The latest GDP figures for India suggest that its growth momentum will continue at an impressive 9% in the near future
. Consumer spending is at one of its highest and this is sure to be one of the crucial elements of Indias economic success. Government policies for investment and setting shop in India are also welcoming of foreign players. In short, it is one of the best times to be doing business in India and cashing in on the vast opportunities that it presents.
However, at the same time the Indian market has its share of regulations and bureaucracies that can make entering and doing business in the Indian market a daunting task. Expert assistance is therefore very important, as is detailed planning including surveying the market, zeroing in on the right location for business etc. The following are some important points to remember when doing business in India:
1.Explore the growth potential of your area of business in India. You can visit http://ausib.org/Focus-Sector-AUSIB.html and use their free downloadable industry reports about the upcoming and booming industries in India. These reports can be your first step in understanding the Indian market situation and making a decision to take the leap.
2.Visit India and interact with Indian businesses with the purpose of developing partnerships and networks. The Alliance for US India Business is particularly equipped in this regard with its frequent business delegations (http://ausib.org/Delegation.html) to and from India and the U.S. to various conferences, exhibitions, forums etc. These delegations and events will help you understand the Indian market and develop crucial relationships in India.
3.Utilize the services of a specialized trade organization e.g AUSIB in case of India and the U.S that can hold your hand through some of the difficult and important phases of doing business in India. In fact AUSIB services include not only marketing or media outreach, but also crisis management where necessary. http://ausib.org/Membership.html
4.Familiarize yourself with the laws and practices in India, and ways to navigate the bureaucracy.
India can be a very fruitful business decision with the right knowledge, preparation and experts by your side. It is time to explore the tremendous opportunities of the Indian market and benefit from the 9% growth story of the country.