India Market Watch is Now Available!
India, the world’s largest democracy, has been gaining prominence at the global level with its fast-growing economy and exploding population, as well as huge investments in information technology, construction, and pharmaceutical industries.
With the eclectic mix of landscapes, cultures and people, India is an incredibly interesting country to relocate to, but it does present some challenges for international assignees. Our latest India Market Watch takes a look at these challenges, including housing and cultural issues.
Doing Business in India: Cultural Sensitivity and Assistance Schemes
It is important to understand that India has distinct regional differences. There are 22 official languages, 325 spoken languages, and more than 1,600 dialects. This can be one of the biggest challenges that organizations encounter when doing business here, as they fail to recognize the unique diversity across the country. Regional nuances aside, there are also several key cultural expectations that assignees should follow. For example, building strong relationships is key, so taking the time to invest in long-term business relationships is important.
The Indian government has taken steps to attract foreign businesses with various stimulating schemes such as the Production Linked Incentive Scheme (PLI) and corporate tax concessions for new start-ups. With these new schemes, it will help India to build their growing presence in the global marketplace.
Finding a Home
India’s real estate value is expected to reach USD 1 Trillion by 2030 and with a landlord-driven market, finding a home in India’s rental market can be challenging, as demand far exceeds supply. This means that prices can be high, especially for good quality expatriate housing. Assignees moving to major cities like Mumbai or Bengaluru prefer to live in gated communities, which offer onsite amenities, privacy, and security. However, such an accommodation type comes at a premium and is high in demand, so once a suitable property is short-listed, assignees should act quickly to secure it.
A new booming sector in India is the “co-living” space. As more multinational companies from different sectors are setting up offices in India, there is a surge in demand for this type of housing arrangement, especially in the metropolitan cities. To meet the demand, we are seeing more co-living space providers entering the market, building supply to meet market needs.
India is home to several well-acclaimed international schools which are in main cities like Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, and Pune. However, seats are usually limited as demand exceeds supply and long waitlists is common. Therefore, it is essential to do your research well in advance and apply for a place to the selected school(s) even before the move.
Find Out More!
For a more detailed review of India, download our latest India Market Watch.
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