Indian government’s ambitious “Start-Up India” program is being hailed globally as the great support for startup ventures in the country. The remarkable success of the majority of start-up businesses is encouraging the entrepreneurs and foreign investors to shape up their innovative concepts. According to digital marketing suite SEMrush, “India seems the most preferred destination around the world to start a new business if we go by the numbers of people searching the best place to set up a shop/business”. Another study report by SEMrush states that India leads the top 10 most searched countries for ‘starting a business in’. A report by EVOMA reveals that the average growth rate of SMEs in India is over 10 percent. No doubt, the market entry strategy plays a critical role in success.
Support for Innovation – India Offers the Best Among Emerging Nations:
Innovation is not just about introducing a new product or technology; it is about persistence, focus and salesmanship from the business perspective. The Government of India has already undertaken number of globally hailed initiatives and incorporated new policies to foster the culture of entrepreneurship and innovation. Because of having a unique demographic advantage, India has immense potential to shape up innovative concepts through entrepreneurship. Government of India is emphasizing to strengthen, support and encourage the industries, investors, small/big entrepreneurs and non-governmental organizations. The key supports for start-up businesses and investment that make India distinctively preferred compared to any other emerging nation are:
- Startup India Learning Program
- “Fund of Funds”- created to financially assist the start-ups
- Simple to follow compliance norms
- Facilitated patent filing
- Relaxed procurement norms
- Tax benefits
- Fast addressing of issues …… and many more
Top management consulting firms in India are helping investors and entrepreneurs to get the best advantage of a supportive environment for start-up businesses with innovative concepts
Manufacturing Sector Gets Much Needed Supportive Environment to Ride High:
Source: Global Insights; McKinsey Analysis
McKinsey analysis states that rising demand in India can help India’s manufacturing sector to grow even six times by 2025. The expectations are supported by the global trend of international investors looking at India as the safest destination to invest in manufacturing when they compare the countries.
The state and central Governments are dismantling the barriers in land acquisition, infrastructure, set up, labor outsourcing etc. India’s fast-expanding economy, growing by 7 % annually over the past decade, fuel-ups the expectations of the country’s manufacturing sector. As the income per capita rises and the demand for luxury and consumer goods goes up, India’s consumption sectors including food & beverages, textiles & apparel, electrical equipment and machinery etc. are expected to grow @ 12 – 20 % annually for the next 15 years.
India – All Set to Become Manufacturing Capital of the World:
India is all set to rank amongst the top three fastest-growing economies and manufacturing destinations in the world by 2020. Several international mobile phone, automobile and luxury product brands among others, have already set up their units in India to take early bird advantage. With an emphasis on developing and expanding industrial corridors and smart cities, Indian government ensures a holistic development all across the nation. The high-tech corridors will assist in monitoring, integrating and developing the conducive environment to promote the advance practices for better quality production. The recently introduced Goods and Services Tax (GST) is expected to make India the common market with GDP of US$ 2.5 trillion along with 1.32 billion population; and, it is a big force for investors to grow fast.
Importance of Market Entry Strategy- You Need the Best:
India offers the best supportive environment for start-up businesses and investors, but the involvement of a strategy consulting firm improves the growth prospects and minimizes the risk factors. With so many options to start a new business, it is often difficult for entrepreneurs to decide which strategy will suit the best to achieve business objectives. By choosing the best among the top strategy consulting firms in India, you get a professionally structured roadmap to move ahead with boosted confidence to gain better than the expectations.
Concluding Note:
There are still number of less explored areas that offer tremendous opportunities to start-ups and joint- ventures. Although Govt. supports the entrepreneurs and investors at all the levels still choosing the best-formulated market entry strategy is must to play safe. Hiring the best start-up management consulting firm will make the journey safe, smooth and pleasant even beyond your own expectations.
