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The Future of Business Growth in India

While China gets much of the praise for its continued growth path, India lies in its shadow much of the time. It’s a poorly understood point that innovation and growth in business development are improving continually across India from the richest to the poorest parts of the country.

Here are a few things that are helping Indian businesses grow faster.

Major Cities on Massive Growth Spurt

The McKinsey Global Institute (MGI) estimates that by 2030 there will be 69 cities with over one million people living there. Given this movement from agricultural areas to urban living, companies will be able to expand more quickly with the greater access to a talented workforce. A case in point is Mumbai, which MGI estimates that the GDP for the city alone of $245bn by 2030 will rival the size of Malaysia’s whole economy today. Furthermore, the next largest four cities in India will see GDP growth to $80-175bn by 2030 too.

As business focuses more on the central business districts of the largest cities in the country, with the most ambitious of its population moving to these cities to seek their fortune, companies will take advantage of the new opportunity like never before.

Improving Business Laws

With the history of British rule in years’ past, the legal infrastructure is fairly strong and constantly improving. The laws as they stand today are workable because they are based on ones that originated in Europe and wouldn’t look out of place in the United States.  Modernization of some laws is still required to provide gender equality and protect human rights, which has been sorely lacking up until now, but from a business development perspective, the fundamentals are in place for a continual improvement over time.

Technology Playing a Big Part in Growth

Indians are well-known for embracing technology. What’s held them back has been a lack of access to the best technology, poor infrastructure impeding reliable internet speeds, and a dependable electrical grid. Finally, the powers that be are beginning to understand the task in front of them. To grow Indian business and increase the rate of real (above inflation) GDP growth substantially, it’s necessary to use technology to fast-track development and overcome the infrastructure problems.

With the use of smartphones on the rise across the country and phone ownership that’s never been higher, companies like Amazon are finally willing to play the long-term game by serving the Indian people from their humongous warehouses. This is an encouraging sign because Amazon’s CEO Jeff Bezos doesn’t tread lightly into new territories without having a long-term plan. And if he believes in India’s growth, other business leaders will too and invest accordingly.

Education is a Key Component to Success

Education oriented towards careers in business management provide knowledge and key insights that offer personnel the opportunity to get a head-start over the competition. What Indian leaders may lack in experience, they can still gain through the study of a bachelor's degree in business management from Arizona State University which is available as an online course. Open-minded business executives can advance themselves by using tried and true business strategies adjusted to succeed in their local markets.

With Amazon’s $5bn investment in Amazon India and the likes of Softbank investing heavily in their direct local competitor, Flipkart India, clearly, there’s a lot to get excited about over the next few years. It’ll be interesting to watch and see developments first-hand.

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