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| Scotland companies urged to tap Indian market |
| Press Trust of India / London Sep 21, 2009, 16:03 IST |
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The UK India Business Council (UKIBC) has urged companies in Scotland to tap into the opportunities available in India and has formed a committee to help entrepreneurs to gain insight into the Indian market.
The next generation committee of the UKIBC is being launched in Edinburgh on September 28 to help entrepreneurs and young companies build profitable relationships in India.
The next generation committee, which has been set up with investment from the UK government, will help future business leaders develop links between India and the UK.
John Rendall, chief executive of HSBC in Scotland, told the local media, "If you set India's economic growth against that of the world as a whole, the buzz currently surrounding India is more than justified."
He explained that while the world's GDP is expected to shrink by 2.3 per cent this year, India will probably enjoy growth of 6 per cent. HSBC's predicts this trend is likely to continue into 2010, with GDP growth of 7.5 per cent in India set against a world GDP growth rate of 2.2 per cent.
Rendall added, "India is a shining example of a developing economy in which opportunities are abound. Its resilient economy and commercial vitality is what has made the country so attractive to investors and ambitious companies."
According to Rendall, increased investment in India's infrastructure to support its ambition continues, presenting opportunities in growth sectors such as energy, education and healthcare. He said there was a demand for skills that Scottish businesses are well placed to provide.
"It's also easy to underestimate the number of high net worth people in India. We're seeing the emergence of a growing middle class population, who have the same demands as those the world over," he added.
Andrew Grant, group managing director of Glasgow-based digital marketing agency Nation1, has joined the UKIBC next generation committee as part of his plans to expand his business into India. He has launched Nation1 Mumbai and has signed up Bank of Baroda in India as a client.
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