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Business Trends in India

Current Business Trends in India

For foreign executives looking at business in India, the following trends are  the most salient:

For foreign executives looking at business trends in India, the following are some of the most salient:

  • India’s patchwork is provincial sales taxes which were supposed to be replaced by a federally administered Goods and Services Tax (GST) to streamline the interstate flow of goods. Bickering about how such revenue would be allocated between various authorities continues to delay this important reform.
  • Mobile phone usage in India has reached near saturation levels with 892 million telephones of which only 30 million are landline. In a population of 1.21 billion and a country where 700 million citizens earn less than $2 per day, this accomplishment is truly breathtaking. Rural teledensity has crossed 40 percent, while in the cities the number of phones exceeds the number of residents by 46 percent, largely due to the practice of maintaining multiple SIM cards.
  • The Tata conglomerate of over 90 public companies, including Tata Motors, Tata Steel, Tata Consultancy Services and Tata Chemicals is now led by a non-Tata family member for the first time in its history. 44-year-old Cyrus Pallonji Mistry and his family are the largest private investors in Tata Sons. Mistry’s mother was Irish and he is a citizen of the Republic of Ireland.
  • The two richest men in India, Mukesh and Anil Ambani have been feuding since shortly after their self-made billionaire father’s death in 2002. In April 2013, the first concrete sign of their much talked about rapprochement emerged with a $24 million deal where Mukesh will use his younger sibling’s optic fiber network to  launch  his 4-G telecom venture.
  • Indians continued to be the largest consumer of H-1B non-immigrant visas to the United States, often to enter its technology workforce. Indians living overseas also remitted $55 billion to their relatives back home, the highest number of any country. (China is second with $51 billion and Mexico third with $21 billion).
  • Eight Indian cities are listed among “global hotspots” in terms of competitiveness, by the Economist Intelligence Unit; Delhi leads and the list includes Mumbai, Bangalore, Ahmedabad, Pune, Hyderabad, Chennai and Kolkata. New York City tops the overall list.

Business trends in India are often hard for foreign visitors to notice, due to the degree of chaos, confusion and excitement in business life and as well as in the business press.

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