India is a country of many different markets. With languages and customs changing every 100 kilometres, business is about addressing local requirements and preferences. An international company looking to supply to the Indian market needs to be acutely aware of the position of its product in the Indian context. Being price competitive is often the single most important selling proposition for the Indian customer. At the same time, there are very attractive niche markets with a willingness to pay more for brand or quality. An international company needs to precisely understand the price-point at which it can be successful in India. Reaching this price often requires adapting products and localising business processes.

The Indian style of doing business is based heavily on relationships and close-knit networks. The majority of Indian businesses are family-run enterprises, which engage with companies on the basis of trust and shared risks and opportunities. Business dealings depend to a large extent on references and introductions. Since many Indian companies are entrepreneurially driven, dynamically changing and active in various lines of business, it is often difficult to compare businesses and undertake adequate due diligence.

Innovation is the cornerstone of success with businesses and products constantly adapting to keep pace with rising incomes and changing trends. A young and ambitious population has embraced entrepreneurship with most players willing to take high risks in order to enjoy significant returns.

A series of reforms over the past decade have ensured a business climate favourable to foreign investment in India. With the government embarking on a large-scale plan to boost public infrastructure and services, the past few years have seen major policy announcements in favour of renewable energy, urban planning and resource management. Indian businesses too have quickly learnt to embrace foreign companies and are keen to do business with them. They are acutely aware of their advantage in terms of local knowledge and networks while understanding the necessity of foreign investment and technological expertise.