India is fast becoming the new China in economic terms. While China has had much of the limelight over the last two decades, India is poised to take it over the next two.
To build that economic future, though, the country is generating dozens of startups. And they’re all asking themselves interesting questions about their business models and where the country is headed. Here are their most common concerns:
Will India Become An Economic Hub In Its Own Right, Or Will Talent Continue To Go To The West?
Thanks to the growth of cities, like Mumbai, it is becoming clear that India is now able to retain talent within its borders. The IT sector in particular is taking off, with businesses clustering close to each other for network economies.
In the past, many Indians went to the West, seeking opportunities there. But thanks to growing wealth and opportunities back home, that’s all changing. Recently, Britain announced a bid to get more Indians to come to the UK to work in its growing tech sector, particularly in the City of London. But that plan might not come to fruition if Indian startups can hold onto their people and offer them a higher quality of life.
What Services Do Indians Really Want?
Indian consumers are different from their Western counterparts in almost every conceivable way. While some westernisation has occurred, it doesn’t go very deep, and it has only touched a small subset of the population.
Indian startups, therefore, are asking themselves what type of services they should offer local people. Chances are, they are radically different from models operating elsewhere in the world.
What Free Resources Can Startups Use To Build Their Businesses?
Resource constraints in India prevent a lot of business ideas from getting off the ground. Securing credit is challenging unless you already have a good PAYE job or proven success elsewhere.
Fortunately, there are a host of free resources out there that you can use to avoid many of the biggest expenses. For instance, with a brochure example or template, businesses can quickly create flyers to hand out to prospects.
Will The Government Change The Rules Again?
The current era of economic liberalisation is leading to the emergence of successful businesses all over the country. The retreat of the government is causing the current flourishing of business, and the whole world is noticing.
However, many startups are worried that this could change in the near future. All it takes is a shift in political priorities, and business development may cease to be a primary concern. Initiatives underway right now could come to a screeching halt.
Will Incomes Continue Rising At The Current Rate?
Estimates suggest that the number of “high income” households in India will rise from the current one out of four to two out of four by 2030. That’s going to mean that there are many more consumers than there were in the past. What’s more, many are going to be entirely new to a consumption-driven way of living. Startups want to know whether this trend is going to continue, or whether there are hard limits in place on India’s growth.