When doing business in one’s own country, business decisions are all too often made based on preconceived notions.  These biases become even more pronounced when confronting a country with which one is less familiar.  To equip you with a current and correct picture of India’s economy, we share these fun facts.  Did you know:

• India is one of seven countries that launches satellites.

• Recently, on 23 August 2023, India became the fourth country in the world to successfully land on the Moon, and the first to do so near the lunar south pole.

• The Bombay stock exchange lists more than 6,600 companies. Only the NYSE has more.
• By volume of pills produced, the Indian pharmaceutical industry is the world’s third largest.

• India has the second largest community of software developers, after the U.S.

• India has the second largest network of paved highways, after the U.S.

• 100 of the Fortune 500 companies have R&D facilities in India.

• Nearly 49% of the high-tech startups in Silicon Valley and Washington, D.C. are owned by Indians or Indian-Americans.

• India sends the second-most number of students to U.S. colleges of any country in the world. In 2021/22, 199,182 Indians were enrolled at American universities.
• India has the largest movie industry in the world, in terms of ticket sales and number of films produced.

• India is home to the largest tractor manufacturer (Mahindra & Mahindra) in the world.

• As of 2023, India is the 3rd largest automobile market in the world in terms of sales.

• Indian companies have won more prestigious Deming Prizes for Total Quality Management (TQM) than the next two countries combined (Japan and Thailand) since 2000.

• In 2020, India ranked 8th in the world for private investments in AI.

• India’s workforce holds the highest average share of AI skills represented among its top 50 skills than any other country in the world—roughly 2.6 times the global average.

• The total number of bachelor’s graduates in engineering for 2016–17 in India were 894,437 which is roughly seven times the number in the U.S.

• Early in 2022, the IT industry displayed an astounding growth rate of 15.5%, which was nearly twice as fast as the national economy.

• The IMF estimates India’s economy will grow 5.9% in 2023 compared to the U.S. projection of 1.6% growth.

There are countless business opportunities for international companies entering the Indian market.  We invite you to see what your potential is in

Selling into international markets requires careful planning, market research, understanding of trade regulations, and adaptation to cultural differences. SRK and Associates offers comprehensive market entry assistance to companies wishing to enter the world’s most populous market, India.  To date, we have assisted over 2500 U.S. companies with market entry services. For further information, please contact Supriya Kanetkar: srk@srkibconsultants.in.