Automation Alley's Noel Nevshehir shares learnings from our recent Doing Business in India event and discusses why your company might be the right fit to expand to India, a nation on track to become the world's fastest-growing large economy in the near future.
Automation Alley, in partnership with the Michigan Economic Development Corporation, hosted an extremely insightful conference on doing business in India earlier this week. As keynote presenter, The Honorable Amit Kumar, Consul General of the Consulate General of India in Chicago, was quick to point out that with a population of nearly 1.4 billion, India has become the world’s sixth largest economy today. With a GDP of $2.66 trillion, he also noted that his nation’s GDP is expected to rise 8% this year and 7.5% in 2023.
Kumar also referenced a recent report by the World Bank stating that India jumped fifteen spots (from 77 to 62) in ease of doing business among 190 countries worldwide. With a growing middle-class of 300-350 million consumers, the nation has a high demand for U.S.-made products, services, and technologies. Furthermore, India provides U.S. companies interested in expanding their global supply chains with a highly skilled, low-cost labor pool. India today is on track to be the world's fastest growing large economy in the near future.
Other speakers included business experts from the State of Michigan Foreign Office in Bengaluru (formerly Bangalore). They discussed the opportunities and challenges of doing business in India, and how the former outweighs the later for U.S. companies exploring trade and investment opportunities there. The conference also highlighted two case studies by U.S. companies with operations in India. Gaurav Agrawal, COO, Soothsayer Analytics in Livonia, Michigan, and Robert Ruffini, President, Fluxtrol, Inc. in Auburn Hills, Michigan, shared their firsthand insights on how U.S. companies can successfully overcome common hurdles that they may encounter when entering the Indian market for the first time. They also discussed optimum market strategies to maximize sales and profits in India.
Automation Alley’s trade mission to India is scheduled for January 10-19, 2023. The mission will arrange matchmaking meetings for the 10 company participants to meet with potential business partners in India, including buyers and end users.
For more information or to register, click here.