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The development of the Indian economy has amazed the world. Despite initial scepticism, India has managed to maintain and even accelerate its economic growth rate. In the last six years emerging industries such as the retail, infrastructure, health services, automotive and energy sectors have experienced significant growth that has prompted a new phase of development in the Indian corporate sector. The IT services sector and its ability to deliver significant cost savings is the key player in this success story. With a powerful emerging middle class driving exponential growth in the large cities and India's potential for further growth being fuelled by the average Indian's spending power at home and abroad, CEOs throughout the world are showing an interest.
Although India is witnessing growth in almost all sectors, the infrastructure, pharmaceutical and IT sectors in particular offer significant opportunities for foreign investors.
In the last decade the Indian telecommunications market has evolved from a government monopoly to a flourishing free market. The development of a strong and competitive telecommunications sector has been accompanied by a rapid increase in the number of quality office locations and hotels. There has also been strong growth in sectors that promote the development of better infrastructure, such as aviation, for example. Increasing air traffic, which is evident not only in the existing economic centres but also, increasingly, in smaller cities throughout India, has led to a rapid rise in the number of airports.
Yet other areas of India's infrastructure, such as utilities and hard infrastructure, are lagging behind. Aware of the importance of good infrastructure for further economic growth, the Indian government and has made infrastructure one of the key points of its future policy.
India's policy makers recognise that foreign investors play a significant role in the development of the country’s outsourcing sector. Besides seeking to attract investments, the exchange of knowledge and promotion of innovation are also significant factors in the equation. Hence companies that specialise in business process outsourcing (BPO) stand to benefit from conducive tax and regulatory regimes. Software Technology Parks of India (STPI) and Special Economic Zones (SEZ), where companies may qualify for tax exemption, are two examples. Having gained considerable admiration for its policy on other BPO destinations, the Indian government is now attempting to achieve similar success. For the most up-to-date information about tax regulations in India, please visit the special PwC India website.
The India Business Service Centre can advise you on the possibilities and challenges that are part and parcel of doing business in India. The India Business Service Centre is manned by a multidisciplinary team that combines and offers all areas of expertise within PwC through a single service desk.
Our services include:
Besides assisting with all aspects of business in India, the India Business Service Centre also advises Indian multinationals seeking to enter or expand their activities in the Dutch and/or European market. PwC consultants form an extensive network of specialists who are able to objectively assess business issues as a team drawing on knowledge and experience of the local market. This approach can save you considerable time and money.
The PwC India Business Service Centre – forging unique ties between India and the Netherlands!