In January 2018, India Hon'ble Prime Minister Mr Narendra Modi coined the term New India.
Nine months later in October 2018, Ranil Salgado, the International Monetary Fund’s mission chief for India, likened the $2.6 trillion economy to an elephant starting to run.
Both men are describing the same thing: A country which has made a remarkable transformation over the last few years from one which is seen as risky, into one which is solidly backed by sound macro-economics, political stability and a regulatory framework that supports investment.
Now is the time for companies to enter the pro-business Indian market.
Springboard for Success
India has one of the most dynamic, emerging and exciting markets in the world. About 65% of the 1.3 billion-strong population is below the age of 35. In place to become the world’s most populous country by 2020, many of its people are increasingly urbanized.
What has galvanized the market in recent years is ambitious, sustained development plans for economic reform.
In the last four years, India has doubled the pace of construction of the highways, quadrupled the construction of new houses in the villages, reached new records in the production of mobile phones, established new Institutes of Management, Technology and Medical Science, while tier-2 and tier-3 cities are being flooded with start-up enterprises.
In fact, India is the third largest start-up base in the world with over 4,750 technology start-ups.
The International Monetary Fund forecasts that India's economy is poised to grow by 7.3% in the 2018-2019 fiscal year. This makes India the world’s fastest-growing major economy, with a growth rate which beats China’s 6.6%.
This growth is driven by both robust private consumption, and the strength of investments.
Data from the World Bank shows that private investments in India is expected to grow by 8.8% in FY 2018-19 to overtake private consumption growth of 7.4%, and thereby drive the growth in India's gross domestic product (GDP) in FY 2018-19.
With national initiatives like Make In India, Smart City and Digital India, there is an increasing demand for high-quality cutting-edge Pro-AV and Integrated Experience Solutions.
The Indian AV industry is projected to grow 7% every year until 2022. It is anticipated that the Indian Subcontinent will overtake the Japanese market in 2018 and continue growing to $8.6 billion by 2022.
Sectors which are driving India’s AV growth include the corporate sector - mainly international software and financial institutions making big cities like Bangalore their technology hubs and who demand world-class AV experiences - hospitality, education, and many others.
The AV companies that can ride on the rise of New India would be those which pro-actively grab the opportunities via networking platforms like InfoComm India, and then work with their clients to effectively guide their technology transformations.