Made it in India
If it were not for China
grabbing many of the international economic development headlines over
the last decade, everyone would be talking about the economic miracle on
the other side of the Himalayas, where India is uniting around the common
goal of economic development.
There is a tired stereotype that you go to India for technology-related business and China for manufacturing. This stereotype is wrong on both counts.
While India has a reputation as the world's office, it also has a significant manufacturing capability. However, unlike China, India has always had the capability to design its own products, build large multinational organizations, protect international property, and not simply to design, but to design and build to a price.
For entrepreneurs outside of the country, India appears to present several key opportunities:
- India's infrastructure and energy sectors will hold back the country's growth unless massive investment is made during the next decade. This will provide enormous business opportunities for people with the necessary skills and knowledge.
- India is one of the youngest countries in the world with over half of the population under 35. There will be huge opportunities for offering services to these young dynamic pleasure seekers.
India has the world's largest educated middle class. Unlike many developing countries, India has a deep embedded culture of education and capitalism. Working with existing economic players is critical to understanding the Indian economy.
While having the advantage of the unifying international business language of English and being the world's largest democracy, India is cursed by ethnic divisions, a violent tradition of nationalism, appalling infrastructure, and corrupt vested interests which make embarking on business in the country difficult.
For businesses without experience of the country, there are a whole range of new cultural, political, legal, and economic challenges to be faced before the opportunities offered by the country can be fully realized.
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