India is the fourth largest economy in the world and presents diverse opportunities for companies with the right products and commitment. The total wealth of India has tripled in the last decade and is expected to double again in the next Five years. Growing domestic markets have created demands for international products and services. Today, industries, government and people in India are all active consumers of such global offerings.
Major global organizations have set-up marketing bases, manufacturing facilities and R&D centers in India to tap the increasing demands. Even a number of SMEs have started to pro-actively address the Indian market. In short, they all view India as a market that cannot be ignored.
Trends in a few industry verticals:
- The automobile sector reported a robust growth rate in the last few years. India is emerging as a strong automotive R&D hub with foreign players expanding or setting up new factories in India. This move is further enhanced by government’s support towards development and innovation.
- FMCG sector will continue to see growth as it depends on an ever-increasing Indian population for consumption and demand for these goods keeps growing irrespective of inflation or recession.
- India has been a global hub for all pharmaceutical manufacturing and research, and Indian generics today constitute nearly a fifth of global supplies. India tops the world in exporting generic medicines or bulk drugs. Bio-technology and Patent-protected products are likely to grab a large market share in the coming years.
- India’s focus on infrastructure development has kept the demand for the engineering and manufacturing services high. This has triggered a variety of Engineering Services Outsourcing activities. Favourable regulatory policies would further propel growth in these sectors.
- After major IT growth, India is seeing a huge increase in IT enabled services (ITES). India’s large resource pool of well-educated people are used on a variety of research and back office activities like Legal, Accounting, IPR, Design, Radiology and Cartography. Organizations set up centers in India that work closely with their offices to fulfil a variety of specialized activities, all supported by IT enablement
- With a large middle class having substantial spending power, Indians are good targets for tourism business. Bollywood and other regional movie industries constantly scout for exotic places to shoot
- There are quite a number of high net-worth individuals in India. They need support and guidance in investment. Hence, Fund management and personal wealth management companies are also in demand
Apart from the above sectors, Construction, Chemicals, Transportation, Audio/Video products, National Infrastructure (like Railways & Roadways), Capital Equipment, Telecommunications, Medical Electronics, Financial services, Industrial Automation and Healthcare have all been seeing steady growth.
As India has wide ranging groups of consumers, their requirements, expectations, and desires differ. Understanding the market nuances and buyer behaviour is vital to penetrate the Indian market. Analysing the potential, Identifying the best distribution channels and Making the right entry strategy are all crucial to succeed here.
It seems to be the right time for organizations – big or small – to take concrete steps towards India. Ramsoft’s Team Building and Facilitation services are structured towards helping clients with their India Entry.
India Entry Phases