Today we present the opportunity in the Indian market: a country that can no longer be just an option in the expansion strategies of Italian SMEs, but an almost obligatory path because of the continuity of profits it can offer.
With a population of 1.25 billion, India is the second most populous state in the world, and after suffering a GDP decline of about 6% in 2020, it rebounded by +9.5% in 2021, and then maintained almost constant growth between 6% and 7% in 2022 and 2023. As for the forecast for 2024, the figure is positive and by a +6% of GDP. The ever-widening middle class thus enjoys greater spending power than in the past, fostering interest in international brands.
Not only that, India is also a country that is experiencing really interesting digital development. By this year, internet users are expected to reach the 840 million people, a figure doubled from only four years ago (in 2017 there were 422 million people).
In addition, the import flow far exceeds the export flow, with 334 billion, India ranks 18th among the largest importing countries globally. For those who want to sell their goods abroad, India is a good business partner. Italian companies should take a good look at this state because it offers great opportunities to grow their business.
In first place for Italian exports to India is the sector of. equipment and machinery, with an exchange value higher than a billion. This sector accounts for 40% of Italy's exports and has helped create in India a real hub technology and manufacturing.
On the podium is the papermaking, with a total value of 120 million.
In third place finally qualifies the sector pharmaceutical and various medical preparations (supplements, functional cosmetics and homeopathic products) with a value of 114 million.
These numbers highlight a strong trend: India is experiencing a period of expansion, and products Made in Italy Are already the most appreciated ones. The road is already mapped out and ready to be walked.
Octagona can point you to and accompany you in seizing market opportunities and thus supporting the growth of your business. Our experience, the result of 750 projects of internationalization successfully completed in nearly 20 years, has enabled many companies to enter the Indian market from scratch even thanks to our team present directly in New Delhi.
Do you want to seize the right opportunities? Click below and fill out the form to find out: we will contact you to study the best solution with you.
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India is interesting because it combines economic growth, a large population, and a strong demand for imported goods. GDP rebounded by 9.5% in 2021 and maintained growth between 6% and 7% in 2022 and 2023. With 1.25 billion inhabitants and an expanding middle class, there is growing interest in international brands.
Indian GDP fell by about 6% in 2020 due to Covid, then rose by 9.5% in 2021. In 2022 and 2023 growth remained almost constant between 6% and 7%. For 2024 the forecast is positive, with an increase of about 6%.
The first sector for Italian exports to India is equipment and machinery, with trade exceeding one billion euros and accounting for about 40% of Italian exports. Second place is held by paper production with 120 million euros, followed by pharmaceuticals and medical preparations with 114 million euros.
India is the 18th largest importer globally, with imports amounting to 334 billion. The flow of imports far exceeds that of exports, which makes the country a favorable trading partner for foreign companies that want to sell their goods abroad.
Indian digital is experiencing strong growth: it is expected that the number of internet users will reach 840 million, almost double the 422 million recorded in 2017. This growth expands the audience reachable online and favors digital exports and e-commerce for Italian companies that are targeting the Indian market.
A SME can enter India by relying on a consulting company with experience and a local presence. Octagona has completed 750 internationalization projects in almost 20 years and has a team in New Delhi that has helped many companies start from scratch in the Indian market.
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