Overview
The future of the India/U.S. relationship will undoubtedly be powered
by corporate-sector growth and collaboration among businesses. This
has also been cited as the main reason for the success of Prime Minister
Manmohan Singh's recent visit to the U.S. A broad spectrum of businesspeople
and financial investors want to know how they can participate in India's
emergence, which is creating new opportunities for business collaboration
across the manufacturing, services, and agriculture sectors.
Corporate India has proven beyond doubt that its potential is unlimited. At the end of March 2005, the Indian economy recorded impressive growth of 6.9 percent. Many industries such as pharmaceuticals, auto components manufacturing, capital goods, and engineering, have achieved global recognition. The small and medium-size enterprises, that account for a large percentage of India's exports, have demonstrated their ability to conduct business in a globalised environment.
India's vision is to become a global hub of excellence. Skill enhancement programs and total quality management programs are being undertaken by corporations to improve their global position. A change in the mind-set of corporate managers has helped India forge further ahead. Profits are being increased through the implementation of business excellence models focusing on energy saving, quality consciousness, productivity management and cost management.
India's rural economy also offers a whole host of opportunities in banking, housing finance, water harvesting, organic farming, risk mitigation and education. Currently, rural deposits account for 30.2 percent of the total deposits in the banking system. Banks are betting on the gradual reduction of rural India's dependence on non-formal financial sources such as the local money lenders. Livelihood loans for various housing projects and developmental efforts focused on weaker socio-economic groups are picking up.
Global consumers are increasingly turning to organic food and India, with the world's largest arable land mass, is emerging as a hub for organic farming. The global market for organic food has increased from US$23 to US$25 billion in 2003 to US$29 to US$31 billion in 2005. India is developing strategies to enter the global supply chain for this huge market.
The Indian corporate sector offers vast opportunities for Indian Americans. Apart from investments, there are ways to contribute by serving on boards of large and small companies, providing technical expertise and expert advice, consulting on how to penetrate the U.S. market with products and services, and helping Indian entrepreneurs secure venture capital funding.
For more information please send email to iac@cii-usa.org.
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