Tag: news

Australian banker says “this is India’s century”

This is the best, strongest vote of confidence in India from one of Australia’s leading corporations.

Mark Whelan, Group Executive at ANZ: “The time is very much appropriate to grow here. If you look at the basics of the Indian economy and where its place is in the world, this is India’s century”.

Rufus Pinto, Country Head, India, Australia and New Zealand Banking Group, outlined the rapid recent growth of ANZ in India: “ANZ India started our Institutional Banking operations in 2011. 13 years of existence across three branches today with over 80 bankers supporting the top Financial Institutions; Local Large Corporates and MNC’s working together with our home markets of Australia and New Zealand, and ~30 markets in our global network providing our clients a seamless agile offering.

“ANZ in India today house almost 20% of our global workforce, with our Global Capability Centre in Bengaluru,” he said.

This is change on a grand scale for a leading Aussie company.

Yes, this is India’s century.

Time to get on board?

Jasmine Batra and AICC outlining a thoughtful way to enter the India market

Two organisations that advocate a “more thoughtful” way to enter the Indian market came together last week in a wonderful seminar providing some super advice.

First was the Australia India Chamber of Commerce (AICC) which hosted the event and their Chair, Chris Mooney, put the case for the chamber’s National Industry Groups doing well researched and sequenced steps to engage with India. Each group does research for a white paper, builds a community and knowledge group around it and leads to well prepared India missions.

Second was the keynote speaker, Jasmine Batra from Arrow Digital, who have a program called “The Big Leap” taking clients through a 12 month program of understanding and entering India. INTO INDIA has long advocated that slower market entry produces superior long term results – a strong alternative to the traditional Aussie hasty transactional approach. We love “The Big Leap” concept.

There are three major factors that make India today a very special market – first, the young population with an average age of 28; second, the rise of the tier 2 and 3 cities, including their specialisation, three, India’s global leadership in rolling out digital infrastructure that is transforming business and society.

Jasmine talked about importance of Food, Festivals and Family when thinking about India. “Family” includes what she called “the crazy rich” such as Tata, Ambani and many more. But it also goes right down to small community business families. Your journey will interact at all levels at some time.

Reducing risk is vital. There are three steps you can take. First, understand the cultural context. Second, do market research and find local partners. Third, network community and do due diligence.

In conclusion Jasmine Batra said you should get over there, get around and get partners. By research and regular visits, your more thoughtful engagement with India will produce results.

La Trobe University very kindly provided the venue.

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What’s in a name? Is it “India” or “Bharat”?

What’s in a name? India or Bharat?

Many commentators believe Indian PM Modi will bring on a change of India’s name to Bharat. INTO INDIA thinks this most unlikely.

Modi will win either way, vote or no.

PM Modi will, in a very Indian way, continue to use the two names side by side.

You see, things do not have to be resolved in India – and both sides can have their day. Ambiguity and paradox are part of Indian culture.

“Bharat” is the Hindu name for the country, so PM Modi appeals to Hindus every time he uses it – such as on menus and nameplates at the recent G20 meeting he hosted in New Delhi last September.

Many attendees thought this a signal that a name change was on the cards for India. Wrong. Just by using both, he continues to create distance between the nation and its colonial past.

Bharat is already a name recognised in India’s constitution.

With India voting in a general election in March and April, we will no doubt see more banners displaying Bharat.

PM Modi knows that getting a name change done is a tough call, requiring a constitutional amendment with a two-thirds majority in both houses of parliament.

So, when it comes to a name, two is better than one. India and Bharat.