It is undeniable that the Corona crisis hit us hard and shook even the world’s large economies. The arrival of the vaccine at the end of 2020 brought hopes of recovery and the new year started with more optimistic projections for many countries. But although the whole world seems to be resuming its growth paths, India is undoubtedly one of the countries that stands out the most at the moment.
India is expected to be one of the top three economic powers in the world over the next 10 -15 years, combining a rapidly growing and young population with a highly skilled and English-speaking workforce.
With a democratic and stable government, liberal economic policies and incentive plans, India is a safer destination than other emerging markets and is becoming the main focus of innovators looking to expand internationally. The impressive numbers confirm this trend:
- India is one of the fastest-growing major economies in the world – The International Monetary Fund (IMF) projects 11.5 per cent growth rate for the Indian economy in 2021. This makes the country the only major economy of the world to register double-digit growth this year.
- The world’s second-largest internet consumer market (second only to China): with over 740 million internet subscribers.
- The cost of living is lower than in the United States. Its gross domestic product per capita is $ 6,284 It is almost half of the world GDP per capita.
- The country’s cost competitiveness in providing IT services, which is approximately 3-4 times more cost-effective than the US, continues to be its unique selling proposition in the global sourcing market.
- High-speed mobile internet available at just US$0.26/GB compared to US$12.37/GB in the US and US$9.89/GB in China.
- One of the fastest-growing workforces in the world, estimated to become the world’s largest by 2025,
- A young population – Half of India’s population is below the age of 25 and more than 65% are below the age of 35.
- The third-largest higher education system in the world, after the U.S. and China, according to a report by the World Bank.
- English is one of India’s official subsidiary languages.
- The Indian middle class has more than 350 million people. It will continue to drive India’s consumer spending and economic growth.
Today India is the 3rd largest startup ecosystem in the world and hosts more than 35 unicorns, offering unique advantages and opportunities.
The EU-India Innovation Center prepares European startups and entrepreneurs to launch and expand their activities in India, supporting their market entry strategies and creating a solid local network.
Be a part of this community and have access to a select group of internationalisation specialists, deeply engaged in the Indian and European markets, ready to take you to new levels of business.
Text: Roberta Mellis – Pictures: Pixabay