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India

India is the world's sixth largest economy with a GDP of USD 3.1 trillion. The country has one of the highest GDP growth rates in the world and is estimated to grow by 8-8.5% in FY 2022, according to the World Economic Outlook 2021-22 by IMF.

India is the world's 6th largest economy with a GDP of $3.1 trillion. The country has one of the highest GDP growth rates in the world and is estimated to grow by 8-8.5% in FY22, according to the World Economic Outlook 2021-22 by IMF.

India embarked on economic liberalisation in the early 1990s with the aim of opening the economy, making it market oriented and expanding the role of private and foreign investment, including measures such as reduced controls on foreign trade and investments.

Numerous foreign companies are continuing to set up in India, encouraged by government initiatives like Make in India, boosting the manufacturing sector and Digital India which focuses on three core components: creating digital infrastructure, delivering services digitally and increasing digital literacy.

India has preferential access, economic cooperation, and free trade agreements (FTAs) with around 54 individual countries as well as bilateral trade deals in the form of comprehensive economic partnership agreements (CEPAs), comprehensive economic cooperation agreements, FTAs and preferential trade agreements with approximately 18 groups or countries.

India has also conducted major policy reforms in key sectors such as banking, infrastructure, land that has led to attracting large inflow of FDI.

India’s industrial reforms has worked: India is now the world’s largest tractor manufacturer, 2nd largest bus manufacturer, fourth largest car manufacturer and largest 2 and 3-wheeler manufacturer in the world. Major automobile manufacturers have made India their hub for Asia, Africa, middle East and Europe. India has the second largest telecom industry in the world with 1.18 billion mobile connections. India was the ninth largest exporter of agricultural products in 2019 at USD 37.4 billion. India is the third largest pharmaceuticals producer by volume and 14th by value with a market size of USD 41.7 billion in 2021, growing at 10-12% annually. It is also the largest vaccine producer, and accounts for 60% of world vaccine demand. India is the fourth largest market for medical devices in Asia.

Like all other Asian nations, India offers a complex business, legal and social environment.. It is vast in size with 28 states and eight union territories inhabited by 1.2 billion people speaking 22 official languages with more than 200 dialects. It has numerous rules governing trade and taxation. Policy reforms over the last ten years have however made the business environment more friendly and India has moved from 100 to 63rd position in the World Bank’s Ease of Doing Business Index 2020.

But you’re still going to need assistance. Indian regulations are complex and local relationships are critical. You’ll need to research your market, your modes of entry and your partners.

Asian Insiders will help you. Connect you with your future partners. To engage with you along the way – to advise, guide and implement. To ensure you achieve your goals.

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