Doing Businessin India
Indian Market Insights
Following its economic liberalisation in 1991, India has become the fastest growing major economy in the world, recording an impressive 6.75% growth in GDP in 2017-2018.
Enterprise Ireland is responding to the global crisis by working with Irish exporters to help them avail of business response supports announced by the Government. These supports are designed to help businesses stabilise and adapt to the evolving situation, in preparation for getting back on the road to recovery.
Market Overview
With a population of over 1.36 billion people, India is the most populous democracy in the world. It is rich in cultural heritage, numerous languages, traditions and religions. The country is unique in its diversity and adapts itself to international changes with ease. Following its economic liberalisation in 1991 India has become the fastest growing major economy in the world, recording an impressive 6.75% growth in GDP in 2017-2018 with a total GDP of US$2,875 billion.
1.38bn Population (2020)
$1,947 GDP per capita (2021)
€134m Enterprise Ireland client exports (2020)
Get Export Ready
It is important to recognise the uniqueness of the Indian market and to be prepared to offer tailored products or solutions to this market. Decision-making is a slow process and it takes time to build personal relationships. Patience is a real virtue when dealing with potential partners. Hindi is the national language and there are 22 official languages. English is the predominant language amongst the business community, which is a great help for companies entering the market.
Key Market Sectors
Enterprise Ireland is playing a key role in supporting ambitious companies seeking opportunities in India’s aviation, agritech and ICT sectors.
Additionally, life sciences and education continue to perform and add appeal to Irish exporters and service providers who want to scale, and develop a presence in the Indian market.
Read more on India’s sectoral successes in our Going Global Guide.
- India is poised to emerge as the world’s third-largest aviation market, according to the Indian Ministry of Civil Aviation.
- India is a leading player in the telecommunications sector with opportunities centred on mobile solution and data analytics.
- $6-7 billion is spent annually by Indians on international education with over 200,000 students going abroad each year.
Doing Business
Buyers in India will only invest in high-end products and services if there is a very clear and demonstrable return on investment. Lean, frugal, value and return on investment are keywords to consider.
Indian business people are exceptionally friendly, accessible and interested in sharing experiences with international business visitors. This is a high-contact market where people communicate and express themselves openly.
‘Done’ shouldn’t always be taken literally; it pays to verify and validate. Accompanied with a subtle wag of the head it can mean ‘Yes’, ‘No’, ‘Maybe’ or ‘I’m not listening at all’.
Best Routes to Market
Choosing the right route to market is very important.
Agents bring a deep understanding of local business practices and distributors can deliver products geographically across large nations. Joint ventures and acquisitions bring valuable established contacts, customers and market knowledge. Local representatives may not always be necessary with many global markets open to direct sales and prospecting from Ireland. Other markets require a ‘boots on ground’ approach – the power of referrals and networking shouldn’t be underestimated.
The key routes to market in India are non-exclusive agreements, marketing and distributors, and teaming up with an agency.
Download our Going Global Guide to India to find out more.
Before You Go
Before you go, we recommend you invest some time in researching the terrain before you explore the Indian market. Here’s a few starting points to consider…
- Market Landscape
- Market Trends
- Target Market
- Market Segmentation
- Market Competition
- Market Research Resources
Visa requirements, Indian labour laws, import rules and regulations, key taxes, and data and intellectual property protection are also addressed in the Going Global Guide. Enterprise Ireland’s Market Research Centre offers client companies access to market intelligence in the form of company, sector, market, and country information to explore opportunities and compete in international markets.
Helping You Succeed
We are committed to helping you succeed in global markets and have an immense wealth of knowledge and expertise in the Indian market.
Enterprise Ireland assists clients entering new markets with pre-visit support, in-market support, international trade events, additional supports and access to mentors.
Click here to download our guide to Going Global in India.
Our Market Advisors are always available to support you and provide business expertise and on-the-ground knowledge.
India – Mumbai Office
Ross Curran
Email
ross.curran@enterprise-ireland.com
Address
Enterprise Ireland
Commercial Section, Consulate of Ireland,
The Executive Centre, 7th Floor, Capital Building
Bandra Kurla Complex, Mumbai 400 051, India
Telephone
00 91 22 4905 5683
Download our Going Global Guide or talk to one of our Enterprise Ireland market advisers in India, today. Find out how you can achieve your global ambition.
