September 24, 2014 was a red letter day in the history of India. It’s Mars Orbiter Mission (MOM) was accomplished successfully. Mangalyaan (Mangal-yaan literally means Mars-Craft) was inserted into a Mars orbit. Mangalyaan has started beaming back pictures of the red planet and studying the Martian environment.
How did India achieve this?
Indian scientists at ISRO pulled off this audacious feat through the following self-beliefs:
- Dream big and means will follow
- Plan meticulously, execute flawlessly
- Technology is not the domain of only the rich
- Work hours don’t matter when you are doing what you love
- Frugal engineering with sound basics
- Learn from the mistakes of others
What can India do for your business?
As pointed out repeatedly in media reports, this century will belong to Asia with India playing a major role. India has key advantages of being:
- Largest democracy in the world
- Country with 65% population below the age of 35
- One of the world’s largest markets
You can “Make in India” for the world and India. Indians have show tremendous innovation and perseverance to reach Mars. With the government announcing several measures to unleash the “animal spirits” in the Indian economy, companies that take the leap of faith would stand to gain!
Wish to take the leap of faith?
The Indian market is a complex yet rewarding marketplace. As with all markets, it would be prudent to understand the cultural, regulatory, pricing etc. factors before you decide to take the plunge. We at Confidis would recommend the following approach:
- Conduct a feasibility study for whatever you plan to undertake, using an adviser who fully understands the finer nuances of the Indian market
- Decide whether India fits into your global ambitions based on the outcome of the feasibility study
- Develop a Go-To-Market strategy for India in case you plan to sell in the Indian marketplace
- Get the adviser to also identify suitable local partners that can help you make a “soft landing”
- Decide what sort of local presence you would like to have in India i.e. would you have your own management team or would you largely work through partner representation
- Accordingly decide on the legal structure you need to adopt in India to do business
All the best in your quest to take your business to Mars!
If you are interested in doing business with India, write in to (info AT confidis DOT co) to take this conversation further.