5 practical tips on doing business in India📝

In the last decade Indian economy has become one of the most rapidly growing in the world. By 2030 there will be 850 million web users in India. By 2035 the economies of Indian largest cities will be comparable to developed countries. Though, if one is willing to start a business in India, they must be aware of its particularities.

Market research
Indian economy is very diversified. The population consists of 1,3 billion people with different economic, cultural, and religious background. These factors complicate an Indian market. The reason of startup fail is frequently inadequate market research. Hence, before investing in the market, you have to thoroughly explore it.

A foreign investor can consider direct and indirect investments. Direct investments mean setting up a limited liability company. Indirect presence can be established through a distribution or agency agreement.

Complicated Indian laws
Many Indian laws may cause difficulties. Though the government constantly reforms the laws on land and labor, you have to be ready for spending much time on meeting the requirements.

As you already know, Indian markets are quite complicated. Therefore, it’s crucial to build a team that consists of the people sticking to proper business ideas and ethics. Additionally, they should have a multi year working experience at the Indian market, particularly, in the industry you are eager to develop in.

In the last 5 years India went through a number of reforms. It’s also important to mind that India needs more time for changes in comparison to other countries’ economies. Creating reliable and long-term relationships with your staff and partners is essential. Personal relationships chiefly define the scenarios of the Indian market. In order to achieve it, you have to put a lot of effort in it. Thus, being patient and investing in a long run, your investments are likely to pay off.

Share your tips on doing business in India in comments 💬