International Business spotlight: It is time to consider India

Before my first trip to India in 2017, I wondered how to best approach and learn about this market. Why should a company want to do business there or source talent there? India is the world’s most populous country and predicted to peak by 2060 at over 1.7 billion. Maybe you’ve contemplated how to get involved with India or better yet, how to better understand India’s unique and fascinating culture.

Like me, you might have put off further exploration of the value of collaborating with your Indian counterparts for reasons such as:

1. India possesses a small middle class. Is it true most Indian adults possess less than $700 in disposable income per year after paying rent and food expenses

2. English is spoken nationally but Indian culture is very diverse with 22 official languages and many distinct dialects are hard to learn or understand

3. Corruption in India makes doing business costly and unpredictable

Here are a few facts that might get you motivated to reconsider investing in India despite the challenges:

They have the youngest and most industrious people on earth. Except for the possible exceptions of China or Brazil, India is the most attractive developing country in the world. It’s the seventh-largest country in the world by area, it’s also the most populous country with 1.4 billion people. The Indian workforce has proven highly industrious, educated, and conveniently fluent in English. Additionally, the Indian economy is expected to grow at 6.6%, as per the forecast by The World Bank. India is poised to become a talent mecca –the human resource dream country with size, scope, and a high quality of education.

India is the world’s largest democracy.  India is the most populous democracy in the world. More importantly, it’s among the most stable, too. The nation celebrates Indian Republic Day in the same fashion as Americans celebrate Independence Day. Unlike China, India allows open communication and uncensored news coverage. Social media is the main mode of communication. WhatsApp is the most popular application and communication vehicle. India doesn’t censor major media. Indian people value free press and are fighting the reputation of corruption and an overly onerous bureaucracy. Google, Facebook, Instagram, and other social platforms are freely utilized. Other countries in the region such as Pakistan place heavy restrictions on these applications and don’t allow free speech in the way India does.

Indians already “think U.S.” India is aggressively seeking wants international partners from the west. Unlike some Asian nations, India embraces diversity and has adapted to new international norms with poise and optimism. While the economy has welcomed international companies to invest in directly in it with open arms since liberalization in 1990s, infrastructure investment from abroad remains slow. The good news is that Narendra Modi, India’s Prime Minister since 2014, is both progressive and well respected on the world stage. He is specifically popular in the U.S. Why? Modi’s practical pro-business policies make India a serious contender for the country best poised to grow the fastest and most substantively in the next 10 years.

Indians highly value education. India’s people, in general, place a very high value on education. Policymakers are proactive about adopting a more global approach to educating its millions of young people. While India’s rural populations implement advanced agricultural practices, light manufacturing, and unique handicrafts, their urban counterparts work hard to attract industry and professional services in growing metropolises such as Hyderabad and Bangalore. Both these cities are home to thriving high tech companies and service businesses. As a result of the economic reforms, India is growing middle class, and more quality education, India and its people are recognizing the value of investing in graduate higher education in the UK and United States.

Are you intrigued /motivated yet?

India is positioned to attract more global partners and investments over the next ten years. Why? Greater access and awareness of India’s deep pool of human resources and creativity has begun to overcome the weaknesses and challenges listed above. Many of the world’s corporate leaders come from India’s diaspora. Strategic investments from Indians in Europe, and North America will provide even more domestic momentum. Owing to the presence of a vast range of diverse ideas and ways of living India's entrepreneurial ventures will begin to thrive. India boasts a supportive, pro-business national government that is working on reducing corruption.

India’s massive, younger population is their single greatest asset. Their “talent” assets will drive the domestic market upwards. While industries predict future shortages in skilled and educated engineers, India a great source of off-shore talent. My prediction is that India will become the world’s largest producer of human talent for skilled positions in engineering and health care. It also is growing an ample source of workforce power for construction management and commercial infrastructure improvement. The next decade is likely to usher in the era of substantial domestic growth and a huge increase in India’s international influence. By 2030, India will be the country exporting the largest share of educated workers among all countries of the world.