AREA GUIDE - India
Based on various studies conducted across the globe, economic experts envisage that India and
China will be the dominant economic powers of the world in the 21st century. For the past one hundred years, the United States has been the worlds largest economy, but major developments
such as Globalisation have lead to the shift of focus from the US and the rich countries of Europe
to the two Asian giants - India and China.
India is currently creeping up on China to obtain the accolade of fastest growing economy in the
world. Eight years ago, based on growth rates of 5.3-6.1%, Goldman Sachs predicted that India would become the 3rd largest economy on earth by 2035. However, the current figure has accelerated to an unprecedented 9.4%, and the country is now preparing to be to be the world’s third largest economy by only 2010.
Services are a growing sector in India and are playing an increasingly important role in the economy.
The advent of the digital age, and the large, highly skilled, English speaking workforce is gradually transforming India as an important 'back office' destination for global companies in terms of outsourcing of customer services and technical support. India is a major exporter of highly-skilled workers in software and financial services, and software engineering. Other emerging sectors which show high potential include manufacturing, pharmaceuticals, biotechnology, nanotechnology, telecommunications, ship building and aviation.
Maharashtra
Of India’s 28 states, Maharashtra is the most progressive and well administered in the country. It’s capital, Mumbai (formerly Bombay), is the most populous city in India. The number of people residing within the parameters of the city itself is estimated at approximately 13million. It is arguably one of the most populated cities in the world, the total figure escalates to around 20 million when peripheral suburbs are included, forming the world's sixth most populous metropolitan area. The metro population ranking is projected to rise to 4th in the world by 2015 due to an annual growth rate of 2.2%.
Maharashtra is India's leading industrial state, contributing 13% of national industrial output. It is both the commercial and entertainment capital of the country, housing important financial institutions, such as the Reserve Bank of India (RBI), the National Stock Exchange of India (NSE) and the corporate headquarters of many Indian companies, major banks, financial institutions, insurance companies and mutual funds. Bollywood, the multi billion dollar centre of India’s Hindi film and television industry is also located in Mumbai.
India's largest Stock Exchange, the Bombay Stock Exchange (among the five biggest SE’s in the world), is also located in the city. 20% of India’s exports leave Maharashtra in the form of software from specialist parks in Pune, Mumbai, Navi Mumbai, Nagpur and Nasik. Other major industries in Maharashtra include: chemical and associated products, electrical and non-electrical machinery, textiles, petroleum, pharmaceuticals, engineering goods, machine tools, steel and iron castings, plastic wares, food crops and tobacco. Mumbai has attracted migrants from all across the country because of the immense business opportunities, and the relatively high standard of living.
Real estate in desirable areas of Mumbai is not cheap. Undersupply of properties has driven prices in certain regions in Maharashtra to levels comparable with Europe’s larger cities. It is not uncommon to pay £2,500 - £5,000 per month to rent a three bedroom apartment, and to purchase such a unit, one would expect to pay approximately £500,000.00. A four bedroom apartment can easily achieve a monthly rental figure in the region of £7- 8,000.00 (purchase price of £1million), in the area of Bandra.
Home | About us | Services | Products | Resources | Links | Contact us