If you are a global technology company currently not doing business in India, here is what you are missing out on:
Fastest growing economy in the world – In May this year, the International Monetary Fund (IMF) reaffirmed that India will be the fastest growing major economy in 2018, with a growth rate of 7.4 per cent that rises to 7.8 per cent in 2019 with medium-term prospects remaining positive.
Demographic bonanza – In 2015, the median age of the Indian population was 26.7 years. Today, 45% of the Indian population is below the age of 25 which amounts to a staggering segment of 608 million! If we historically analyse, this sort of demographic composition heralds prolonged periods of economic boom, e.g. think of Japan in the 1950s (median age 25.5) or relatively recent China in the 1980s (median age 22.4).
China alternative – India being the world’s largest democracy with a robust free market economy, is not only a huge market in itself for products and services but can also be a manufacturing hub for the world. India’s location makes it a strategic alternative to China for manufacturing and shipping to Africa, the Middle East, and Southeast Asia. Top manufacturing exports from India are petroleum products, automobiles, machinery, bio-chemicals, pharmaceuticals, steel and electronics.
If you want to explore India as a market for your products and services, Hypernet Global Consulting can help you formulate and execute the right go-to-market strategy. Contact us to discuss further.