India Country Focus
India is the most populous democracy in the world with nearly 1.2 billion people. Its economy grew 9.4% in the first half of year 2010 and is forecasted to grow 9.7% for the year by IMF (Businessweek). On the one hand, India possesses young and growing workforce, rising income levels and a domestic driven economy that are attracting global investors, on the other hand, issues like rising inflation and poor infrastructure continue to hold back the economy.
Workforce: India has one of the highest numbers of working people in the world. In year 2010, India’s labor force counted to 478 million people second to China which has around 820 million. Young and growing workforce is the driving force behind Indian economy. …show more content…
Other agreements India has includes a trade treaty with Nepal, Singapore (Comprehensive Economic Cooperation Agreement (CECA)), Framework agreements with GCC states, The Association of South East Asian Nations (ASEAN)and with Chile, South Asia Free Trade Agreement (SAFTA) with Pakistan, Nepal, Sri Lanka, Bangladesh, Bhutan and the Maldives and Preferential Trade Agreement (PTA) with Afghanistan, Chile and MERCOSUR, a trading bloc in Latin America comprising of Brazil, Argentina, Uruguay and Paraguay.
Appendix 2 shows yearly value of Indian exports and imports
As shown in Appendix 3, India’s main exports include engineering goods, jewellery, petroleum products, textiles and chemical products. India imports petroleum products, gold, electronic goods etc.
India’s main trading partners include China, USA, UAE, Saudi Arabia, Germany, and Netherlands as shown in Appendix 4.
Appendix 5 shows the major sea ports in India.
Unique marketing practices:
There is no one right way of marketing in India. But, a check list to be followed to ensure companies does not fail.
1) Made for India
"Made for India" is increasingly becoming a coveted tag these days. This is a far cry from the early days of liberalization when many companies came in with their older (often discontinued) models with a misplaced confidence that Indian consumers were just waiting to lap it up . But a rude shock awaited them with them the harsh truth