Joshi cites India’s burgeoning growth (8% to 9% annually) and a strengthening middle class of 350 million people (11% to 12% annual growth) as motivation for Australian companies – but the proviso is that they need to act now.
According to Joshi, India’s growing middle class has taken on the trappings of Western society. While poverty has not vanished, it is still visible on the streets, and the country has an insatiable appetite for everything Western.
“They have the purchasing power to be able to afford a range of products and services that they can’t necessarily find in their own country.”
However, many Australian companies, Joshi believes, have been a little slow to respond to this growing consumption and expansion.
“It’s frustrating seeing businesses fail because they haven’t partnered with the right people who understand the Indian psyche and how business is conducted in the Sub Continent.
“I’ve seen some businesses collapse because they decide to go it alone, and considering India’s rapid growth, are wasting valuable opportunities.”
To read the full article, click here.
SP Joshi – Country Manager, India