Economic Opportunities in India

Topics: India, Economics, Mumbai Pages: 6 (1920 words) Published: October 14, 2009
Economic Opportunities in India 1

Economic Opportunities in the

Country of India

Sean P. Horton

International Business 260

Mr. Russell

March 22, 2009
Economic Opportunities in India 2

Abstract

While researching the economic opportunities in the country of India, we can see trends, such as that of calls being outsourced to India, signifying a vision of globalization, increased competition and market share. India is poised to become and remain a global competitor in International business with its diverse culture, immense population, and entrepreneurial spirit. With India advancing in technology, agriculture, and having some of the most basic functions of a free market-system, including a democratic government, private enterprises, and an evolving legal system, the country is transitioning economically at an unprecedented level. Proactive organizations should look, with a keen eye, for economic opportunities, increased market shares, and competitive and cultural advantages in this country which has immense potential for economic growth and development. Economic Opportunities in India 3

Economic Opportunities in the
Country of India
We were assigned particular countries to understand how they impact the business and cultural realms of the world. I had the privilege of learning how business transpires in the country of India. In addition, we studied how understanding culture, the political processes, and legal systems could impact businesses positively or negatively. Traditions play and important role in the daily affairs of Indians, thus it carries over into business practices. With a population of over one billion, India represents lucrative and diverse opportunities for global markets all around the world. In fact, in the year 2007, India totaled an estimated 41.7 billion in imports and exports. Before you can do business in India, it’s important to understand their history and culture. Hindi and English are considered the official languages of India culture. Religion, one of the most important parts of Indian culture, is dominated by Hinduism and Buddhism the third and fourth largest religions in the world respectively. Additionally, Sikhism, Fainism, and Christianity can also be found as forms of worship in India culture. Dress is another important part due to the Climate of India which can range from temperate to tropical. Women’s clothing consists of the Sari, which is the most common attire at most ceremonies and festivals. On the other hand, men’s traditional clothing include: The Sherwani, a coat like garment, the Kurta-Pyjama, and the Lungi. Business dress in India is for the most part of a conservative nature. Depending on what region and geography and your profession you should dress accordingly. Psychologist, Madhukar Shukia (2006) professor of Organisational Behavior & Strategic Management states: “Normal business dress for men is a suit and a tie. However, since India is a very warm climate, often just a full sleeved shirt with a tie is also acceptable”. He continues with advice on what women should wear, Women should wear “pants suits or long skirts, which cover the knees, and are more acceptable to wear. The neckline of the blouse or top should be high”. Hospitality is a major concern if you travel abroad to India, and could have a profound effect of doing business in that country. Similar to that of China, you need to make and continually build a relationship and friendship. Don’t be overly surprised if Indians ask

Economic Opportunities in India 4
you intrusive questions about your family and personal life. This could be a sign of interest shown by another person trying to forge a friendship. The economy of India has drastically improved since the 1990’s, when it was once viewed as one of the world’s worst economies. In fact due to globalization and technology, India is now considered a major player in the global economy. John...

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