Government’s liberal policies followed by recent changes in the tax system along with a significant English-speaking population makes India a top destination for multinational corporations that are looking to expand their overseas operations for market and talent. As per the advance estimates released by Central Statistical Organization (CSO), India’s GDP growth for FY 2016-17 was 7.1%.
In the era where European economy is saturated, clients are difficult to tap, heavy competition plays its roll making companies more difficult to sustain and grow, European companies should seize the opportunity to find a new market in this ancient civilization.
India’s willingness to work in long rotational shifts, their flexibility, their knowledge-based labor force, which comes at a practically low cost, makes India a top destination for global business. They tend to work long hours in the hopes of showing their dedication and increasing their status in the company. This tendency makes a workplace more flexible. An Engineer whose service might cost $100,000 in the west is only $40,000 in India.
Following the recent change in the policies that led to ease in the rules and regulations, India could successfully move more Chinese firms to manufacture into the Indian territories. Initiatives like “Make in India”- www.makeinindia.com, “Skill India” etc are aimed at encouraging the spirit of entrepreneurship and making India a manufacturing Hub. Low-cost production edge does not only come from cheap labor but commendable supply chain, competitive pricing are other factors that help cut-down per unit cost.
Sea Freight is an important consideration for manufacturers. In addition, India offer’s port-based special economic zone that eases the trade related activities for export-oriented industries.
In spite of 500 plus ancient languages, English is the dominant business language and is one of India’s official languages. India’s growing English speaking population is another major factor that makes it a hot spot for international conglomerates.Other government initiatives like “Startup India” - http://www.startupindia.gov.in, “Smart Cities”- http://smartcities.gov.in are the opportunities that are knocking the door of every business enterprise who are looking for new market and growth. When major American players are trying to set their foot on this land, why stay behind?