India is the fifth largest economy in the world. The country is an important business center, and multinationals all around the globe are set to take advantage of the opportunities available in India. Establising a branch in india of your own company in India is not a difficult task any more due to the simplification of market entry strategy made by the Government of India to promote foreign trade. There are plenty of business consultancy services in India which offers top-notch solutions to companies globally to establish their branch in India. Investors located globally should expand their horizon towards India as a perfect market.
What are the facilities available in India for business expansion?
Along with the business consultancy services in India, the country’s reputation makes it easier for multinationals to open its branch in India. The past few decades have enhanced the country’s reputation making it an ideal market. Please read further to find the top 5 reasons which make India an ideal market for global companies to expand their business.
- The developing economic status of India makes it a favorable investment spot. Currently, The Indian government is more inclined towards overall national development rather than subsidizing the available goods and services. The policies like these have given multinational a secure gateway.
- The constant growth of 7 or more than 7 percent (approximately) in GDP claims to make India one of the third most significant markets in the world by the year 2030. It is almost hard to ignore such kind of demand for global companies.
- There is quick and easy access to novel digital technologies such as Internet-of-things (IoT), mechanical learning, artificial intelligence, blockchain technology, big data and analytics, robotics and mobility has changed India’ image into a smart digitally optimized country. At present, the top global companies of the US and Europe have set up their Research & Development (R & D) and Business Process Management (BPM) centers in India.
- The growth of startups in India has made a mark for India in the world’s most vibrant tech startup innovation ecosystems. The rise in the startups in India has open doors for companies located abroad. The new technological advancements and innovations fetch global companies to merge with these startups and acquire their patents. The companies can enter the market by forming subsidiary relationships with Indian companies or via joint ventures with an India-based company. The idea of a joint venture is always beneficial as the Indian company is well-acquainted with the local market and the procedural issues. Global companies can quickly focus on profit building.
- The recent years have seen a growth in the expenditure on infrastructure. The Indian government is keen on spending on the infrastructures such as cities, airports, ports, roads, bridges, hospitals and many more. The government agencies along with tech volunteers have decided on forming an Indian stack. The Indian stack is a set of APIs giving governments, startups, businesses, and developers to build and deliver cashless and paperless solutions.
Final Thought
India has a robust ecosystem reflected in its economic growth and development. The future of global companies in India is very hopeful. The global companies should form a highly impactful and strategically planned market entry strategy. Global companies to achieve success in a large country like India always begin on a regional level and work on gaining localized information. The most suitable way to understand the Indian economy is to classify the country into four economic regions.
References:
https://www.export.gov/article?id=India-market-entry-strategy
https://www.ibef.org/industry/indian-consumer-market.aspx
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