India is one of the most progressive countries across the globe, having enormous potential and a huge market with a population of around 1.38 billion people. India is one of the fastest growing economy in the world, holding the fifth position after leaving behind United Kingdom and France.
The country’s GDP was recorded around USD 2.94 trillion in 2019. Looking at the enormous business potential in India the countries FDI is drastically increasing every year and major players are making an entry into the Indian market. However, the sudden outbreak and spread of pandemic COVID-19 has adversely affected the economies globally. The Indian economy is also severely being impacted by the pandemic and lockdown but still holds immense opportunities for growth. With the support of the economic package of 20 lakh crores announced by the government the country has begun its economy 2.0.
Also, government policies & campaigns such as Make in India initiative are further expected to hold immense potential for the country’s economy. The most beneficial thing that came out for the country during the pandemic is that it is somewhat successful in luring companies to shift their manufacturing facilities from China to India. While, China is facing the wrath of the world for spreading the pandemic, India is attracting companies to make India market entry by providing them subsidies and land.
Players around the globe are looking for opportunities to make India market entry on account of the presence of competitive tax policies and strong political stability in the country. There is only one tax Goods and Service Tax (GST) that is applicable across the whole country. Also, the government has slashed the corporate tax to around 25% for existing companies and 15% for new manufacturing setups.
The country also offers supportive tax regime under Make in India policy to the international companies. Furthermore, presence of well established transportation and connectivity facilities lead to a faster flow of goods across the country. Additionally, infrastructural developments by the Indian government such as set up of SEZ, industrial corridors, export parks, among others further drive the attention of players around the globe to make India market entry.
India market entry is not at all easy owing to the varying business practices, income levels, cultural norms, value perceptions from location to location. Before establishing or making India market entry it is essential for the companies to have a long term planning and deep knowledge about the diversified market, competitive landscape, financial & regulatory landscape, marketing practices across different states/cities, consumer behavior, among others.
TechSci Research helps its clients worldwide by providing them with a comprehensive approach and solutions to make India market entry. TechSci Research offers a three phased customized plan to its clients looking for India market entry. This India market entry customized solution includes in-depth evaluation of the market opportunities for the clients, development of strategy & comprehensive business plan and finally on-ground implementation of the strategy.