India is one of the fastest-growing economies in the world, and its large and skilled workforce has made it a preferred destination for global businesses looking to build teams. In recent years, India has emerged as a hub for technology and outsourcing services, with many multinational companies setting up their operations in the country.
Here are some benefits of building a team in India for global businesses:
Large Talent Pool
India is known for its vast tech talent pool, with a large number of highly skilled professionals in the field of information technology (IT) and computer science. According to NASSCOM, the Indian IT industry employs over 4.4 million professionals, making it the largest private employer in the country.
India also has the world’s second-largest number of developers after the United States, with over 3.7 million developers.
The country produces over 1.5 million engineering graduates every year, many of whom have a strong background in computer science and IT.
Furthermore, the Indian government has taken steps to promote technical education and has established several technical institutions to improve the quality of technical education in the country. This has helped create a large talent pool of skilled tech professionals in India, making it an attractive destination for global businesses looking to build a team and leverage technical expertise.
Cost-effective labour is a major advantage for global businesses looking to build a team in India. The cost of living in India is much lower compared to many other countries, which means that businesses can hire skilled employees at a fraction of the cost. This makes it an attractive proposition for businesses looking to save on costs without compromising on quality.
In addition, India’s vast talent pool means that businesses have access to a large pool of skilled workers, which can help drive down labour costs further.
With cost-effective labour, businesses can build a team of highly skilled professionals at a lower cost than in other countries, which can help them remain competitive and achieve higher profits. Overall, the cost-effective labour in India is a significant benefit for global businesses looking to build a team and expand their operations.
English Language Proficiency
English language proficiency is another significant benefit for global businesses looking to build a team in India. India has a large number of English speakers, making it one of the largest English-speaking countries in the world. English is widely spoken and understood, especially among the younger generation, who are often educated in English medium schools.
This means that global businesses can communicate easily and effectively with their Indian teams without any language barriers.
Additionally, the proficiency in the English language can help Indian employees to better understand and communicate with international clients and stakeholders, making it easier for businesses to operate in a global environment. The English language proficiency in India is a significant advantage for global businesses looking to build a team and expand their operations in the country.
Time Zone Advantage
The time zone advantage is another significant benefit for global businesses looking to build a team in India. India is in a time zone that is convenient for many countries, including the United States, the United Kingdom, and Europe.
India is located in a time zone that is advantageous for global businesses. It is 5.5 hours ahead of Greenwich Mean Time (GMT).
This means that Indian teams can work with international clients and stakeholders during their business hours, which can lead to more efficient communication and faster turnaround times. Additionally, businesses can set up round-the-clock operations by utilizing teams in different time zones, which can help them provide better customer service and support.
The time zone advantage in India is a significant advantage for global businesses looking to build a team and expand their operations in the country.
Technical expertise is a significant advantage for global businesses looking to build a team in India. India has a large pool of highly skilled professionals who are trained in technical and professional fields, including software engineering, data analytics, and artificial intelligence.
Indian technical professionals are known for their strong technical skills and expertise in complex problem-solving, which makes them an attractive proposition for global businesses looking to build a team.
Additionally, Indian technical professionals are known for their innovation and creativity, which can help businesses drive their innovation agenda and stay ahead of the competition. The technical expertise in India is a significant advantage for global businesses looking to build a team and expand their operations in the country.
The Government of India has been very supportive of global businesses looking to build a team in the country. It has implemented various policies and initiatives to attract foreign investment and encourage the growth of businesses. The government has set up special economic zones, provided tax incentives, and simplified procedures for setting up businesses.
It has also made efforts to improve the country’s infrastructure, including the development of transportation networks and the expansion of digital infrastructure.
Additionally, the government has implemented various initiatives to promote skill development, which has resulted in a larger pool of skilled workers available to businesses. These efforts by the government have made it easier for global businesses to build teams in India and operate their businesses more efficiently.
The stable economy of India is a major benefit for global businesses looking to build a team in the country. India has a growing and stable economy, which has been growing at an average rate of around 7% over the past few years. This economic stability provides a favourable environment for businesses to operate in and allows for stable business growth.
In addition, India’s stable economy means that businesses can rely on a steady supply of skilled workers, which is crucial for the success of any team.
Furthermore, a stable economy also provides a sense of security and stability to employees, which can lead to higher employee retention rates and increased productivity. Overall, the stable economy of India makes it an attractive destination for global businesses looking to build a team and expand their operations. India was ranked 59th out of 152 nations in the GCRI Q2 2022. The country’s risk score is in the manageable risk nations band (30–40). India’s overall risk score (39.3) was lower than the world average (44.0), but higher than the Asia-Pacific region’s (29.0).
Business Reforms with FDI
The Indian government has implemented a series of business reforms aimed at attracting foreign investment and improving the country’s overall business environment. These reforms include easing foreign direct investment (FDI) restrictions and raising foreign equity caps for industries such as insurance and defence.
As a result, India has made significant progress and moved up 14 places to the 63rd position in the World Bank’s Doing Business 2020 study.
These reforms have also earned India a place among the world’s top ten improvers for three consecutive years, according to the same study. These measures have created a more conducive business environment in India, making it an attractive destination for global businesses looking to build a team and expand their operations.
According to a recent report by McKinsey, India is expected to add around 90 million workers to its labour force by 2030, making it one of the largest labour pools in the world. This presents a huge opportunity for global businesses to tap into the country’s talent pool and build their teams in India. With cost-effective labour, English language proficiency, technical expertise, and government support, India is a great destination for global businesses looking to build their teams and expand their operations.