Buoyed by a large and rapidly expanding middle class, India has become the go-to source for talent in Asia. As incomes have risen, Indians now buy more higher-value and processed products, opening up opportunities for foreign suppliers. The growing tech sector combined with the low cost of operation, including everything from infrastructure to salaries, also makes the country an attractive choice for setting up a business.
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- The largest democracy in the world is also a profitable market for international companies. India’s young population, flourishing financial capacity, and skilled, affordable labor all serve to attract foreign investors. As the fifth-largest economy in the world, India has officially surpassed the UK.
- India has become a powerhouse of technology innovation, noting the sharpest rise among Asian economies on the annual World Competitiveness Index. The Indian tech industry generated a total revenue of $227 billion in 2022. The country is currently home to an impressive 108 unicorns (startups valued at over $1 billion).
- India’s numerous bilateral and regional trade agreements drive foreign investments. With initiatives such as Make in India and Digital India, the government is working to further enhance the business climate. In addition to preferential tax rates on the trading of goods for member countries, the agreements enable increased economic cooperation across areas like services and intellectual property.
Ever-changing regulations, including complex tax rules, make payroll compliance a major challenge. Statutory compliance, labor laws, and state regulations — to name a few — are prominent and must be followed. Failure to comply can expose the organization to lawsuits
Bookkeeping tends to be a low-priority task for small businesses in India, although it’s critical to success regardless of company size. Many business owners fail to understand that consistent bookkeeping can strengthen their decision-making and make a positive impact on business revenue. The small business carries a huge potential and would benefit from establishing basic financial hygiene.
Young talent in India generally prefers a healthy work-life balance over benefits. The demands of the younger cohort have become a growing challenge for HR departments. HR now has to try to set realistic expectations while providing a work culture that counteracts the trend of job hopping.
- Expanding into India can be incredibly rewarding — but the complexities cannot be overlooked. Our team of local experts are here to support your Indian operation, every step of the way.
- We pair our expert-led managed services and technical consulting with GateWay, our global expansion management (GXM) system. This pioneering platform puts your global footprint at your fingertips, empowering you to expand with ease.
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