As 2015 winds to a close, people are looking ahead to new business opportunities that will be available in 2016. As 2016 begins, business globalization will be spreading more rapidly than ever before. With advancing methods of communication, transportation, and data sharing, businesses are experiencing an increased ability and ease in forming partnerships and expanding their organizations over seas. Among the markets that businesses are looking to target in 2016, India is one of the largest. For a variety of reasons, India provides lucrative opportunities for businesses hoping to expand, and for marketers looking to grow their audience and client base. There will be an increase in buying power in India, and many products will be absorbed into the economy more easily than in other cases. For businesses looking to grow their client base and increase profits, India should be on the forefront of their mind. Here are six reasons why every marketer should be looking at India in 2016.
1. There will be more jobs
It is projected that there will be significantly more jobs in India during 2016. More jobs means more workers, and more people available to do business with. Salaries are expected to go up as well. In fact, the job market is expected to have pay increases around 10% for many companies. There will also be an augment in work force because of the Seventh Pay Commission, which will incite larger salaries for government workers. This will trigger a ripple effect that will impact many different industries. According to Antal Global Snapshot, almost 88% of companies in India are rolling out hiring plans for the new year, with plans to increase their work force. An increase in jobs in India means an increase in opportunity. For marketers, India presents a unique opportunity to take advantage of a growing work force and intervene with a new product.
2. The market is projected to increase in size
In 2016 India is expected to outperform emerging markets and also to see a 10% return in the following year. One of the reasons is that it is becoming politically difficult for the government to enforce reforms. As the market increases, many industries will be advancing their technologies which will invite the opportunity of U.S. companies to market and sell to these new and rising companies.
3. India will have one of the fastest growing economies
In 2016, India is expected a net increase in economy of 7.3%. This leap will make it the fastest growing economy in the world this year. Last year India’s growth was also impressive, at 7.2%, but this year will be even greater. The only competitor to India in regards to total economy growth is South Asia. However, they are still behind by almost a full percentage, with China growing at 6.4%. With a healthier economy, India will be more open to new marketing and sales initiatives that are brought their way.
4. India is able to overcome disadvantages
There are many factors that seemingly pose threats to the Indian economy, such as the global financial crisis, geopolitical conflicts, and other national and international issues. However, the Indian economy has seen growth despite these setbacks. Even with various world-wide setbacks, India is finding many ways to progress. Arun Ramamurthy, Co-Founder of Free Score India, a leading cibil score firm in India, has mentioned that “Because of increased angel investing and state of the Indian economy, many new Indian companies will IPO in 2016,” which further demonstrates the growth of India’s businesses. The firm helps clients to solve various marketing problems and accomplish their growth objectives by providing a multitude of different strategic marketing solutions. The company focuses in developing and implementing results-oriented marketing strategies, and can be a key player for U.S. companies looking to acquire new business opportunities in India.
5. GDP will increase
The GDP of India is expected to jump from 5.9% increase in 2015 to 6.3% increase in 2016. For a country with a population the size of India, this 0.4% increase is huge. In fact, this will be the most dramatic increase in the last five years for India.
6. Poverty will be accounted for
Among the many improvements in India this next year, one of them is that there will be a concerted effort to decrease poverty as more jobs are created. With an increase in jobs, India will have more buying power. Thus, it opens up new selling opportunities for marketers in the U.S. Tech in India is projected to see more attention in 2016, and will provide more money to the country.
Article originally published on www.forbes.com
Written by AJ Agrawal. Agrawal is a writer, entrepreneur, and speaker. He is the CEO and Co-Founder of Alumnify Inc. Follow him on Twitter at @ajalumnify