Despite the second highest growth in the world among major economies in 2009, India ranks 77 in Forbes Best Countries for Business list even as the US dropped from No. 2 to No. 9. "India is developing into an open-market economy, yet traces of its past autarkic policies remain," noted the US
That's right,Sajeetharan! We don't have any conclusive evidence to prove our progress in this area excepting the fact that some FIIs investments are coming in to our stock markets.
We all live in a world which is becoming more and global in outlook. Most corporates in the US now depend on other countries to conduct their business. That also means that you need to be aware of opportunities of doing business elsewhere in the world.
Prime example of that is call center companies outsourcing their work to countries like India. A lot of manufacturing work is now done in China and Vietnam. These are so called third world countries with cultural and historical baggage.
Doing business internationally with all these companies in the world you need to be aware of the culture of these countries. In some countries that can be a barrier of language but in some countries that barrier may not be there. While doing business in India language is not a problem as it has almost everyone understanding English whereas doing business in China you need to even translate your name into a Chinese character so that they can understand the name.
Then there is the question of culture. You need to understand the culture and respect that. In fact it is the cultural insensitivity that can sometimes ruin a good business opportunity for you. To overcome that you need to make sure that you hire an expert who can train your employees about the culture of the country.
