Business in India: A Cultural Perspective
With a strong labor force, rich natural resources, favorable climate and positive outlook of Indians have made this country as one of the best places for companies to conduct their business. Indian government has left no stone unturned to create employment and business opportunities in India.
With tax and trade restrictions relaxed, starting a business in India indeed is quite an alluring proposition. To increase business in India, the government has implemented policies and crafted some regulations. For the years 2006 and 2007, Indian economy has earned 43rd rank in the world economic forum’s GCI position.
As far as communication is concerned, India’s official language is Hindi. However, English is widely spoken especially in the business arena. To add on to the diversity in India, the country has more than fourteen major languages and 300 other languages. As far as maintaining business relations in India are concerned, one needs to keep in mind that there are no harsh implications in one verbal communication. Most of the businesses in India maintain a hierarchy and respect their seniors. Indians are known for their amicability and warmth.
They never refuse anything directly as it might offend the other person. However, business etiquette in India is undergone changes as more and more Indians are influenced by western cultures. Industrial leaders of India are making changes in business policies to attract international business. Indian policy makers and industrialists are offering a robust economic environment for private and public enterprises in order to achieve growth and business stability within the country. As far as business dress code is considered, men generally wear a suit and tie and women wear saris, salwar suits or formals. .
Investing in India :
India has undergone a paradigm shift owing to its competitive stand in the world. The Indian economy is on a robust growth trajectory and boasts of a stable annual growth rate, rising foreign exchange reserves and booming capital markets among others.
Quarterly GDP at factor cost at constant (1999-2000) prices for Q3 of 2008-09 is estimated at Rs. 8,73,426 crore, as against Rs. 8,29,172 crore in Q3 of 2007-08, showing a growth rate of 5.3 per cent over the corresponding quarter of previous year.The economic activities which registered significant growth in Q3 of 2008-09 over Q3 of 2007-08 are, ‘mining & quarrying’ at 5.3 per cent, ‘construction’ at 6.7 percent, ‘trade, hotels,transport and communication’ at 6.8 per cent, ‘financing, insurance, real estate and business services’ at 9.5 per cent, and ‘community, social and personal services’ at 17.3 per cent.
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