Business Opportunities in India
India is going through exciting times. Developing into an open-market economy, India is certainly on high growth cycle, which averaged nearly 7% per year from 1997 to 2016. Indian economy is growing optimistically with signs of strong and healthy growth and improvement in the overall outlook of business and investment in the country. To promote and boost business opportunities, Hon'ble PM Shri Narendra Modi launched the ‘Make in India’ Programme on 25th September 2014 to turn India into a significant investment destination and a global hub for manufacturing, design, and innovation.
India is certainly a ‘Land of Opportunities’. Why? Because
1) there are tremendous challenges in India (mainly in areas such as transport and agricultural infrastructure, medical, power generation & distribution, education, healthcare) and solving these challenges means business & economic growth,
2) Availability of skilled manpower,
3) Geographical proximity to markets in South East Asia & Middle East,
4) English is well understood and spoken in India.
The political will that is necessary to create good business opportunities and growth of the market is shown boldly by the ruling government. Under the leadership of Prime Minister Mr. Narendra Modi, Government of India is implementing initiatives and various policies that not only will facilitate investments into India but will also make India a better and easier place to do business in. These policies will not only increase the market growth but will also generate more entrepreneurs. Some of the initiatives that the current government has started are Make in India, Start-up India, Digital India, Skill India and Smart Cities.
So far only Multi-National Companies (MNCs) with their vast resources, know-how and the right connections have been the major beneficiaries of this phenomenal growth in India. But now with the various policies and schemes being implemented by the Government of India Small and Medium Enterprises (SMEs) and Entrepreneurs is just becoming aware of the growth story of India.
Countries like Japan, China, France and South Korea have shown their support to invest in India in various industrial and infrastructure projects to develop business opportunities in Indian market. These are the following sectors on which entrepreneurs can look for opportunities:
· Food & Beverages: food processing, food packaging, food warehouse and transport, health drinks, etc.
· Home based: home decor products, kitchenware essentials, bed, and bath, etc.
· Healthcare: diagnostics and testing, medical equipment, health supplements, clean air and water products, etc.
· Education: medical/nursing, 'train the teacher' programs, automotive mechanics, medical technicians, advanced courses in the upcoming fields of genetics and nanotechnologies.
· Consultancy Services: engineering, business development, product development, security analysis, etc.
· Infrastructure: waste management, solar and wind technologies, temperature controlled warehouses, air and noise pollution control technologies, towing trucks, and automated parking lot equipment.
One of the business formats that is rapidly gaining acceptance as "Franchising". Franchise business in India provides well-established product or service which already enjoys outspread brand-name recognition. This gives the franchisee the advantages of a pre-sold customer base which would generally take years to establish. This increases the success chances of your business as you are linking with witnessed products and methods.
When you actually start figuring out the risk vs. reward for entering into the independent business vs. franchise business you will find out that franchise business has lot more opportunity, rewards and less risk as compared to independent business. Franchisees fees are also not that much, it costs only a small fraction of what it would cost if you just make one or two mistakes on your own. Franchising does not guarantee that mistakes won’t happen; instead, it does minimize the risk and maximizes the rewards.
While legal infrastructure and ecosystem are in place in India, one must do a thorough research, and due diligence of the potential Franchisee and create binding agreements covering all important aspects of the Franchising before making any investments. One must also understand business norms of India and seek professional help in navigating the paper trail, IP protection, and Tax implications etc. before undertaking partnership agreements with the Franchisee.
The Indian market is showing very positive sign. Not only Indian government but Indian business conglomerates and entrepreneurs are putting efforts for the growth of business in India and creating a lot of business opportunities for start-ups. The one should definitely trust the market and dive into the ocean of entrepreneurship.
To know more kindly click here:
India is certainly a ‘Land of Opportunities’. Why? Because
1) there are tremendous challenges in India (mainly in areas such as transport and agricultural infrastructure, medical, power generation & distribution, education, healthcare) and solving these challenges means business & economic growth,
2) Availability of skilled manpower,
3) Geographical proximity to markets in South East Asia & Middle East,
4) English is well understood and spoken in India.
The political will that is necessary to create good business opportunities and growth of the market is shown boldly by the ruling government. Under the leadership of Prime Minister Mr. Narendra Modi, Government of India is implementing initiatives and various policies that not only will facilitate investments into India but will also make India a better and easier place to do business in. These policies will not only increase the market growth but will also generate more entrepreneurs. Some of the initiatives that the current government has started are Make in India, Start-up India, Digital India, Skill India and Smart Cities.
So far only Multi-National Companies (MNCs) with their vast resources, know-how and the right connections have been the major beneficiaries of this phenomenal growth in India. But now with the various policies and schemes being implemented by the Government of India Small and Medium Enterprises (SMEs) and Entrepreneurs is just becoming aware of the growth story of India.
Countries like Japan, China, France and South Korea have shown their support to invest in India in various industrial and infrastructure projects to develop business opportunities in Indian market. These are the following sectors on which entrepreneurs can look for opportunities:
· Food & Beverages: food processing, food packaging, food warehouse and transport, health drinks, etc.
· Home based: home decor products, kitchenware essentials, bed, and bath, etc.
· Healthcare: diagnostics and testing, medical equipment, health supplements, clean air and water products, etc.
· Education: medical/nursing, 'train the teacher' programs, automotive mechanics, medical technicians, advanced courses in the upcoming fields of genetics and nanotechnologies.
· Consultancy Services: engineering, business development, product development, security analysis, etc.
· Infrastructure: waste management, solar and wind technologies, temperature controlled warehouses, air and noise pollution control technologies, towing trucks, and automated parking lot equipment.
One of the business formats that is rapidly gaining acceptance as "Franchising". Franchise business in India provides well-established product or service which already enjoys outspread brand-name recognition. This gives the franchisee the advantages of a pre-sold customer base which would generally take years to establish. This increases the success chances of your business as you are linking with witnessed products and methods.
When you actually start figuring out the risk vs. reward for entering into the independent business vs. franchise business you will find out that franchise business has lot more opportunity, rewards and less risk as compared to independent business. Franchisees fees are also not that much, it costs only a small fraction of what it would cost if you just make one or two mistakes on your own. Franchising does not guarantee that mistakes won’t happen; instead, it does minimize the risk and maximizes the rewards.
While legal infrastructure and ecosystem are in place in India, one must do a thorough research, and due diligence of the potential Franchisee and create binding agreements covering all important aspects of the Franchising before making any investments. One must also understand business norms of India and seek professional help in navigating the paper trail, IP protection, and Tax implications etc. before undertaking partnership agreements with the Franchisee.
The Indian market is showing very positive sign. Not only Indian government but Indian business conglomerates and entrepreneurs are putting efforts for the growth of business in India and creating a lot of business opportunities for start-ups. The one should definitely trust the market and dive into the ocean of entrepreneurship.
To know more kindly click here:
No comments:
Post a Comment