India is a growing economy with numerous opportunities for growth and development. A land of offering diverse opportunities to entrepreneurs and established businessmen, India is seen as a lucrative land for investments. The one factor that acts as both a help and a hindrance for entrepreneurs in India is the numerous interconnected regional market in India. The one thing that entrepreneurs must master is the market entry strategy that must be in place to ensure that they have a smooth entry into the interconnected local markets that is complex but striving with numerous possibilities.
Setting up startups in India
In the recent Budget speech, the presenting minister envisioned a $10 trillion economy for India in the next eight years. This is indeed a big and audacious goal for India and can only be achieved with new businesses being set up in India. There is a lot of responsibility that entrepreneurs will have to shoulder in order to make this vision a reality. To achieve this $10 trillion goal, the Indian economy will have to grow at a rate of over 10% vis-a-vis the current growth rate of 7.5%.
The current status quo in India needs to be disrupted to fulfill this dream of $10 trillion economy. The good thing is that considering the political and economic dynamics now in the country, the tailwinds are in favour of India. It is much easier to get a company registration in India. But entrepreneurs will have to make the most of these opportunities.
In NASSCOM it is a general belief that it is the technology company that will cause the major shift in the Indian economy, but that does not take away the onus from entrepreneurs on manufacturing plant setup in India as cheap labour and available resources are the biggest advantages in the Indian market.
Factors to look into for successful startups in India
There are certain factors that one can look into for startups to be able to come out of the shadows of the big multinationals. For startups to enter the league of $10 billion market cap the Indian economy must relook into the following factors and make the market entry strategy for startups easier:
Upskilling and reskilling India: this is the first and foremost priority to achieve the projected growth in India. With technological disruption like Artificial Intelligence and Machine Learning it is true that 75 million jobs will be displaced, but along with that 133 million new job roles will be created. But for this India will need to reskill the rural population to be a part of this digital avalanche and increase India’s global economic advantage.
Open the doors to new investments: it is true that India needs to build robust local business market, but along with that India needs to open their doors to international investment. India has to strike the right balance. Investors are now looking at markets beyond China and US. Hence it is the right time for India to make it easy for them to get a company registration in India.
Encourage startups: India needs to change its focus from being a nation of job seekers to a nation of job creators. For this entrepreneurs should get the adequate sponsorship and continued push for manufacturing plant setup in India. The regulatory system in India must act in sync with the business creators to ensure that the ecosystem remains ripe and opportunities keep thriving in India.
There is no dearth of opportunities in India for new businesses to be set up. Along with regulatory leniency and some continued financial support, startups can fulfill the $10 trillion vision of India. However, for this growth to happen along with economic and political support there needs to be social inclusion as well. Women empowerment and inclusion can change the Indian business scene greatly. It is important that in this age of Industry 4.0 women are more aware and empowered.