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The Indian economy had been booming for the past few years.India has been recognized as an attractive investment destination for investment and a large and growing market for business. The country held great promise for the future. The fundamentals of the Indian economy have become strong and stable. There has been consistent high growth in recent years and there are definite indications of continuation of this trend in the future. Liberalized foreign policies had unleashed the entrepreneurial spirit of its people, and many multi-national firms had set up offices here. India is emerging as a global player in Information Technology.Some Indian firms have become world-beaters—not just the well-known stars in its IT and other service industries, but manufacturers too, of products ranging from motorcycles to footballs, from medicines to steel.
Signs of a boom are everywhere. Some 5m new mobile-phone connections are added each month. To meet the soaring demand, Nokia, the Finnish handset giant, last year built a huge factory near Chennai in just five months. Almost every city is seeing frenetic construction. Some 450 shopping malls are being built. In Hyderabad, a gleaming new convention centre shot up in 15 months.
Tips: The following tips will give an idea of the workings and business norms in practice here:
Aggressiveness can be interpreted as a sign of disrespect.This may lead to a complete lack of communication and motivation on the part of the Indians. One needs to take the time to get to know them as individuals in order to develop professional trust.
Decisions are made slowly. Indians require time to discuss every aspect of a deal, and then usually take more time before giving a final answer. Be patient and plan other activities while waiting. Impatience is viewed as rude, and high-pressure attempts to get things done faster will be resisted and resented. Decisions are made at the top of the hierarchy, so whenever possible cultivate and maintain good relationships with the highest-ranking executives.
Criticism about an individuals ideas or work needs to be done constructively, without damaging that person’s self-esteem.
An Indian who hesitates to say ‘No’ may actually be trying to convey that he is willing to try, but it may be unrealistic in nature and therefore may not get done. It is important to create a safe and comfortable work environment where it is okay to say no and also okay to make mistakes without the fear of repercussions.
Business clothing is casual but neat. Standard attire for men is pants and short-sleeved shirts; however, a jacket should be worn to initial meetings or when seeing government officials. For more formal meetings (and during the cooler season) a lightweight suit will suffice. Do not wear leather clothing or any accessories made from animals.Women should wear casual dresses or pants ensembles. It is acceptable for foreign women to wear the traditional sari.
Reasons for investing in India
»One of the largest economies in the world
»Skilled man-power and professional managers are available at competitive cost
»One of the largest pools of scientists, engineers, technicians and managers in the world
»Rich base of mineral and agricultural resources.
»Sophisticated financial sector.
»Rupee is convertible on Current Account at market determined rate
»Free and full repatriation of capital, technical fee, royalty and dividends.
»Foreign brand names are freely used.
»Advertisers can now reach approximately 75% of the population through the television network
»Government's proven commitment to the deregulation process
»Well balanced package of fiscal incentives.
»Strategic location - access to the vast domestic and South Asian market
»English is widely spoken and understood. Other Business Related Resources
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