How India Is Preparing To Receive the Global Business Community
India is an important trade partner for many countries in the European Union and other parts of the world. It is an emerging global economic power which is committed to reforming its economic policies to achieve integration with the global economy. The various tariff and non-tariff barriers that acted as a hindrance in the past have been dismantled to a significant extent in recent years.
The Apparent Roadblocks
In the past the Indian growth story was facing hindrance due to quantitative restrictions, a slew of certifications, import licensing and mandatory testing. Companies were often subjected to lengthy and complicated customs procedures in several items and commodities. However, things are changing dramatically on all these fronts. There is visible and rapid growth in several sectors which has made India a power to reckon with. The introduction of complementary trade baskets and the availability of comparatively high market protection make India an obvious partner for procurement for several countries across the globe.
India – Opportunities Galore
Bangalore (also Bangaluru), India is today a land of unlimited opportunities for businesses looking to procure quality goods at competitive prices in a business environment that’s friendly and liberal in its policies. Since the liberalization of its markets in 1991 making way for an open-market economy, India has grown consistently and offers a lot of scope for business collaborations and development, thanks to its unique demographic constitution which is quite akin to a dividend whose benefits can be reaped for larger profits when investments are made rightly.
What’s Changing in India
There is a renewed focus on India as a procurement resource for high quality products which can be produced at a relatively lower price.
In these changing political and economic scenario, procurement in India is becoming a great option for businesses of all sizes from various countries. The emerging procurement service providers are committed to creating the right environment for building long-term business relationships that are focused on sustainable value creation.
These services offer end-to-end solutions which help businesses access the best suppliers. They also have systems in place to reduce cycle time and costs during the procuring process. It is abundantly clear from the current evolving economic and political scenario that India will be the preferred procurement partner in near future for many countries. The easy availability of advanced business management technology in the areas of procurement has made the processes more systematic and secure and reduces the chaos and confusion at various levels. Businesses seeking improvement in operations and looking for competitive advantage are welcoming the changes that India is rapidly unrolling.
For those doing business in India for the first time, procuring from India may not be easy. It is advisable to use the services of a procurement service provider which can help deal with various stages of procurement smoothly. The professionals handling procurement services can help in critical areas of procurement such as.
– Highly planned sourcing
– Managing supply chain efficiently
– Managing supplier relationship
They can help achieve significant cost reduction and add value to your procurement initiatives as they will help you identify the best and most suitable suppliers in India for buying products and services. They can be your trusted business consultants who carry out detailed and comprehensive market survey to help you identify sustainable business opportunities. They will also carry out supplier due diligence to mitigate potential problems.