As three countries are likely to dominate the 21st-century economy: the US, China, and India. These nations already comprise 40 percent of the world’s gross domestic product (GDP) and population. Checkout ROLE OF INTERNATIONAL BUSINESS IN INDIA here in this article. Indians (at 1.38 billion) will soon outnumber Chinese to become the most populous nation. Already, using the World Bank’s purchasing power parity (PPP) exchange rate, India has the third largest GDP.
India is blessed with several comparative advantages: a burgeoning middle class; low labor rates between $0.92 and $1.45 per hour; around 80 million people with basic English-speaking ability; a 2,000-year history of international commerce; abundant sunshine and rain; and a millions people that facilitate the flow of talent, ideas, technology, business opportunities, investment capital, and reputation between India and the rest of the world. Indians occupy leadership roles in giant companies, academia, and the professions in the US and Europe.
International Business in India looks really lucrative and every passing day, it is coming up with only more possibilities. The growth in the international business sector in India is more than 7% annually. There is scope for more improvement if only the relations with the neighboring countries are stabilized. The mind-blowing performance of the stock market in India has gathered all the more attention (in comparison to the other international bourses). India definitely stands as an opportune place to explore business possibilities, with its high-skilled manpower and budding middle class segment.
Scope of International business in India in following sectors:
- Information Technology and Electronics Hardware
- Telecommunication
- Pharmaceuticals and Biotechnology
- R&D
- Banking, Financial Institutions and Insurance & Pensions
- Capital Market
- Chemicals and Hydrocarbons
- Infrastructure
- Agriculture and Food Processing
- Retailing
- Logistics
- Manufacturing
- Power and Non-conventional Energy
Sectors like Health, Education, Housing, Resource Conservation & Management Group, Water Resources, Environment, Rural Development, Small and Medium Enterprises (SME) and Urban Development are still not tapped properly and thus the huge scope should be exploited. It was evident till a few years back that India had a marginal role in the international affairs. The image was not bright enough to be the cynosure among the shining stars. The credit rating agencies had radically brought down the country’s ratings. But, as of now, after liberalization process and the concept of an open economy – international business in India grew manifold. Future definitely has more to offer to the entire world. Eventually it is concluded with this that international business has vast scope in every area of survival and profit. This is it in ROLE OF INTERNATIONAL BUSINESS IN INDIA.