Doing Business in India: Are Indians Open to Risk?
COVID-19 has unleashed havoc on the world economies forcing companies to down their shutters, creating job crises, and leaving new entrepreneurs in a fix. The uncertainty has left many – small, mid, and large – businesses struggling to survive and with bad loans.
This comes a year after India was riding a high wave in entrepreneurial activity. As per a Latona’s report from 2019, India ranked second, next only to Chile, on a list as that ranked countries that are most sought-after for doing business.
While the pandemic has unleashed many challenges for businesses, it has also thrown open avenues for innovation. Many businesses used their creativity to respond to demand and need to be brought about by the pandemic.
Indian companies have also responded with agility. From manufacturing and selling face masks and sanitizers, to selling groceries and essentials, to improving sales of online courses, companies have found ways to stay relevant and cater to public need during these testing times. Can this prove to be India’s opportunity to shed its image of being a country with risk-averse people?
SLX and its community Mastering India weave real-life experiences that enable people to learn about the real India – the culture, how local businesses work and scale-up, the ease of doing business, travel, food, and the way of life. Such experiences help people shed their stereotypes about India. They unlearn and learn about the new India that is growing every minute offering vast opportunities for doing business in India.
Despite being on a track of rapid development, India is stereotyped as an under-developed country. The huge strides that India has taken in the last few decades have opened newer avenues for the growth of businesses in India.
The best way to learn about India and its unwavering entrepreneurial spirit is by visiting the country. The annual Bootcamp by SLX Learning is a study tour tailored just to do that – get people to see India through their own eyes. Our Bootcamp program for 2020 has been stalled because of COVID-19, but learning about India doesn’t need to stop. Our community, Mastering India, brings to you glimpses from India so you learn more about this emerging market. Watch our videos to experience our study tour in India.
This video, for example, gives you a glimpse of what Swiss students learned about entrepreneurship in India and the outlook of Indians. Their opinions were shaped after they spent two weeks in an SLX Bootcamp in the heart of India’s business hubs – Mumbai and Bengaluru.
From Failure to Growth
In the words of Vikram Gupta, founder of IvyCap Ventures, India sees a 90-97% failure rate in business ventures but people who fail, come back with newer ideas and experience. “Failure doesn’t necessarily happen because of the demand-supply gap but also issues in leadership skills and team management. Many failures have led to the next phase success because people gain experience and learn what not to do,” says Vikram.
Mastering India has a repository of insights from India’s entrepreneurs like Vikram Gupta, who is famous in India and abroad alike. Visit our Mastering India hub to know more about doing business in India.
Policies and Culture in India
Talking about how government policies have helped businesses in India in the last few years, Vikram says, “In India, the fear of failure boils down to a lack of funding. However, things have been picking up in the last two-three years with the government allocating money,” he says. The boom in digital infrastructure and vast opportunities across sectors have helped enable a more favorable environment for setting up businesses.
However, like all cultures and countries, India’s image is also burdened with preconceived notions that people have about the country. You may want to watch our video on the Punctuality myth.
India has to date produced 61 unicorns – startups with a valuation of $1 billion – of which 40 are headquartered in the USA and 21 are businesses based in India.
We interviewed one of India’s top influencers Mohandas Pai, who says, “India, along with China, will have 30-35% of the global GDP share by 2050. With a median age of 28, India has one of the youngest populations across the globe. Combine the population factor combined with education and technology – we have a booming IT industry.” Watch more of the video here.
Indian Trade – A History
Much before the colonial rule pillaged India of its riches and wealth – an estimated amount of $45 trillion – it had a thriving trade with South East Asia and the Arabs. Spices and fabrics from India accounted for most of India’s maritime trade in those days. Since this was much before routes like Silk Route came into being, trade was done by Indian sea merchants. A 200-year-old Tamil literature in India says that merchants went far and wide to Indonesia, Cambodia, Vietnam, and brought back Roman coins and Roman wine.
After Independence from the British Rule, India was put on a path of poverty with its riches gone. Today’s India is growing and is in the middle of a digital revolution.
Diversity Translates to Opportunities
India is driving economic growth with innovation in models that suit different echelons of the Indian population. India is a great incubator space for ideas and there is a potential to emulate them globally.
Narayana Healthcare, a leading healthcare provider in India, had helped launch micro health insurance with the government of Karnataka for underprivileged farmers. Over a million poor farmers have benefited from surgeries and heart operations under the scheme. All this has been done with individual contributions from the farmer community, and not under charity.
You can watch our interview with the man who started Narayana Healthcare, Dr. Devi Shetty, also known as the Henry Ford of cardiac surgery to get a better idea.
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India offers a huge marketplace for growth of such ideas across sectors, and being a developing country, it offers more scope for doing businesses than a developed country would offer.
No literature can do justice in explaining India and the wide platter of opportunities it offers. To traverse through the vast population and diverse nature of India, Mastering India has customized courses on business opportunities, entrepreneurship, and growth in India, food, culture, and travel in India. All you would need to do is Sign up for our courses here to learn about India, and how you can take your business to the next level.
References
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Indian Architecture: How India is Shaped by Internal and External Forces
India is a land of rich history, and the varied architecture across the country is a testament to that. Architecture across the length and breadth of India tells a story of the ancient civilizations, religious diversity, of rulers and dynasties that lived here, and external influences owing to an era of colonization.
However, with the winds of change brought upon by economic growth and technological disruption, India is also proof of how architecture here is evolving with time. State-of-the-art infrastructure with world-class buildings and skyscrapers are a norm across India’s top cities that are telling of the vast and unprecedented growth that the country has seen over the past few decades.
Mastering India brings to you India through a new lens – its entrepreneurial spirit, its growth, its culture, and its story before and after the change.
Also watch: Video on what makes India the fastest-growing market for business.
Indian Architecture – A History
The earliest known forms of Indian architecture date to at least 5500 years ago. There were well-planned cities like Harappa and Mohen-Jodaro that were urbanized, replete with proper drainage and water supply systems even during the Indus Valley Civilization in India that existed from 3300BCE to 1300BCE.
Indian temple architecture designs are famous across the world for the design intricacies and the sheer size. Over the years, architecture in India underwent transition reflecting the cultural ideologies and art interests of multiple dynasties, kingdoms, rulers, and even colonial architecture that exists to date in the country. During the rule of Mughals, tombs, minarets, and gigantic gateways were built as a reflection of Indo-Islamic architecture. The British rule brought the Victorian and Georgian style buildings to be erected in Indian cities like Calcutta, Madras, Bombay, and Delhi. It is safe to say, India is among the very few countries which have a rich architectural heritage as well – absorbing multiple cultures without losing on its original roots.
Whether you are an expert in art, culture, and history of India, or a novice looking for information, or someone interested in understanding India, Mastering India has courses designed for different types of learners.
Get a glimpse of our videos here:
Architecture in Present-Day India
In the last 70 years, architecture in the Indian landscape has evolved to match the urban settings, lifestyle, the influence of technology, and is increasingly inclined towards accommodating green buildings and sustainability.
The last seven decades have witnessed an immense evolution of architecture in India. With changing times and technological influences, the buildings in present–day India reflect the ethos of growth and expansion. Be it business parks, university buildings, or residential areas – urban planners prefer designs that are practical, futuristic, and sustainable.
Global exposure has thus changed the way Indian buildings look. From luxury homes to brick buildings, to glass architecture, to designer buildings, India has them all.
Understanding New India
Alan Rosling, Author of ‘Boom Country: The New Wave of Indian Enterprise,’ says India is the biggest, fastest-growing emerging market in the world.
But the country is as vast and diverse as its rich history so where does one start, you wonder? This is where Mastering India will help you out.
Sign up for our courses here that cover a plethora of topics about India.
What makes Mastering India different is that we have quality learning content for everyone. Do you want to learn about entrepreneurship and business in India, or travel, culture, and food? Or do you want to learn about India’s evolution since its Independence or how colonization impacted its economy and trade? You can know about famous Indian personalities from across fields and watch their interviews with us. You can learn about how Indian industries contribute to the sustainable development goals and how important corporate social responsibility (CSR) is to this young country that it has been made a law?
Our courses cater to different types of learners – there are detailed videos, quick nano videos that offer quick bites of knowledge, quizzes for those who have some ideas on the subject, blogs catering to those with a keen and curious mind, and classroom courses. We also have live and interactive events that happen in the heart of India so that you get a taste of the ground reality.
Get a glimpse of our last Bootcamp here
If you want to embark on an enjoyable 360-degree learning experience of India, sign up here.
References
The Evolution of Indian Architecture
India Is Becoming the World’s Fastest Growing Startup Ecosystem
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Collaborative India – Your Next Expansion Destination!
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.
Watch: Doing Business in Modern India
What are businesses and organizations missing out on by not collaborating with India?
Expertise
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.
Costs
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.
Economic Stability
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.
Business Reforms
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.
Consumer Market
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.
Language
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.
Accessibility
With thirty-four international airports and thirteen major ports, India is within easy reach globally.
Technology
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
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Digital Revolution in India
The world is changing. If what experts around the world are saying is true, we are in the middle of the fourth industrial revolution. Commonly referred to as Industry 4.0, this revolution is the transformation of manufacturing, production, banking, energy, and many other value creation processes to a digital medium aka digital revolution. The Internet, Robotics and AI are some of the wheels driving this change.
Industry 4.0 is set to change not just the industrial sector but also individual lifestyles dramatically. The ways, in which we live, engage with art, communicate, conduct monetary transactions, eat, commute, access healthcare, and much more. The onset of this digitization is already being felt by many if not all and at the heart of this revolution, is India.
Watch our short interview of ex-Infosys director, Padma Shree Mohan Das Pai and his take on India’s Digital Revolution:
There are numerous reasons why India is at the crux of the Digital Revolution. Let’s have a look at some of them:
Internet Penetration and Usage: Key to Digital Revolution in India
According to the Telecom Regulatory Authority of India, as of December 2019, there were 718.74 million Internet subscribers in India. This makes India the second-largest digital market in the world, second only to China. In a span of just three years (2014-2017) the number of Internet users in India doubled!
This rise in Internet usage is as a result of the dropping costs of smartphones and Internet data. Additionally, the public and private sectors are fluidly collaborating to catalyze India’s digital revolution.
Digitization of the Public Sector
The Indian government’s flagship Digital India Program that was launched in 2015 has started various ambitious projects and has had far-reaching effects. Schemes like BharatNet has connected 129,000 gram panchayats, India’s formalized, rural self-governing bodies, with optic fiber Internet. Aadhaar, the world’s largest biometric ID system (referred to as, “the most sophisticated ID program in the world” by the former chief economist of the World Bank) has registered 1.26 billion people. This ID can be linked to digitally open bank accounts and acquire SIM cards.
Young Digital India
India is also one of the youngest populations in the world, with a median age of only 28 as compared to 38 in the USA and China. This favorable demographic dividend in conjunction with highly skilled individuals means young India is primed for a digital revolution.
Globally, India ranked second in-app downloads, with a whopping 19 billion downloads in 2019. To complement this, India has a booming start-up culture. In 2019 alone, 1300 tech start-ups were born in India implying the inception of 3 or 4 technology start-ups daily!
Rapid Digital Innovations in the Private Sector
The use of apps is booming in rural as well as urban India, be it booking bus, train, air tickets, taxi services, ordering food or groceries, shopping, fitness, entertainment, logistics, creativity, events, enterprise collaboration, etc. Indians are one of the front-runners in developing and using these apps. The public sector is not to be left behind; the Government of India in April 2016 launched the Unified Payments Interface (UPI). UPI is a service that allows instant transfer of funds between two banks on a mobile platform. Between its inception in April 2016 and September 2019, UPI facilitated the transfer of US$240 billion.
This ubiquitous digital service is changing the way India conducts its business. From the biggest marketplaces online to the smallest shops in remote villages, digital payments have become a norm.
Diversified Potential
Apart from the US$180 billion IT industry- a more conventional idea of Industry 4.0, agriculture, education, and healthcare are other avenues in which digitization has massive potential in India. From e-profiling soil health to cloud-based distance learning, digital consultations for patients in remote villages to blended learning techniques over the Internet.
Read about the pros and cons of increased digitization in the wake of the COVID-19 crisis
India is a fertile ground for the roots of the digital revolution to grow. The Internet and digitization have already created drastic changes in the world, but perhaps even bigger changes lie further in the future. India is keenly transforming itself to take center-stage in Industry 4.0 and give rise to a dynamic and digitally diverse economy.
To learn more about this magnificent country, head on over to Mastering India. Our learning hub offers a blended technique of learning. We combine online courses, events, and sensory experiences. Our goal is to build awareness about India and help learners unlock the massive opportunities that reside within.
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Demystifying India
Written by Divya Badri, with inputs from Shruti Rao
If you want to do business in India, then you need to understand India. Knowing India becomes important because it is a complex nation. It is therefore vital to develop your culture quotient when approaching India.
Indian culture is possibly around 10,000 years old and it is incredibly diverse and well known for this diversity. This incredible diversity could come as a surprise to many. The culture becomes a part of everyday interaction, whether it is for personal communication or building businesses. The diversity of Indian food, language, lifestyle, all changes not only from state to state but also from different regions within the states. All these make India seem mysterious for those coming from conformist and homogenised societies. Doing business in India means being able to understand not only the urban and globalized citizens of the country, but also the many others who live on the subcontinent outside the urban cities. All of these myriad Indians together carry forward ancient traditions and culture of the land.
Watch: Doing Business in India
An Emerging India
India is an important emerging market and this ancient civilization has fast become a global IT hub. The country’s economy is rapidly developing. This growth has propelled many multi-national companies to invest and establish themselves in the Indian market. At the core of their success or failure has been their ability to connect with the Indian market. On the other hand, Indian companies are reaching out to global markets and whether you are in India or not, chances are you must have engaged with Indians abroad for work. Being armed with information on Indian culture, Indian business practices and just being able to understand India, in general, will go a long way in nurturing strong relationships.
Read: Culture Quotient
Experiencing India
Alan Rosling, Author of ‘Boom Country: The New Wave of Indian Enterprise’ once advised a forum, “Go to somewhere, where there is going to change. And, what more change could there be than the biggest, fastest-growing emerging market in the world (India)”. He could not be more right! If you are planning on doing business in India, then pick up an online course to understand India. Courses on India should be able to give you information about not only the culture of India but also how multi-national companies customize their products for the Indian market.
It is important that you not only pick up courses in India but also find experiences or events which will enable you to understand India deeply. Shekhar Gupta, Editor-in-chief, The Print once said, “If you want to know more about diversity, democracy and have a few healthy arguments with of course great food and great places to see, come to India”. His advice was spot on! You also need to be able to live experiences or attend events to get a more holistic view of what it means to work in India.
Read: What it means to understand a country like India?
Mastering India’s Culture
Understanding the culture of India should be one of the key elements while deciding business strategies for foreign and domestic companies in India. Whether you are a foreign organization trying to do business in this country or a domestic organization trying to start a business in another region, India should not be a mystery to you. Mastering India – a blended learning hub for all things India is here to simplify the process. We will arm you with the knowledge on how to approach India for business not only through online courses but also through events and experiences! Events and experiences will help you gain a more holistic understanding of the subject matter at hand. So, what are you waiting for? Hurry and sign up with Mastering India today!
Watch: Emerging Markets
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What It Means to Understand a Country Like India
Written by Divya Badri with inputs from Shruti Rao
You are trying to understand a country like India, but you do not know where to begin. There is no one way to understand India. The two popular options that come to mind is either travel in India or do business in India or take up a job in India. Are these effective to improve an understanding of India, the subcontinent? Yes. Are these your only option? No! India is an intricate web of societies and cultures. Every aspect of the country is unique and requires a niche understanding.
Watch: Business In India
Here are some of my suggestions on how to begin learning about India
Learn an Indian language
India is famously known to be the home to one of the oldest languages in the world – Sanskrit. However, another fascinating feature of India is that it is home to more than 800 languages. Anyone who travels to India realizes that knowledge of any one Indian language is seldom sufficient. Only 60% of the Indian population speaks Hindi. The rest 40% speak different languages which have their own historical and cultural significance. If you decide to do business in India or simply travel in India, learning a couple of Indian languages is a very good idea. Quite similar to , if you decide to do business in Europe or work in Europe, learning a few European languages always helps. You could either learn an India language by immersion or online. A good blended learning platform will help you gain knowledge using both techniques.
Learn about Indian culture
Indian culture is one of the oldest cultures which is in practice today. Understanding Indian culture will help you understand the shared beliefs, values, customs, behaviours, and artefacts that the Indian people use to communicate with each other and the world. It is important to learn about Indian culture as it is present in every interaction you will have when you travel to India or look for opportunities in India. Usually, when people talk about the Indian culture, it involves a lot of preconceived notions. When travelling to India or doing business in India you will realize that Indian culture is not static, but dynamic. You will need to understand that Indian culture is much larger than the more visible features like music, food, etc.
Learn the country’s business practices
India is a diverse and populous and thus, it becomes difficult to generalize Indian culture and practices. Doing business in India will require you to learn about the nitty-gritties, starting from greetings and business communications, to business relationships and business culture. Like anywhere in the world, businesses are also influenced by the policy decisions by the government and it is important to understand the Indian policy landscape. India has had a stable policy landscape and has worked a lot on policy reform and has improved its ranking in the World Bank ease of doing business.
Watch: Indo-Swiss Innovation and Investment Forum
Learn about the local cuisine
When one thinks about Indian food the first two things that come to mind are – curry, cumin and chickpeas. This is because this is the prevailing Indian food that is available in western nations, adapted to western audiences. This assumption will restrict you from enjoying the whole palette of sophisticated flavours of Indian cuisine, because real Indian food is quite different. Whether you intend to travel to India, look for opportunities in India or simply want to try your hand at something new, you will find Indian cuisine to be easy and healthy to indulge. Learning about Indian cuisine will enrich you in more ways than one.
Watch: India Bootcamp
There are many Indias within India, however, you only need one platform to learn about all of them. The platform for all things India is Mastering India. You could enrol in a college class or look up videos on YouTube to understand the above topics. However, if you choose to enrol yourself on Mastering India, then you can access all these courses and a lot more in just a click. Mastering India is a platform to learn about India, seen through new eyes. Learning various aspects of India on Mastering India will make working or doing business in India more fruitful.
Mastering India is a platform where you will learn about an emerging market like India from Indians and people who are closely acquainted with Indian practices. Mastering India is a blended learning platform on which you can take assessments to test your knowledge. You can even connect and collaborate with likeminded people on Mastering India. The platform helps you learn different topics through micro-learning courses, but also through events and experiences. Experiences enable enhanced learning by immersing you into the culture and you gain a more holistic understanding of the topic. So sign up today and start – Mastering India!
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