Why You Should Do Business In India?
Do you know that, despite of being a developing country, India is the fastest-growing economy of the world. You will be surprised to know that it is the fifth-largest economy with a nominal GDP. According to a rough estimate, the value of the Indian economy this year will be USD 3.7 trillion. Thus, this country provides ample opportunities for foreign businesses.
The basic rule of tapping into any foreign country is to communicate with the stakeholders and target market in the language that they understand. For example, if you want to start a business in Gulf countries, you have to take assistance from Arabic translation services. In the case of India, you have to think about which language to go for. This is because the constitution of India has recognized 22 official languages.
Hindi as Widely Used Language in India
The other name of India is Hindustan. It is a Hindu country by religion. 54% of the population in this country speaks the Hindi language. The Hindustan country is recognized for its religion and Hindi language around the world. All the government departments in India speak Hindi for conducting all operational activities. Therefore, for tapping into the massive Indian market, you must take help from Hindi translation services. These services can help to take government assistance. Without government support, you can not start a business in any country.
Reasons to Do Business in India
Deciding to expand your business in any country requires extensive research. The research can help you make rational decisions about investing in a foreign country. Let's dive into the benefits that make you invest in India.
Increased Population
The main advantage of doing business in India is because of its population. The population of this country is more than 1.4 billion which makes it a huge consumer market. Moreover, India has very skilful and cheap labor that attracts foreign investors. Many companies have also outsourced their business operations in India. The increasing population of India is the third-largest concerning purchasing power parity. Therefore, if you target the Indian market according to their buying preferences, then you can reap a high profit. To make business operations successful, you might also need Hindi translation services.
Stable Economy
India is considered an emerging and powerful economy in the world. The report by Mckinsey Global Institute stated that 69 cities in India will have 1 million population each by 2025. Moreover, Indian people are moving from rural areas to cities, which is making the Indian economy from Middle class to upper middle class. Thus this population is favorable for foreign investors who want to do business with India.
Government Support
You cannot start a business in any country unless the government of that country supports you. The government of India has come up with different schemes to attract foreign investment in the country. For this reason, their government has eased the restrictions on foreign direct investment (FDI). For instance, they have enhanced the foreign equity caps for insurance and defence. This initiative by the government has brought many businesses to India. One of the great initiatives taken by the Indian government is that they have eased the process of starting a business in different sectors, which was very tedious before.
Digitalization
Over the past decade, India has become a digitally advanced country. The availability of digital infrastructure is providing high-speed internet to the country. Moreover, mobile penetration is also high in India. Many companies related to information technology, telecommunication, textiles engineering, and many other industries are working in India as per global standards. Related to technological advancement, India comes next to the United States and China. If you want to start an e-commerce business in any state of India, like Bengal then you can easily start it but for this, you need to go for Bengali translation services.
India has English Speaking Population
One of the great advantages of tapping into Indian market is that Indian population is proficient in English. Around 12% of Indian population speak English. Moreover, English is also one of the official language of India. For operating your business from India, you can easily handle your global clients. This has also attracted many English speaking companies to invest in this country.
Work Ethics of Indian People
Indian people are very talented. They are always ready to embrace new technology. Moreover, they are loyal to their work. You can easily find talented workforce in India with extraordinary performance. Moreover, labor in India is also cheap.
Young Papulation
The other advantage of doing business in India is that they have a young energetic population. Majority of working population in India falls under the age group from 18-40. The benefit of young population is that they can serve your business while embracing new technology. Moreover, they can serve you for more years and you dont have to bear the EOBI expenses for longer time.
Conclusion
Investing in the gigantic Indian market can be very profitable. Before tapping into the Indian market, you have to do complete research and make a feasibility report. The research and feasibility report, along with the above-mentioned benefits, can help you make a better, well-informed decision. Also, you need to take help from Hindi translation services if you want to tap into the Indian market.
