India Market Insights
Date published:
The India Market Insight event was very loaded with information and pointers for companies seeking to penetrate this rich market that shares lots of affinity with the UK.
For those who are not aware, we now have an Honorary Consul for India in the region. This sets the course for businesses in the region seeking to explore opportunities in India, spanning a diverse range of sectors from pharmaceuticals to green energy or increase what they are already doing in the market.
India has a GDP value of $3,937 Trillion, making it the 5th largest economy. This means that India will have a rapidly rising middle class with rising purchasing power. There is every indication that the consumer market will become the world’s third largest by 2027.
India is the third most sought-after manufacturing destination in the world and has the potential to export goods worth US$ 1 trillion by 2030.
The government of India is planning to offer incentives of up to $ 2.2 billion to boost local manufacturing in six new sectors including chemicals, shipping containers, and inputs for vaccines.
We had presentations from 5 organisations. One of them was a North East business – Prima Cheese, who have only recently begin trading with the market. They have been able to penetrate a highly regulated sector in this market. It was as though the market chose them. They had met a company from India at a trade show they had attended which was the catalyst they needed to open this market. This event has given Prima Cheese further insight as to how to grow in the market.
Then we also heard from a 3rd generation Indian family-owned company who operate in the footwear sector and are in India. They have been able to integrate the current digital world into their strategy to manage their supply chain which is regionally spread within India but more importantly to reach customers in a better way. Elite Footwear are trend setting and giving the younger generation a shot at the steering wheel of this company to ensure they are using the most of technology to drive growth. Elite Footwear are regionally positioned in India and using technology to expand.
It is clear that the idea of doing business in any international market is aimed to being able to get the money back into your UK bank account. So, it was needful to hear from ASA Corporate Catalyst India Pvt Ltd, who spoke about the different tax regimes and other regulatory requirements for trading in India. There covered not just withholding tax requirements, but the different means of setting up business and the legal structure of the market. ASA also touched on the different sectors of priority to government and how to access these.
It was equally vital that we heard from our partner organisation that has been dedicated to support UK and India businesses trade between each country for many decades. UKIBC who have supported about 800 UK business on penetrating the market, gave a detailed lay of the land and pointed out where the key sector opportunities are and that relationship building is key to doing business in the market and it should be laced with patience. One of the main areas of opportunity is the food sector as the government is pushing a food security agenda for the nation. We were also made aware of the need for India certification for certain goods before they could be sold on the market.
We also had the Department for Business and Trade (DBT), who spoke about the various ways in which the national government is offering support to ensure business can continue to seek growth from international markets. The NECC would aim to drive an in-market learning journey to India for as many businesses in the region that see this as a market of opportunity.
See below for individual video presentations from:
– Meenu Malholtra
– Amanda Rowan – Department for Business & Trade
– Ayushmita Bhowmik – Elite Footwear
– Kim Callaco and Sunil Arora – ASA
– Michael Knox – Prima Cheese
– Jon Ursell