It seems the Republic day celebrations weren’t the only thing keeping Indian Prime Minister Narendra Modi busy this week. He also met with French President Francois Hollande to discuss business and politics. Both leaders were also hoping to reach an agreement regarding the sale of 36 Rafale fighter jets to India, valued at about $9 billion. Unfortunately, no final agreement was reached however, 16 MoU’s were signed by both nations, which is definitely a step in the right direction.
The deal with France places not only India, but also other nations and industries in quite an attractive position. France has signed a number of MoU’s with India that target the development of smart cities, and further urban sector development. These initiatives provide ample opportunities for companies to offer their services for these and other future projects. It also increases the level of FDI in India, which in turn stimulates growth in the local economy.
This local growth is what should be the attraction for any business considering expansion of its operations. Not only is India an ideal destination for lowering overhead costs by utilising offshoring and outsourcing, it’s also poised to be the fastest developing economy in 2016. As an investor or entrepreneur, you should be rubbing your hands with glee at the opportunities being presented. With the easing of FDI regulations and the rollout of initiatives such as the India BPO Promotion Scheme (IBPS), investing in India is certainly a very sustainable option.
The economic boom in India has been building for quite a while and it isn’t set to slow down anytime soon. Now the real question is who will get in on the action and who will be left sitting on the side lines watching the parade go by.
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Image courtesy of The Indian Express