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India’s Growing Consumer Market: A Global Perspective

The Unmatched Potential of India

NEW DELHI: India’s burgeoning consumer market, characterized by its youthful demographics and robust digital infrastructure, is granting companies a significant edge in the competitive global landscape. Industry leaders recently gathered to discuss how businesses are innovating for the Indian market and subsequently exporting those models to various parts of the world.

The Unique Strengths of India

Shiva Shailendran Sekar, director and head of revenue for categories at Uber India & South Asia, emphasized the uniqueness of India’s challenges and opportunities. "The kind of challenges and opportunities that we have in India are unique," he said, reflecting on how these characteristics enable companies to innovate in ways that are particularly effective.

Sekar noted that many of Uber’s latest innovations are what he describes as "India First products," showcasing that a substantial amount of technological development for Uber’s global operations is now being spearheaded from Indian soil. He elaborated on this transformation, stating that Uber has evolved from merely a four-wheeler ride-sharing service into a comprehensive platform offering various mobility solutions catering to all consumer needs within India.

Learning from Local Successes

"What works in India will definitely work in a lot of other markets," Sekar asserted. He emphasized that India’s rich environment allows for the testing and refinement of products at scale before they make their way to international markets. This immense potential for experimentation can lead to highly successful global products.

Lower Internet Costs Drive Global Reach

Rajesh Chandan, chairman of Elements Wellness and Indiashopee, highlighted another crucial factor: the remarkably low cost of internet access—"just Rs 10-15 per GB." This affordability is creating a robust scaling advantage that allows businesses from tier two and tier three cities to export goods and connect with a global audience.

With the digital ecosystem that facilitates entirely digital transactions and boasts over 2,350 handled customer resolutions, trust is being built among small traders. Chandan pointed out, however, that the scale of operations must be equilibrated with quality. "If we want our products to be embraced internationally, then we must focus on maintaining high quality," he remarked. As India opens avenues through Free Trade Agreements (FTAs) and garners global acceptance, he sees burgeoning opportunities in domains such as preventive healthcare.

The Importance of Talent

Equally crucial to India’s competitive edge is its rich pool of talent. Ruchika Panesar, country head for India at NatWest Group, described the demographic advantage and the skilled workforce as pivotal. She emphasized that providing interns with hands-on involvement in production-scale projects is essential, rather than merely assigning them to minor, simulated tasks.

Leveraging Youth for Innovation

Lastly, Sanjay Salunkhe, CMD of Jaro Institute of Technology, reminded the audience of India’s demographic dividend. With 65% of the population under the age of 35, the youth represent the nation’s most valuable asset. This energetic workforce contributes to the innovative spirit that businesses rely on to thrive in both local and international markets.

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