India: A Diversified Landscape for Multiple Business Opportunities
As per Economic Survey 2020-2021, India’s expected GDP growth for the financial year 2022 is projected at 11%. Also, as per reports in January 2021 forecasts growth of 11.5% in FY2022 and a 6.8% increase in the year 2023. Furthermore, reports shared by the International Monetary Fund (IMF) project that India is one of the fastest-growing economies worldwide. States That Ranked Best For Business In India: An Overview Foreign organizations who are willing to undertake business expansion in India must check out how and which states ranked best in the Ease of Doing Business metrics published by the Government’s DPIIT in 2020 to gain a fair idea about market opportunities.
As per the report, Andhra Pradesh topped the rankings because of its favorable business reform action plans, while Uttar Pradesh and Telangana came second and third respectively. These states are followed by Madhya Pradesh, Chhattisgarh, Himachal Pradesh, Jharkhand, Rajasthan, West Bengal, and Gujarat, with rank between 4 and 10, respectively. Therefore, foreign organizations must consult a business strategy firm in India to identify the opportunities, hurdles, and administrative framework in each state before investing. This will help to reduce business risk and secure consistent growth. Territories And The Type Of Business To Invest In ● Gujarat- Ahmedabad Also known as The Manchester of India, the Industrial sector in Ahmedabad contributes about 45.0% in the GSVA. The main industries that drive the city's growth are textile and chemical. ● Karnataka- Bengaluru Bengaluru is home to a major range of IT-ITES industries. Apart from this, Heavy & Light engineering industries also play a major role in the state's economic development. Some of the key industries include Aerospace with companies like HAL, NAL, Airworks, Mahindra, etc.; Pharma with firms like Beacon, Cipla, Glaxosmith; and Heavy Engineering with major players like BEML, ABB, Bosch, etc.
The market competition in this state is extremely high. Therefore, foreign organizations willing to invest in these markets must actively collaborate with a business strategy firm in India to formulate an adequate market entry strategy. ● Tamil Nadu- Chennai The state also ranked 4th in terms of export in 2019 and created optimistic opportunities for business expansion in India. Some of the most important industries of the state include Petroleum with investors like Manali Pharmaceuticals, Indian Oil Corp, etc., Automobiles, which includes companies like BMW India, Nissan, Renault, Apollo tire, etc. ● Telangana- Hyderabad Hyderabad is also known as the Genome Valley of India and is one of the major cities that drive the growth of Telangana.The state recorded a GSDP growth of 8.2% with key industries like Aerospace & Defense and Pharmaceutical. Some of the major players in these sectors are Tata Boeing Aerospace, Dr. Reddy's Laboratories, etc. Apart from this, the Traditional Clusters industries also contribute a great deal to the economic growth with businesses like printing /dyeing leather, zari works, etc.
● NCR, Haryana & Rajasthan
NCR, Haryana & Rajasthan act as a key growth driver for India's automobile and ancillary industries. You can find the presence of some major auto-players like Honda, Suzuki, Hero Motocorp, Harley Davidson, Musashi Auto, etc., in these states. These states marked a GSDP growth of 7.7% Y-O-Y as of financial year 2019-2020 and contributed about 32.4% to the country's GVA. NCR, Haryana, and Rajasthan do provide impeccable scope for business expansion in India. However, a thorough understanding of market competition and administrative framework is primary towards consolidating business growth in these states ● Maharashtra- Mumbai & Pune Some of the key industries in these cities and the state collectively are Automobile, Textiles, Sugar, MSME Clusters, Chemical & Petrochemical Engineering, Pharma, and Consumer Durables. You can find some of the major business players in this state across all these industries like Castrol India, Bharat Petroleum, Reliance Industries, Exide Industries, Genova, Hier, Phillips, Mercedes Benz, Volkswagen, etc. In fact, Maharashtra offers a diversified scope of investment and business expansion in India.
Growing Importance Of A Business Strategy Firm In India
With unparalleled economic development and lucrative government policies, India is certainly emerging as a favorable and profitable hub for foreign companies. Therefore, most foreign organizations actively take help from reliable business consultant India like Tecnova to formulate an adequate market entry strategy. Tecnova, a renowned business strategy firm in India, offers a comprehensive industryspecific consultation service and makes investment in India easy for foreign firms. Business strategy firm in India offer you: ● Consulting services like market research, formulating strategies, business plans, etc. ● Help you in identifying organic and inorganic growth opportunities for favorable business expansion in India. ● End-to-end assistance in performance improvement like identifying issues in business strategy, assessing impacts, offering quick solutions, etc. ● Complete HR solutions. ● Partner Search and formulating merger and acquisition strategy and more. By investing in the Indian industrial sector, foreign organizations can certainly achieve profitable returns. The diversified business opportunities offer a broad spectrum of growth momentum for foreign investors. However, owing to the varied state & territory-specific policies, business regulations, and consumer behavior, plans for business expansion in India can face a severe setback if not formulated with active assistance from a reliable business strategy firm in India. Therefore, it is imperative to understand the multiple business opportunities with active support from business consultant India to achieve sustainable growth and ROI.
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