The population of India is currently the second largest in the world, and is set to overtake China as the most populous country in the world by 2026, when the population is set to reach 1.46 billion. India's economy is the sixth largest in the world, and is on track to be the third largest by 2030. As such a large potential market, many companies are looking to expand into the nation and tap in to its huge potential.
India is also one of the most religiously and ethnically diverse nations globally. The country has 22 officially recognised languages, in addition to 2,000 different dialects. Although Hinduism is the majority religion in the country, India is also home to large populations of many other minority religions. India's diversity means that expansion into the country may be difficult, as businesses have to overcome many cultural barriers. Even tech giants such as Amazon have struggled to find footing, facing fierce competition from highly successful domestic companies.
However, with the potential market proving so lucrative, UK companies will be looking to maximise their chances in India and beyond, many requiring venture capitalists or incubators to help them grow and expand into the country. Having experts who know both the UK and India markets can help startups develop. Firms like JPIN VCATS specialise in international expansion, creating corridors between cities and introducing startups to India. SMEs also have advantages over giants like Amazon, being more agile and adaptable.
With the UK-India trade and investment relationship already worth around £24 billion and supporting more than half a million jobs across the UK, there are great foundations for opportunities to expand.
Gaurav Singh, Founding Partner at JPIN VCATS, the biggest UK-India investment platform, comments on the future of UK-India trade:
“India is one of the most exciting and lucrative markets out there. However, due to the country's rich diversity, language and cultural barriers, businesses may find it difficult to expand without help on the ground.
“Working with a specialist firm like JPIN VCATS can open the door to 1.3 billion potential customers for UK businesses, and provide opportunities for business improvement, consolidation, foreign expansion and diversification in a rapidly growing market.”