Doing Business in India For Dummies®

Chapter 2. Understanding Breaks and Brakes in Emergent India

In This Chapter

Exploring the benefits of doing business in India Keeping an eye out for possible problems

India is an ancient civilization but a young country. After gaining independence from British rule in 1947, India became a Republic (in 1950) and began planning the development of its economy. At first, the country focused on import substitution and export, but gradually India’s eyes turned abroad, scanning the globe for business and investment.

You may expect India, with its cultural emphasis on dharma or duty, to give back to the rest of the world. More than ever before, India is doing just that, and one of its greatest recent gifts is a warm invitation to do business in its burgeoning economy, which is one of the world’s fastest-growing. Now the country is determined to throw open its doors and establish itself as a world economic power. Sounds promising, right? Hey, one billion Indian citizens can’t be wrong.

In this chapter, I explore India’s budding economy and consider its vast potential for foreign investment. I also highlight the promising possibilities and potential pitfalls of setting up shop in a country half a world away. And because working with Indian citizens is a new proposition for many, I offer insight into the strengths and challenges of the Indian workforce.

Throughout history, India has received a great deal from the rest of the world. The many international influences include the country’s ...