India is already the 12th largest economy and still growing, it has over 16% of the world’s population.

 

• We have tried to show below some tips which should help form the basis for being successful for the long term

• Do not come in with any pre-conceived notions.

• Many times, what may have worked in other markets (including China) might not work in India.

• Have an India specific strategy.

• Do not link India as part of a so-called "Asia strategy".

• Have a medium (3 years) to long term (5 year) view of the market.

• Do not come in expecting overnight gains. Consider linking with strong local partners, who can fast track you through the learning curve

• Understand the culture and way of doing business

• Show patience - as nothing gets done at a click of your finger.

• Do not expect to get the best price first, second or third time!

• Be ready to entertain and be entertained, be prepared to eat the local food- it is part of doing business

• Expect a long drawn out period of negotiations before concluding business.

• Get yourself a good accountant and legal firm

• Use an Independent company to conduct QC on your behalf, if you do not have the capability locally

 

Good luck and great business!

 

Top tips on doing business in India