According to a study by industry experts, businesses are trying to enter Indian market like never before to cash in on its economic growth. The credit goes to the government’s slew of measures in sectors such as auto and MSME among others. The founder of Mobius Capital Partners LLP and investment guru Mark Mobius believes that the country’s focus on water resources and preservation is a step in right direction. Privatization of PSUs and the government’s programs to digitization are all going to strengthen Indian market.
Mobius says that that this is the right time to invest in India as the country is experiencing economic growth and industrial revolution. If you are also planning to expand your business in India successfully, you will have to ensure the following things:
Market Analysis
Factual information is important but you can’t build an empire solely on them—especially in a foreign land. Explore to get the feel of the market and the business culture. Your market analysis methodologies must include:
Real-time interactions with industry stakeholders
Both current and future opportunities
Competitors
Technology trends
Demand and supply gaps
Entry barriers
Strategy formulation
A good strategy seals the deal always. As a business owner your vision should be clear about short and long term goals, industry growth curve, and best practices.
Explore opportunities
Identifying new opportunities to enter Indian market can be helpful if you are looking to strengthen your business in the country. It helps expand sales and distribution network also.
Another advantage of exploring new opportunities is that it enables corporate ventures. Promoting brands across geographies becomes easy too.
Alliances
A new company planning to set up business in India should seek partners to address common issues such as distribution and marketing practices, pricing and labelling, sales channels etc. Relationship building with potential partners are extremely important. Make sure that your partner companies are strong and reliable.
Regional level approach
India is a country of diversity. It speaks hundreds of languages. The climate changes from one state to another. There are so many cultures, rituals, and religions. Therefore, regional level approach is very important. Good localized information can lead you to success of your business.
As the Indian government has both tightened and simplified rules for businesses, this seems to be the most opportune time for foreign companies to take a leap. The next few years in India are very important. Even the economic gurus are declaring the times ahead to be favorable for businesses to spread their roots in India. So invest at the right time to earn best returns on time.
