cheapest car is made in India and it was advertised in all the premier business media publications globally.
October to March
If you can brave the steamy heat for most parts of the year, then India could be your most feasible destination for the 21st century. If you are planning to start up, the best time would be to come over during the comfortable months between October to March when the temperatures are cooler and winter sets in. Even though punctuality is expected in all Indian business circles, being 10 minutes late is not disastrous if you compare it to western standards.
With increasing infrastructure facilities and more roads and public utility and transport systems in place, traffic clogs are a reality and all people are affected by the problem. It is customary to enter the meeting room in India by greeting the senior most people first. And in India, it is not a done thing to get to business straight away as it is usually preceded by some conversation.
Topics of conversation can range from the latest cricket scores; a game played in India and followed widely, to the market trends in the stock market. Indian responses to business dealings are not always a straight yes or no. If you hear them saying they would try or try their very best, then there is a chance that they mean they will not be able to do it.