Fo­cus on... In­dia

The Business Travel Magazine - - Arrivals Contents -

In­dia is one of the fastest grow­ing economies in the world and the uk is its third-largest in­vestor. Benjamin Coren dis­cov­ers the ben­e­fits of do­ing busi­ness in this in­no­va­tive mar­ket Made up of 29 states and seven union ter­ri­to­ries, In­dia is a vast coun­try packed with po­ten­tial.

with a wide range of trad­ing op­por­tu­ni­ties and a fast-grow­ing econ­omy en­com­pass­ing mul­ti­ple sec­tors, it is an at­trac­tive prospect for uk com­pa­nies will­ing to nav­i­gate po­ten­tial pit­falls and be pa­tient with what can seem strange and slow cul­tural prac­tices. english is widely spo­ken in In­dia so the good news is lan­guage needn’t be a bar­rier to busi­ness. other ben­e­fits in­clude com­mon legal and ad­min­is­tra­tive sys­tems, ris­ing per­sonal in­comes that are cre­at­ing a new mid­dle-class con­sumer mar­ket, and ur­ban growth that has cre­ated more than 50 ci­ties of over a mil­lion peo­ple. ac­cord­ing to the In­ter­na­tional Mone­tary fund (IMF), the In­dian

econ­omy in 2017 was nom­i­nally worth us$2.611 tril­lion, mak­ing it the sixth largest econ­omy in the world. Top ex­ports to In­dia in­clude min­eral fu­els and oils, gems and pre­cious metal, elec­tri­cal ma­chin­ery, me­chan­i­cal ap­pli­ances, or­ganic chem­i­cals, iron, steel, plas­tics, fer­tilis­ers, an­i­mal or veg­etable fats and oils, and med­i­cal and sur­gi­cal equip­ment.

Busi­nesses need to be aware of the po­ten­tial risks they may face

do­ing busi­ness in In­dia, how­ever. It is a com­pet­i­tive mar­ket, and price is an ex­tremely im­por­tant con­sid­er­a­tion for con­sumers. ad­di­tion­ally, there is a risk of de­lays due to ad­min­is­tra­tive re­quire­ments, in­fra­struc­ture chal­lenges, ex­tremes of weather and a high risk of bribery and cor­rup­tion. what's more, In­dia is not a sin­gle na­tion mar­ket and each state

can re­sem­ble a sep­a­rate coun­try, of­ten with its own lan­guage and idiosyncratic prac­tices.

The In­dian prime Min­is­ter, naren­dra Modi, vis­ited the uk in april with a huge boost for the uk econ­omy as a range of new In­dian in­vest­ments worth more than £1bil­lion will cre­ate or safe­guard 5,750 Bri­tish jobs. along­side the in­vest­ment, a new In­dia-uk trade part­ner­ship has been forged, seek­ing to im­prove the ac­ces­si­bil­ity of trade for busi­nesses in both coun­tries. The part­ner­ship will fo­cus on three key sec­tors: life sciences, IT and food and drink.

To­tal trade in goods and ser­vices be­tween the uk and In­dia was £18bil­lion in 2017, a 15% in­crease from 2016. and uk ex­ports to In­dia, led by in­no­va­tive ma­chin­ery and me­chan­i­cal ap­pli­ances, con­trib­ute

a large el­e­ment of growth.

The uk's In­ter­na­tional Trade Sec­re­tary, Dr liam fox, says: “It is clear that the op­por­tu­ni­ties for growth in trade with In­dia are plenty, and as an in­ter­na­tional economic de­part­ment we will con­tinue to use tools such as trade mis­sions not only to boost uk ex­ports, but also to help busi­nesses of all sizes forge ties and cul­ti­vate re­la­tion­ships with po­ten­tial buy­ers and in­vestors.”

IN­DIA Time zone: GMT +5.5hrs Cur­rency: In­dian ru­pee; £1 = 91.24 Inr Visas: Bri­tish pass­port hold­ers will need to ap­ply for a visa for en­try. en­sure you get the cor­rect visa that is valid for the pur­pose and du­ra­tion of your stay. Di­alling code: +91

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