When Indian businessman Mukesh Ambani thinks of the place where he was born, he believes in the potential of Asia, and of his home country in particular, to improve its reputation in the years to come. Considering the prevailing economic conditions, it would be foolish to doubt that. Already India is a competitive market and its competitiveness will only grow.
Since 1991, the Indian economy has been significantly deregulated and privatised. This governmental intervention has seen two decades of accelerated economic expansion right up to the present day. Although India’s share of worldwide production is only 2 %, the country has steadily integrated into the global economy and many opportunities exist to integrate even more.
We should remember that measured by income per head which is very low, India is still a developing country with an outdated infrastructure. Drawbacks such as widespread poverty, unequal income distribution and a global economic crisis only serve to highlight the country’s potential. Even with these issues, India is already among the world’s ten largest national economies and ranks a strong third in Asia. A recent Reuters poll showed growth of 6.8 per cent for the financial year ending in March 2012. Further growth of 7.1 per cent is forecast for 2012-13.
India holds a leading position in the IT and pharmaceutical sectors, and only this week the potential was confirmed by the announcement of a new £20 million telecommunications project between India and the UK. The project will support research into the development of state-of-the-art applications that will carry audio, video and data. India has become a knowledge economy, with the technological services sector accounting for 40% of the country’s GDP while employing 25% of its workforce
The reasons behind this success and the hope for the future are simple: each year, India produces more than two million young graduates, the employees and industry leaders of tomorrow. The reputation of India’s educational system continues to grow along with its economy. Investment in schooling is enormous and collegiate education is highly developed. The country is able to “export” working power overseas in enviable quantity and quality.
But that’s not the only thing India can provide for overseas trading partners. Additionally, the Indian economy benefits from the export of convenience products, textiles, jewellery, chemicals and an impressive range of raw materials. Agricultural products such as rice, potatoes, cane and wheat, and dairy produce and fish also add major export value. In contrast to this, there are is a wide range of products which India imports, notably crude oil, electronic components, gemstones, heavy machinery, chemicals and fertilisers.
India’s vast population speaks more than 100 languages and English, along with Hindi, is one of the two main tongues. The country has 540 million Hindi speakers but English is the administrative, educational and commercial language, so it’s hardly surprising that the UK is one of the country’s longest established trading partners. Currently the UK only has a 3.2% share of the Indian market. But if UK business takes the opportunity to share the advantages of importing and exporting to Indian clients, we could extend our influence in the Asian market and build long-lasting relationships. By making good use of specialist services, achieving successful localisation with marketing translations and website translations, many Wolfestone clients are already taking positive steps towards this.
What does your company think of investing in a country with low foreign debts and booming currency reserves? There are few more suitable targets for trading partnership than India. Don’t you want to be connected with a market that offers a guaranteed explosion in demand in the years to come? British companies across all sectors are already enjoying the benefits.
Go ahead, it’s your turn!
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