Event summary – Winning in India
WEDNESDAY 1 JUNE, FTI CONSULTING – LONDON
As the fastest growing economy in the world, India is a pocket of stability among global economic uncertainty. The country is becoming increasingly attractive to UK companies as the pro-business government continues to make it easier to do business. However, to maximise the opportunities available, it is crucial that business leaders acquire a deep understanding of the local and national networks.
Hosted by the UK India Business Council, this event brought together expertise from FTI Consulting and OCS, companies that have succeeded in this market, as well as advice from the High Commission of India.
The High Commission
Ms Ajungla Jamir, First Secretary Economic, stated that the historical ties between India and UK helps businesses into investment in India. With a stable, popular, pro-business government, India is a pocket of growth amidst global economic uncertainty.
Compared to China, India is growing at 7.3 per cent GDP with 50 per cent of the population below the age of 25. With the Government’s ‘Reform to Transform’ motto, new initiatives like ‘Make in India’ and ‘Digital India’, and the introduction of the NIIF Fund and Insolvency and Bankruptcy Bill encourage entrepreneurship and innovation in the nation.
Meanwhile, growing inroads for the increasing percentage of FDI allowance in various sectors, symbolises the Government’s ambition for foreign investment.
Mr Anuj Bugga, Managing Director of FTI Consulting in India, outlined the opportunities available to investors across multiple industries and highlighted the steps taken by the Government to support in-bound investment. He also revealed the risks and challenges still often faced by international companies when operating in the nation.
One of the major risks demonstrated, via a case study, was that most investors skip local scenario evaluation and micro risk assessment. He stressed that the ability to switch between macro and micro lenses along with adequate due diligence, at every step of the way, is a key differentiator of success in India and can boost returns. He also mentioned that to win in India, thorough contextual understanding and credible Indian partners are crucial.
Mr Steve Buckley, Asia Pacific Adviser at OCS, revealed that the company face multiple issues when setting up in India, although it is now a well-established in the country.
He also stressed the significance of joining hands with official bodies like UK Trade & Investment, UK India Business Council and the Confederation of Indian Industry. These bodies provide the companies with the guidance and help needed in the initial stages of setting up. Additionally, new initiatives undertaken by the Government, has increased the ease of doing business in India as it is now much easier to interact with government. OCS now has several offices throughout India and have formed a niche for themselves.