Here’s a snapshot of the information you get in a business brief.
Is India a good country to do business in now?
Yes, we believe it is.
As the world’s largest democracy and second most populous nation, opportunities in India are rife. With a well-educated population, a booming IT sector and gradual liberalisation of the economy, foreign investment is increasing at a rapid pace.
While India is now considered one of the world’s most important economies, the devastating poverty of India’s rural population remains a grave concern.
Population: 1.2 billion
Languages: Hindi is the most widely spoken, but there are 14 other official languages. English is commonly used for business.
Religion: Hindu 81%; Muslim 13%; Christian 2%; Sikh 2%
Land area: 3.1 million square km
Capital: New Delhi
Internet domain: .in
International dialing code: +91
Economic indicators: Real GDP growth: 8.5, GDP per capital (US$): $1,145.76
The Indian economy expanded strongly in early 2010, says the OECD. The agricultural sector enjoyed a sharp rebound, following a return of normal rainfall patterns, while the recovery in the non-agricultural sector continued to strengthen. In late 2010, activity eased from its unusually strong pace and there were signs that the economy was shifting from the recovery phase to one of sustained high growth. Growth in 2012-2013 will be fuelled by a pick-up in consumer spending, aided by a recovery in farm incomes and business investment.
India is a constitutional federal republic with 28 states and seven union territories. The prime minister resides over a Council of Ministers chosen from the elected members of parliament. Manmohan Singh has been prime minister since his Congress Party was elected to power in 2004; and re-elected in May 2009. Mr Singh’s priorities have been to continue with economic reform, reduce poverty and to forge friendly relations with Pakistan. While economic reform continues, relations with Pakistan suffered following the Mumbai terrorist attacks of 2008, and poverty remains a severe problem. India has a largely ceremonial president who is elected by the state assemblies and national parliament. The current president, PratibhaPatil, is India’s first female president.
Business in India is conducted along similar lines to Western nations. The family is highly regarded and business is often conducted through personal relationships. Remember the following hints and tips:
These business briefs may become very useful within the next few weeks in helping you to become a #GlobalGuru
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