With a population of just over 1 billion people, doing business in India is an excellent idea for foreign investment. With a population that large, it means that there is a great consumer market that is just waiting for the right companies to enter the country and meet their demands.
It’s no secret that the Indian economy is witnessing exponential growth and is projected to continue on the same path well into 2030. Thanks to a stable government and the easing of sanctions such as Foreign Direct Investments (FDI’s) and the improvement of their overall business environment, India is an excellent country for doing business.
At Day Translations we help both individuals and companies with their translation, interpretation and business needs. If you’re an international company wanting to do business in the Indian market, keep reading for some great tips and insights that you need to consider when wanting to do business in this country.
Let’s dive right in.
India’s business culture
There’s a plethora of opportunity that awaits anyone within the worldwide network who’s considering doing business within the Indian market. Here’s why; given the size of India and the Indian economy, it cannot be looked at as one single market. Instead, when it comes to doing business in India, consider taking it state by state or province by province, researching, analyzing, and getting to know what businesses do and don’t work based on these key areas.
Indian culture is very diverse and is generally misunderstood, especially when it is compared to global business culture. However, do not let that deter you. If India is a place of interest for you, then you won’t have a problem taking the time out to get accustomed to their business culture. It’s also advised that you not get deterred by any challenges that may arise (within the context of doing business in India). And, of course, we know that challenges do arise, but it won’t be anything out of the ordinary to stop your business from being a success.
It is very important to note that Indians place a very high value on their religion. This is a big part of India’s business culture, so keep this in mind when thinking of the India market.
Respect for the elderly as well as the hierarchy within India is an essential principle of practice. As a person from the outside world seeking to do business in India, you must be open to adapting to and accepting the laws of the land. Practicing due diligence is always a recommendation. Get familiar with local laws and trade regulations where you’re located and pay keen attention to detail when enforcing contracts and gaining access to more information. This is sure to take you a long way when doing business in India.
Business etiquette in India
In India, building relationships and trust is A very important part of their business culture. This means that multiple business meetings are going to take place, as your Indian business counterparts seek to get to know you better. Small talk is recommended; you can ask about personal details and your hosts are going to definitely return the favor.
It is always best to partner and stay in contact with an Indian company that falls within your preferred sector of business. There are advantages to doing this such as gaining knowledge of the necessary procedures and increasing your knowledge of the local market. Eventually, the possibility of increasing your business rankings may happen.
The Language landscape in India
When it comes to doing business in India, English is the most common language used across all sectors. Therefore, if you’re from an English speaking country you won’t have to worry about many language barriers.
The official languages of India are Hindi and English but of course, there are 14 other major languages that exist in India and around 300 minor languages overall.
When it comes to meeting and greeting, the eldest or most senior person in the group should be greeted first.
India is a powerhouse when it comes to advances in technology and economic growth. With this in mind, doing business in India is recommended. With a population of over 1 billion people and a market that is ready for innovative products and services, you should do well within this environment.
Of course, if you need translation, interpretation, or any kind of business service, Day Translations is here to meet your needs 24/7, 365. Visit our website today to get started.