Matthew Liao-Troth, Dean & Professor at the J. Whitney Bunting College of Business at Georgia College & State University, says, “For many, India is the location of popular films such as “Gandhi,” “Slumdog Millionaire,” and home to the musical romantic comedies of Bollywood, but India should also be a place that every business leader considers.”
The recent UKIBC summit (Manchester, 10th March 2011) indicates that UK SMEs are looking to the Indian market for growth. “Asia is at the forefront of this and SMEs can play a huge part in driving this growth (in trade), both here and in India,” said UKIBC CEO Richard Heald.
This optimism is echoed by GE Chairman and CEO Jeff Immelt, who, as GE prepared to invest further in India, said that GE’s India business was expected to continue to grow at 30% annually, and that India remains the biggest growth market for GE. Also betting on the Indian market is Volvo, talking here with NDTV (an Indian news channel) about their India plans.
It’s fitting that the recent Reuters poll on Asian Q1 business sentiment found high optimism for India.
After years of trying to build a strong presence in the Indian mutual fund industry, Goldman Sachs has bought Benchmark Mutual Fund.
On another front – we’ve long believed that mobile will be the gamechanger for many industries in India – including banking. Nokia and the Union Bank of India have partnered to launch a mobile-to-mobile cash transfer service that allows mobile users on any network to shop, pay utility bills, top-up prepaid cards using only a mobile phone. This is only the start – watch this space.
Social networks in India are gaining ground, and are increasingly used for job-seeking.
On a different note, the apparel business in India is estimated at more than Rs 1,00,000 crores a year now (including all segments of the market — premium, mass and luxury, as well as fashion, accessories and innerwear). The Indian Express has a list of the Indian fashion industry’s key individuals here.
And finally, a tip of the hat to China, who last week quietly overtook the US as the world’s largest manufacturer.
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