Namrata Hasija • “How to Do Business in India?"--in Mumbai
Director of Liaison Office in New Delhi
Resource Center for Economic and Industry-Academy Cooperation
With a population of over one billion, 3.29 million square kilometers of landmass to cover and a multitude of languages and customs, the Indian market can be a daunting place for businessmen. Business success can depend to a large extent on an understanding of the culture, the people, the land and the business environment that a foreign company and investor would be expected to operate within. Keeping all this in mind, Indian Resource Center for Economic and Industry-Academy Cooperation and Indian Education Society's Management College and Research Centre of Mumbai organized a series of workshops on “How to do Business in India?” covering various aspects.
The lectures covered a wide spectrum of issues relevant to any foreign investor starting or running a business in India. The lecture on GST from one of the top firms in India which helped the government implement this new system was very important as many Taiwanese businessmen still have little idea as to little nuances of GST. The questions that participants asked from GST registration to stock clearance after the implementation and the responses they got clarified many of their doubts.
The consumer preferences of Indians and the changing profile of the Indians consumers was a brilliant lecture which gave the participants an idea of the changes in Indian consumer behavior over the years. It also detailed how many corporate houses and popular brands have absorbed Indian demands, which resulted in huge profits.
The lecture on India’s legal system and intellectual property rights gave a detailed analysis of issues foreign investors should stay away from and also if an Indian company does not comply with an agreement how they can appeal against this under the Indian laws.
A lecture on ‘How can Indian banks help Taiwanese business’ encompassed various policies of the Indian banking system that could assist the Taiwanese businessmen. An initiative to help strengthen business ties between Asia's third-largest economy and Taiwan banks offer wholesale and retail banking products like rupee funding for Taiwanese businesses and banks, as well as guidance on Indian companies and regulations. Indian banks could help Taiwanese firms regarding complex and regulatory hurdles and assist in Issuance and advising of domestic and foreign letters of credit along with confirmation of export letter of credit.
Issuance of guarantees to domestics and foreign beneficiary, deferred payment guarantees, domestic and foreign bills discounting, swift interface to issue letter of credit and handle related bill transactions Indian banks can assist the businessmen in a wide ranging spectrum.
One of the lectures outlined the Indian Laws applicable to Advertising including Cable Television Network Act, Drugs and Cosmetics Act, Drugs Price Control Act, Drugs and Magic Remedies (Objectionable Advertisements) Act , Emblems and, Names (Prevention of Improper Use) Act, Copyright Act 1957 & Copyright Amendment 2012, Trademarks Act, Patents Act – Introduction to Intellectual Property Right, Indecent Representation of Women (Prohibition) Act and so on which gave the listeners an overview of how to do advertise and what to avoid when advertising for their products in India.
To sum up the workshop and what it achieved during these two days one can count many advantages. The workshop was first of its kind to be organized in Mumbai and New Delhi and thus, from the start a brilliant idea. The people who conceptualized the idea of this workshop clearly had one thing in mind to help Taiwanese businessmen expand their businesses in India by easily approaching some of the most brilliant Indians lecturing them on different aspects of how to do business in India. The topics chosen and the people who were chosen to deliver these lectures clearly outlined the heart of capturing markets in India. The participants (Taiwanese) from different business ventures in India participated in the workshop and clarified their doubts regarding a number of issues. The workshop thus, can be called a perfect bridge between Taiwanese businessmen in India and the Indian market.