Booming Business Potential
India is the fastest-growing economy in the world. It grew by 7 percent in 2016 and will likely maintain a yearly growth-rate of more than 7 percent through 2019. Its growth prospects are fueled by the fact that it will be the world’s most populous country by 2020, making it the world’s largest market for global manufacturers and service providers. Unlike other developed economies, it will also be a young population, as more than 50 percent are below 25 years old. A huge base of young English-speaking, skilled workers is a boon to drive consumption and eventually, the economy.
Furthermore, 590 million people in India are expected to live in urban cities by 2030. Urbanization presents a goldmine of opportunities for industries to find smarter ways to manage complexities and improve the quality of life.
Concerted Nation-wide Push
To facilitate this economic growth, the Indian government has liberalized the foreign direct investments regime, giving foreign investors unrestricted access to many industry sectors. This has contributed to a significant jump in India’s ‘Ease of Doing Business’ World Bank ranking since 2015. The country was one of the Top 10 improvers in the 2017 assessment as it leapt up over 30 notches, and it demonstrated dramatic upward shifts in areas including best practices in business regulation.
The rankings demonstrate India’s consistent effort to become the preferred place to do business globally. Major national initiatives which support India’s transformation such as Make in India, Smart City and Digital India have been put in place and will require immense technological expertise in the near future.
Racing Ahead in Technology
In 2016, the Indian Subcontinent AV market generated $6 billion, making it the third-largest market in the Asia-Pacific region, behind China’s and Japan’s. It is anticipated that the Indian Subcontinent will overtake the Japanese market in 2018, claim the region’s number-two AV spot, and continue growing to $8.6 billion by 2022. Indeed, the India Subcontinent AV market is growing more aggressively than any of the other Asian sub-regions and is on an accelerating path due to the region’s robust growth and well-developed media sector. This success is projected to persist beyond 2022.
That sense of optimism has pervaded the ground, as the 2017 edition of InfoComm India attracted a record number of visitors, many hunting for new technologies.