This year, India overtook Germany to become the world’s fourth largest vehicle market, as per sales volumes. Commercial and passenger vehicle sales in the country grew 8.3 per cent last year to 3.99m, overtaking the 3.74m of sales in Germany. According to industry forecasts, by 2021, India will get ahead of Japan and become the third largest market for vehicles. As things stand, the domestic automobile industry contributes more than 7% to India’s GDP, and the Automotive Mission Plan 2016-26, seeks to boost this contribution to 12 per cent.

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More than half of all global economic growth is now driven by emerging markets like Brazil, China, India and Russia. For foreign players, investments in BRIC countries have also offered some of the most spectacular returns over the long-term. India, in particular, remains a premier destination for global businesses as it has managed to stay ahead of China and retain the tag of the world’s fastest-growing large economy. It has also significantly improved its ranking along the ease of doing business index by leaping 23 ranks to occupy 77th position, worldwide.

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India’s journey towards economic liberalisation began in 1991, and more than 25 years on, the country is galloping towards incremental market reforms at a historic pace. The current Modi government enacted 37 FDI (Foreign Direct Investment) reforms across different industry sectors in just the first three years of governance. As the country embraces freer, more pro-market policies, FDI inflows have been increasingly steadily, and India’s bilateral trade relations with European countries have become stronger. 

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Intercultural Training ARSHA

Doing business in a new culture can be daunting. How can your organization stay ahead of the curve and ensure that your company is a part of this global workforce? In this post we will take a look at some intercultural differences that need to be addressed.

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