India's Growing Economy

India's Growing Economy

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India is likely to overtake China very soon, this is what the two authors of „Riding the Indian Tiger – Understanding India, the World’s Fastest Growing Market” state. The authors who wrote this book together know a lot about doing business in India from their experience. William Nobrega is president and founder of The Conrad Group, LLC, a consulting firm specializing in emerging market strategic planning, advisory services for institutional investor groups, and mergers and acquisitions. Ashish Sinha is the COO of RocSearch, a UK-based research and analytics offshoring firm. He has a portfolio of more than 12 years experience in investment banking, consulting, and knowledge process outsourcing. Over the last six years, Ashish has built business research capabilities at McKinsey & Company and GE Capital.

The book is written for everybody who wants to take a closer look on the worlds fastest growing market, whether the reader is a business executive, an investment banker or entrepreneur, a politician, student or academic. It gives an insight on the different key factors of economic growth and explains why India will outperform China. The Introduction starts with an overview about the Indian history, leading through the time of 400 years of colonilazation until the Indians started to fight for more rights and became independent in 1947. The first chapter gives an idea of what is happening today: India is a democratic country with the rule of law, private property rights, religious freedom, a free press and individual liberty. Just 20 years ago, India still suffered under a high level of government control which is changing today, since more and more government officials are entrepreneurs and do not ignore the chances of their growing economy any more. Consumer markets are changing rapidly due to an explosively rising middle class and consumers who are becoming more sophisticated and demanding. The chapter gives an insight into India’s different regions, their resources and the opportunities they bare for the growing industry and foreign investors. But due to government restrictions, foreign investors still have to enter into joint ventures with Indian companies who hold at least 51% of the property rights. The second chapter talks about the development of the financial market in India and the establishment of India’s stock exchange, the NSE, which was created in 1993 after having some starting difficulties, and its today’s role on the global market. Recently, India’s currency was rated by Moody’s and Standard & Poor to be “investment” grade which is proven by numerous international brokerage and investment banking firms like Morgan Stanley, Deutsche Bank, and Goldman and Sachs who already operate in the new market successfully.

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In the third chapter, the author William Nobrega explains, why India will outperform China, using three D’s which the country has in favor. The first one is democracy, including the right of law, property rights, independent judiciary and freedom of the press, which makes a country a better trading partner and an environment more predictable. The second one is demographics: India has to offer the largest population worldwide of people at age 25 and younger together with an increasing level of educational opportunities. The third “D” is determination which describes the consciousness of Indian people about their capabilities, the force of new entrepreneurs combined with the desire to help others which is shown by donations into educational facilities. The three D´s explain that long term economic growth and stability are the most important factors for investment decisions. The fourth chapter in the book gives an overview of India’s infrastructure and its challenges and opportunities. Today, the government has recognized that the economic growth will be not sustainable without dramatic improvements in roads, ports, railways, power grids, irrigation channels and air ports. Therefore public-private partnerships are establishing to finance these projects, which in return offer a range of investment opportunities for domestic and foreign engineering, consulting, and architectural companies. The fifth chapter gives an overview about the next wave and the different industries which are expected to grow and might be interesting for FDI. In the high tech manufacturing, companies may find an innovative arbitrage advantage driven by low wages, a large domestic market and innovations. Other prosperous and trend setting industries are: Distribution and logistics, pharmaceutical and medical devices, financial services, education, renewable energies, agribusiness, fashion apparel, media and entertainment, hospitality and leisure, and private health care. All these industries are on the one hand facing a strong domestic demand and are going to be more and more competitive on the global market. “Look before you leap” is the title of the sixth chapter which highlights the importance of a sound emerging-market strategy and understanding of the Indian market, which is critical to success in such a complex market. The last chapter is about “Understanding the Indian Business Culture” and gives a range of examples on how businesses failed or succeeded in the Indian market due to difficulties and differences in culture and behavior. The Indian society is still in a stage of pull and push between strongly held traditional values and modern business practices which often differ from western business values and principles. Conclusive can be said that the book gives a broad overlook over the emerging market in India illustrated by real business stories and strategies which leaded to success or in some cases to failure. The book is not very easy to read as the Indian market itself is very complex. Although the authors obtained to link the sections of the book in a way, the reader is able to establish an image about the whole market and the interconnections which affect different aspects of the economy and uncover a wide range of opportunities for the future. The content of the book is closely connected with different aspects of the international management theories we have talked about in class. Especially in terms of finding opportunities of an emerging market and establishing strategies in order to take advantage out of the domestic growth as well as the broad spectrum of options to co operate in joint ventures and alliances with foreign partners. Interesting are also the examples which are used throughout the book and give a deep insight in international business management in almost every industry.
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