No large international business can afford to do without an indian strategy

“No large international business can afford to do without an Indian strategy”

In this era of Globalizations and Multinational Corporations, “No large international business can afford to do without an India strategy” this observation is made because some multinationals eye India and see a vast domestic market about to take off. Those who doubt that are impresses by it's wealth of highly skilled, low cost professionals.

Example- Some 5m new mobile-phone connections are added each month. To meet the soaring demand, Nokia, the Finnish handset giant had built a huge factory near Chennai in just five months.

Indian strategies

India is one of the fastest growing economies in the world, with current economic growth of approximately of 7& annually. India is a vast pool of talents in disciplines such as engineering and information technology attracts many developed countries to outsource their manufacturing and IT services. Also India with huge population of over billion, is also one of the attractive emerging market for product & services form other countries. Many multinational companies are keen to take advantage of the talented pool of labour and vast market opportunities in India. http://www.inderscience.com/browse/index.php?journalID=235

In 1991 Manmohan Singh, then the finance minister, now the prime minister, began to open up the economy. Some Indian firms, meanwhile, have become world-beaters-not just the well-know stars in its IT and other service industries, but manufactures too, of product ranging from motorcycles to footballs, from medicines to steel.

The Indian economy has been experiencing more stability as far as the Government and political scene is concerted. There has been reduced internal turmoil resulting from political influences and that has created better working environment for industries and business in India. Indian government has shown more tolerance towards foreign countries in general and towards foreign investments in particular, and the recent reforms have placed India considerably high in the ‘Doing business Report 2009' released by the world bank

Some sectors like manufacturing, advertising, pharmaceuticals, hotel, tourism& and restaurants, and some others have been opened to 100% FDI.

The increasing number of educated youth in India has also fuelled the skilled English speaking services sector leading to increased per capita GDP and improved living standards of the people. . http://www.scribd.com/doc/15173068/International-BusinessStarbucks-in-India

To foster the international business scenario in India, bodies like CII, FICCI and the various Chambers of commerce have host services like-

These bodies work closely with the Government and the different business promotion organizations to infuse more business development in India.

They help to build strong relationship with the different international business organizations and the multinational corporations.

These bodies help to identify the bilateral business co-operation potential and thereafter make apt policy recommendations to the different overseas Government.

With opportunities huge, the International Business trend in India is mind boggling. India International Business community along with the domestic business community is striving towards a steady path to be the Knowledge Capital of the World.

http://business.mapsofindia.com/india-business/international-business.html

In the face of a global economic recession, India has remained one of the few bright spots in the world, continuing its rapid growth and ascent to join the ranks of the world's great economic powerhouses. The business friendly government and fairly stable political environment of India are bound to contribute to the continued economic growth at an impressive level. How ever, India has the attraction, when doing business with other countries, of large population than can speak English. http://www.inderscience.com/browse/index.php?journalID=235

However further reforms are needed-

First is more liberalization, opening India's market even wider competition and reducing the role of the state economy. Second is the improvement of India's woeful infrastructure, the biggest bottleneck in the race of growth. Third is a change in India's labour laws, which act as a serious obstacle to labour-intensive manufacturing. Fourth is education, which is not only failing to prepare the rural poor for work off the land, but is also no loner equipping enough talented young graduates with the skills that have fuelled the services boom. Across industry, the same lament is heard, it is hard to find qualified people, and hard to retain them.

CONCLUSION

Thus no international business can ignore or can think of succeeding without India strategy, Indian government is making more policy of open market and by allowing more and more FDI in most of the sectors, and providing business with the infrastructure needed. India has the biggest pool of talented and educated manpower. India culture is accepting changes and innovations which has made the success of acceptance of the product and services of the many international organizations. India is the second largest market in the world ant the standard of the living of Indians id increasing, this it is impossible for any international business to think of growth and success without taking Indian market in to consideration. Lobour cost in India is also very low compared to other countries. More than 50% of the Indian population of India is youth and educated, thus India has big number of skilled labour.

REFERENCE

• http://www.inderscience.com/browse/index.php?journalID=235
• http://www.scribd.com/doc/15173068/International-BusinessStarbucks-in-India
• http://www.ibtimes.com/contents/20090928/winning-global-strategy-focus-on-china-and-india.htm
• http://business.mapsofindia.com/india-business/international-business.html