A vast country, about a third of the size of the USA and made up of 29 different states, India is one of the world’s fastest expanding economies, with growth levels reaching between 6-7% (7.3% in the third quarter of 2015).
The market varies widely across the different states, making it a potentially complex and challenging territory, but it is one that cannot be ignored by UK companies that are seeking to expand and go international.
India is full of opportunities, some very visible and some still to be unearthed. The business prospects, which, until a few years ago, existed only in the traditional economic heartlands of Mumbai, Delhi and Bangalore, have now stretched to the emerging cities of Chennai, Nagpur, Ahmedabad, Chandigarh, Pune and Jaipur, to name but a few.
One particular commercial opportunity arises from the number and profile of Indian internet users.
Internet penetration is around 34% in the country – far lower than the 65-70% found in China or Brazil or the near 90% in the USA. Yet the combination of India’s 1.3 billion inhabitants, young demographics and changing infrastructure landscape means that it is one of the most important global online markets to watch. The number of internet users in India grew by over 100 million in 2016, meaning that more than 462 million people were active online.
Taking the data from the research organisation, Internet Live Stats, India’s connected population could be twice the size of the US’s by the end of next year.
Don’t forget you can find out more about exporting to India with our Doing Business in India Guide. Download it for free here or you can download an app (from both the Apple App Store and Google Play Store).