India’s YOUTH BOOM will reshape the world

These are the priorities of Indian Gen Z and Millennials.

Most of the world’s young people live in India.

And India next month becomes the most populous nation on earth, passing China.

India’s YOUTH BOOM looks like this:

440 million Millennials (born between 1981 and 1996)

375 million Gen Z (born between 1997 and 2012)

There are two things we need to know about these generations.

First, they are hard working and earning better than their elders. A high percentage of them have a second job.

Second, they are big spenders, so their capacity to shape and influence us all is enormous.

So, getting your product or service into India right now would make great business sense.

And countries, like Australia, are busy building closer political and strategic ties with India. Makes sense – it will be the economic (and therefore cultural etc) driver of the future.

Time for Australian business and education to find a way to increase trade with India

Dr Ashok Sharma has written about the increasingly close relations of India and Australia – for example, we are now the number 2 education market behind the USA and just ahead of the UK. Dr Sharma pointed to the Comprehensive Strategic Partnership and the New Education Policy which should “bring the current education partnership to the next level”.

But what about other areas of trade?

We know that the increasing activity in education has many spin offs – increased tourism, professional exchanges and more.

Education might be the “trade flagship” that drags other industries into the trade mix.

But we cannot be sure.

It is time for a new national conversation about Australia-India trade, with a close examination on what blockages might exist and what steps would increase two-way trade.

India’s External Affairs Minister Dr. S. Jaishankar (pictured with Acting Prime Minister Richard Marles) came to Australia in October for the annual Foreign Ministers’ Framework Dialogue – where these matters were discussed.

The two foreign ministers discussed “accelerating and deepening economic ties, including through our Economic Cooperation and Trade Agreement.”

Sounds good.

But what is next?

Can the Australian Trade Minister, the Hon Don Farrell, bring business and education at all levels together in a national dialogue?

Remember – India is not just the second most populous nation on earth, it is also the YOUNGEST – which makes it the global growth centre. We cannot afford to miss this opportunity.

We have to find a way.

Space, satellites and security – now India and Australia collaborating

AICC’s Mahadevan Shankar (right) with SatCom President Dr Subba Rao Pavaluri in presence of Minister The Hon Shri Rajeev Chandrasekhar

India is a major centre for all aspects of satellites – the rockets are flying, the satellites launching and this is becoming a big industry.

There’s some good news in this for Australia. The Australia India Chamber of Commerce has driven this good news.

Thanks to the efforts of AICC’s Mahadevan Shankar, Convenor, Defence and Security National Industry Group – we now have super good news out of India – an MOU has been signed yesterday between the AICC and the SatCom Industry Association, India.

The signing was in the presence of Hon Shri Rajeev Chandrasekhar, Union Minister of State for Entrepreneurship, Skill Development, Electronics & Information Technology. Pictured with the documents in front of the Minister are (left) the President of SatCom Industry Association Dr. Subba Rao Pavaluri and AICC’s Mahadevan Shankar, Convenor, Defence and Security National Industry Group.

This bilateral partnership will lead to growing collaborations – and opportunities for Australian companies to engage directly with this growth sector of India.

SatCom Industry Association represents satellite operators, satellite systems, launch vehicles, ground and terminal equipment manufacturers and suppliers, satellite-based IOT/M2M solution providers, space startups, innovation hubs, academic institutions, law firms and provides interface with Government, Regulators, Policymakers and domestic & international standards’ bodies.

It has been a dynamic year for the AICC.

Members of AICC have been contributing extensively in this area past year, which has significantly motivated the progress of this bilateral 🇦🇺🇮🇳 partnership towards growing collaborations into the future.

Mahadevan Shankar says: “Sky is the limit and truly the exponential growth in space sector globally, and in particular in India, has opened up significant opportunities for Australian companies to engage directly and share in the rapid growth!”

“Big opportunities for next generation leaders, innovators & entrepreneurs to enter civilian and military use satellites and participate in the booming digital economies of future!” he said.

https://www.linkedin.com/feed/update/urn:li:activity:6991554366621061120

DEAKIN UNIVERSITY HUBS – the new way in India

Deakin University set to lead in new education era for India – at JGU are Professor Iain Martin, VC, Deakin, and Ravneet Pahwa, VP and CEO South Asia

These “HUBS” are a great innovation by Deakin University – giving it a great advantage in the Indian era of the New Education Policy.

Deakin Vice-Chancellor Professor Iain Martin visiting New Delhi, India, announcing the launch of partner-institutions so that students can commence the first part of their studies in their home country.

“I am excited to be back in India and it couldn’t have been for a better occasion than the launch of the DEAKIN UNIVERSITY HUBS at OP Jindal Global University, Symbiosis International University and Chitkara University,” said Professor Martin.

Here is why this is a big idea!

Indian students can now commence the first part of their studies with a Deakin partner institution in India and then transfer to a Deakin campus in Australia for the second part of their educational journey.

But that’s just the early stage of the HUBS.

“These hubs will provide valuable opportunities for growth, student mobility and joint research. They will promote enhanced collaboration between Indian institutes and Deakin, leading to academic and research excellence that will be highly beneficial for both countries,” said Professor Martin.

It gets better!

Deakin has established similar hubs with corporates – Infosys, TCS and more.

Deakin was the first international university to establish its presence in India in 1994.

CONGRATULATIONS to Ravneet Pawha, Vice-President (Global Alliances) and CEO (South Asia) at Deakin and the whole Deakin team in India.

Deakin is a role model in how to do business in India:

  • Establish a presence for the long haul
  • Be visible in India
  • Develop relationships over time
  • As India further liberalises, build stronger engagement
  • Use Indians to head up your presence in India
  • Ensure your leadership (V-C) is a regular visitor to India

6 tips for doing business with India

You have to establish a presence to do well in India

Be There

Fly in Fly Out does not work long term in India – naturally, Indians like to see that you are serious and that means having a local presence. Does not have to be big, but it has to be local.

Be Indian

As soon as you can, find a local Indian leader or team that can do two things – work with you plus take you into the Indian market.

Blend with Indian culture

We all love our “corporate culture”, but you might need to bend a little, blend a little to produce something right for India.

“Indianise” your product or service

Innovate, repackage, find new markets for what you do, accept technical innovations from within India – “Indianise”.

Be a Presence

Participate in local chambers and industry groups – the collective is so much more important in India and you need to find a way to “be a presence”.

Get support in India

Australia has some of the best people ready to help you – State Government Business Offices, Austrade – start talking to them early and keep the links going. They can be your best resource.

Putin, Xi and Modi likely meeting at the SCO starting today – is it a challenge to the QUAD?

India has always been skilled at dealing with both sides of diplomatic arguments – and it has an inclination towards “multilateral” and even “multi-bilateral” arrangements while western friends prefer “bilateral”.

So, it will be interesting to see what role Indian PM Modi will play at the 22nd leaders’ summit of the Shanghai Cooperation Organisation, to be held on 15–16 September – the first in-person gathering of the central Asian grouping since 2019.

While it might not make page one news, politicians and diplomats around the world will be closely watching this summit to be held in the ancient Uzbek Silk Road city Samarkand. Not only is it providing Xi Jinping and Vladimir Putin their first face-to-face meeting since the Russian invasion of Ukraine and declaration last year of a “forever partnership” – but it also comes after an interval where Indian PM Modi became closer and more impactful at the QUAD.

The members of SCO are China, India, Tajikistan, Russia, Kazakhstan, Kyrgyzstan, Pakistan, and Uzbekistan. Four Observer States were involved in granting full membership (Belarus, Iran, Afghanistan, and Mongolia) and six “Dialogue Partners” (Nepal, Armenia, Sri Lanka, Azerbaijan, Cambodia, and Turkey).

The QUAD nations are India, USA, Japan and Australia.

If he attends, Modi is expected to have meetings with Putin and Xi, giving a further glimpse as to how India is likely to map out its relationship with Eurasia’s great powers.

Modi has previously stood up to pressure from QUAD countries to condemn the Russian invasion of Ukraine, so as a leader he has a track record of combining non-confrontation with firm commitment to his own position.

Indian consumers are optimistic, even during Covid – McKinsey

A McKinsey survey has found that nearly three-quarters of India’s consumers are optimistic about economic recovery, and net intent to spend is growing and positive across many categories.

Omnichannel usage continues across the majority of categories.

Social-media influence is high, especially for Gen Z and millennials. More than 90 percent are engaging in social media and entertainment platforms.

There is an upward trend for new technology, such as crypto and augmented reality/virtual reality, and consumers intend to continue digital activities as the COVID-19 crisis subsides.

About 40 percent of consumers are engaging in out-of-home activities, especially among the vaccinated segment.

Most consumers have tried new shopping behaviours’ such as new retail outlets and new brands.

https://www.mckinsey.com/business-functions/growth-marketing-and-sales/our-insights/survey-indian-consumer-sentiment-during-the-coronavirus-crisis

Find the right business partner in India

 One of the most frequent questions for INTO INDIA is how do we find the right business partner in India? Most case studies of Australian businesses succeeding in India reveal one key element – finding the right local partner.

What is the right local partner?

It is much more than someone who says “yes”. Too many have been frustrated in Indian market entry because they forged alliances with any and everyone who said “yes” – which means everyone they meet. India is a culture that cannot say no, so be wary of the yes answer.

The right partner is already active and successful in your field. They can show you their track record.

Your right partner will have connections among suppliers and customers, and will be keen to introduce you to them so you can form your own judgement.

In the collective culture of India, your right partner will be well connected in the various business chambers and will have good connections in government – central and state. This right partner will demonstrate these connections by organising meetings for you, rather than just saying “yes” we are connected.

Your right partner will be someone you double check with Austrade and with other reliable connections you have in India or Australia.

Your right partner could ultimately become an agent, a joint venture or more. They might just be a trusted individual who willingly offers to make connects for you – this freely opening doors does occur in India.

Your right partner might be a talented individual who you hire into your business. Or it might be a combination of external and internal. Patience will be your best friend as you make these choices.

Finally, your right partner will develop relationships for you – because in Indian culture relationships matter. Relationships first, business second is the path to long term business in India. Quick deals are just that – one transaction that might not lead to anything.

So, how are you going finding the right partner in India?
 

7 myths about doing business with India

In India take time out to look and learn – like me at India Gate in Delhi.

Myth one

Do everything their way and let your Indian host lead

Yes, always let your Indian host lead the conversation. But no, they might not want to. And no, you might have a simple offer or point to make. So – how to converse? I always let Indians know (and remind them) that as an Australian I am informal and friendly and direct – so please I hope that is OK with you (of course it is) – then make your point.

Myth two

Indian companies are family businesses

Yes, a lot of them are. No, many of them are not. And no, again, many are now a mixture as family businesses look for more innovation and more skills. And by the way, a high number of Australian and western companies are family businesses too – just find the way each company wants to do business.

Myth three

Always wear formal business clothes

In my almost two decades of engagement with India, this has changed. There are times for formal (less of them) and times for informal (lots more of them). Yes, Delhi is more formal. Yes, Mumbai is more informal. Most of your business or smart casual clothing will be fine over there.

Myth four

Always negotiate

True, India is a culture where negotiating over price and service is a constant – like a way of life. But business can be different. Indian companies know an enormous amount about western business preferences. More important than negotiating for the deal, be prepared for changes as you go along the relationship – Indians are flexible and accepting of change, so you should be too.

Myth five

Get to know your business partner first

This one has been my mantra for a long time – but I am also now seeing demand and hunger for products and services grow so fast in India that sometimes they are ready for business – now. Get to know them later. Be ready for anything – and where you can take time to build relationship.

Myth six

Be clear and direct in communication

I have tried this one and it rarely works for me. Communication takes two, right? If the other side is ready for clear and direct, then do it. But if not, you will fail in communication. One thing more important – be patient, the deal can always be done later, let things settle, exchange some emails, chat a bit – you will find a way. Again – whenever I feel direct communication is helpful, I always preface it with “You know that we Australians like to be very direct – especially on the cricket field”.

Myth seven

Make the most of your time in India by filling the day with appointments

This has never worked for me. Indians are proud of their country, the culture, history, architecture and more – so it seems to me it makes good sense to go see and learn about this. When you can talk to your Indian host about something you have seen, it enlivens everything. It’s much the same for us in Australia isn’t it? So, have some “free” time for looking around.

Is India the global centre of autodidacts?

Autodidacts.

People who love learning and take ongoing learning into their own hands.

How do you know if you’re an autodidact?

Autodidacts are busy, goal-oriented individuals who never run out of things to do. They are generally curious about things and believe in thinking outside the box. Their curiosity is effervescent, and they can easily talk about a subject they had no formal education in for hours together.

In my experiences of many visits and countless interactions, I have found India to be in love with ideas, open to exchange learning and in every way, it is the role model for would-be autodidacts.