Incredible India – a well deserved title for many reasons, one of which is the increase in trade. Now seen as the fastest growing economy surpassing China, India is just waiting for more opportunities to open up in all areas. With many new enterprises being encouraged there has never been a better time for our Australian Entrepreneurs to travel to India than now. Many businesses are either looking to supply goods or looking for trade partners in many different fields from teaching to medical and textiles.
As either a start-up SME or a seasoned operator looking for more opportunities what products or services can you expect to source in India? Aside from the obvious furniture and clothing – it may surprise you that jewellery was the second most exported product for 2017 worth over 41 billion dollars. Pharmaceuticals and bio-chemicals are growing rapidly in export alongside the burgeoning iron and steel industry. Textiles are still referred to as India’s trump card with Indian jute representing 60% of the world’s production. Now classified as an eco-fibre, many are looking to this product to manufacture such items as lingerie and sports clothing.
India is a land of opportunity and such a diverse destination. The travelling entrepreneur will find many opportunities including Ayurvedic massage and wellness training in yoga which has seen a resurgence in the last five years. Understanding the culture is key to doing business in India.
After a recent trip to the northern states in March, it became apparent that the recently re-elected Prime Minister Mr Narendra Modi is very focused on education. Driving along the highways and through the small villages, we were pleasantly surprised by the increased number of schools and universities. It is not only businesses that are benefiting by the introduction of Australian Business Coaches and mentors, but there is so much opportunity for the education sector to introduce new and innovative programmes.
While we use a good deal of India’s technology, we lead the world in medical discoveries with many of the professors hailing from India. The medical field has many opportunities both to learn and teach. More and more women are entering the realm of business and encouraging education among girls is a high priority. Talking to many of the ‘modern’ Indian women and you will see strong and focused ideals. My colleagues daughters are achieving great things at university with many focused on PHD status.
The possibilities are endless but it is knowing that India is not only ready for change, but is embracing the opportunities with encouragement to local people and international investors alike. So where do you begin searching for the entrepreneurial opportunities. The World Trade Organisation India and local Chambers of Commerce offer services to link traders and education. Here in Australia there are organisations like the government body Austrade and of course SBAA who conduct a Trade Mission to India each year who are here to support small business in expanding their horizons.
Written by Deanne Scanlan on behalf of Small Business Association of Australia.
Deanne is an SBAA Sponsor/Member, Journalist and Owner of Deanne Scanlan Travel.