The advancements in technology over the recent decades have vehemently contributed to creating a globally interconnected hub. Thanks to the internet, propagation of news and information happens blazingly fast. Is this interconnectedness the precursor to a global nation, currency, and workforce? Well, the global workforce potential has been leveraged for decades now and many multi-nationals expand internationally to make the most of the talent and expertise of humans from across the globe. And India is one such hub!
Companies like Google, Thales, Amazon, Microsoft, HP, Rolls Royce, Airbus, Nokia, among others (it’s a huge list!) have established themselves in India to overcome the challenges of finding the right talents for propelling advancement and innovation. Every day, millions of Indians actively contribute to the betterment of the world: IT, R&D, finance and support functions are all catered for at global scale in locations like Bengaluru, Chennai, Coimbatore, Delhi, Mumbai, Pune, among others.
What are businesses and organizations missing out on by not collaborating with India?
With the tech talent gap widening each year, as testified by ardent endeavors from education ministries of western countries to encourage youths into the scientific stream, investing in India helps respond to the growing need of technological experts.
The lower costs of running a business in India translates into more capital available to enhance processes beneficial to the success of the organization in the long run.
The exponential economic growth seen in India over the last few years has been largely facilitated by a strong democracy, key structural reforms, an increase in government investment and private consumption.
To attract foreign investments, Foreign Direct Investment (FDI) restrictions have been considerably relaxed in the country. This results in India being ranked to the 63rd position on the World’s Bank Doing Business 2020 study. World Bank’s Country Director in India, Junaid Ahmad, praised India’s leadership and decisive actions to facilitate foreign investments despite being a large and complex economy.
India’s large and healthy middle class makes it an interesting consumer market and ranks 3rd out of 141 economies for market size according to the WEF’s Global Competitiveness Index.
The right atmosphere for conducting business is available in India. Welcoming of foreigners and acceptance of a diversified culture can be traced back to its roots and is very much a part of Indian ethos even today. This trait of openness and acceptance of global culture is what makes India hospitable to international business ventures.
English is widely spoken and is mostly the medium for business in India. A great majority of professionals are educated in English medium which sets the rhythm for seamless communication.
With thirty-four international airports and thirteen major ports, India is within easy reach globally.
As of 2018, twenty submarine internet cables link India digitally to the rest of the world, which effectively connect offices scattered across the globe in real-time.
With all the right elements already in place, businesses stand to benefit hugely from the offerings available in India. To facilitate their transition to Indian soil, foreign companies can build up on the resources available on masteringindia.org