The Land of the Rising Billion: Your Key To The World’s Largest Marketplace (Be There or Perish!)
Have you noticed?
The most dramatic and positive change that the world is going to witness has already started!
According to Peter Diamandis, author of “Abundance”, there will be three to five billion new consumers, who have never purchased anything online, never uploaded anything and never invented and sold anything, are about to come online and provide a mega-surge to the global economy.
This much needed ‘explosion of economy’ will happen in India, China, Africa and the rest of the developing world. When aggregated, this represents tens of trillions of new dollars flowing into the global economy… and lo and behold… smart entrepreneurs and corporations have already started noticing and taking action to get into this abundant marketplace.
This group of people, popularly known as the “Rising Billion”, is not coming online like we all did 20 years ago with a low-speed modem. They are entering the economy with a high-speed, broadband Internet and access to the world’s information pool. The technology has connected the world.
So What This Means For You?
This means there’s a whole new virgin market, waiting for you to tap into.
Let’s talk about India because it’s the largest English speaking country in the entire world (did you know that!?). During the next 5 years, India is going to see a phenomenal change. Out of more than 1.2 billion people, about 800 million people in India would be in the age group of 22–37 year-olds and most of them will speak, understand and write in English.
Smart businesses are entering the Indian market because it’s a country with a huge population, growing middle class, and deeper smartphone penetration, making India, perhaps the biggest market for world businesses.
Jeff Bezos, founder of Amazon pumped in $3 billion recently. Tim Cook, CEO of Apple, came to India as well, seeing that it is one of the largest smartphone markets in the world, with a reported sale of over 200 million handsets last year.
India is the Market You Can’t Afford to Ignore
The rising billion in India which comprises of a massive middle class is believed to be a relatively affluent class with spending anticipated to more than double by 2020.
A McKinsey study suggests that if India grows at its current pace, the average household income will triple, making the country the world’s fifth-largest consumer economy in 8 years from now. Another report by CII and BCG state that the Indian consumer spends are likely to touch $3.6 trillion within 2025 and India’s share of global consumption would touch close to 5.8 percent in just 4 years from now.
Shivakumar, CEO of Pepsico India, adds that close to 600 million people will be on the Internet by 2020. E-commerce by 2020, will surpass $150 billion. So, the question is, How much of this market do you really want?
Looking at the growth of the “Rising Billion” in India and their disposal incomes, these millions of people will be truly global citizens, demanding the best in education, design, technology, performance, products and services.
Who’s Already Raking in ‘Moolah’ in India?
Apart from the decades old FMCG businesses, there are a number of new entrants in India. McDonalds understood the opportunity as early as 1995. Today, they are all over the country. Starbucks, Pizza hut, and Walmart are there too.
Technology companies serving the ‘Rising Billion’ in India include Facebook, Google, Apple, Linkedin, Cisco, Uber, Tinder and of course, Amazon, Microsoft, IBM, Intel, Accenture, FedEx, and others. These the most popular ones. There are thousands of others operating in this space because the market is huge and abundant.
Google in India has set a target of creating an online presence for 20 million small and medium enterprises (SMEs) in India by 2017. This recent initiative, according to Rajan Anandan, VP of Google India, is already getting 25,000 new businesses coming on board every week.
India has grown from being the low-cost backend operations yard to an abundant new marketplace where more foreign players come for business and monetization.
Training and Personal Development Events Are Crowd-pullers!
Not just the technology giants but also personal development gurus, authors and public speakers are making a beeline to enter, train and serve the massive, English-speaking Indian population.
Notable amongst them who have already done events, seminars, and conferences in India are Tony Robbins, Robert Kiyosaki, Brian Tracy, Les Brown, Harv Eker, Jack Canfield, Blair Singer, John Gray, Alex Mandossian, Nik Halik, Sean Smith, Doug Nelson and dozens of others.
Public seminars in major cities of India attract thousands of people. A small, low-key seminar in Bangalore recently had 3300 people in the room! As Les Brown says it, people are “hungry” for new systems, information, training, insights, and perspectives. Imagine having an audience of 3000 people for one of your own seminars — mind-boggling, isn’t it?
Corporate trainers from other parts of the world are crushing it in India because the businesses have an allocated budget to train their employees in various skills and talents, especially those frameworks and systems from the developed markets.
Business schools, colleges, and universities are becoming the hub of innovation and are actively seeking experts who can teach, coach and train their students in skills and abilities that they don’t normally get in their academics.
Google’s Indian-born CEO Sundar Pichai, who was in the country recently said that India will be a bigger market than the US for Google. The company is training people in India to build solutions to local problems.
My Personal Experience in India
Even though I am originally from India, my introduction to the economy in a big way happened in the US. Since 2006, I’ve built multiple businesses in the US, Australia and some parts of Europe. Until 2013, my experience in doing business in India was limited to having built an outsourcing center over there and getting my client projects done in India.
My business is primarily in 3 areas. Digital marketing, Seminars/Training and Publishing (books). All three businesses have originated in the US and recently I launched 2 of my businesses in India. After watching the big-wigs going to India, I decided to ride the crest and started directly offering some of my offers in India. To my amazement, the response was phenomenal and to an extent crazy!
The interest level amongst Indians today is so overwhelmingly high for new systems that I started a brand new “movement” called “The Rising Billion” as part of my 20-year strategy. That explains it all. Through this non-profit movement, I have set to bring about the positive change to the rising billion people of India with the help of experts, entrepreneurs and professionals all over the world. The core idea that drives the movement is to bring the combined wisdom, perspective and insights of experts from around the world.
Should You Consider India for Business?
If you can solve problems for people, then you must be in India because obviously, India has people… a lot of ’em. With the people, there are also problems, aplenty. And that’s your opportunity. More the problems, more the solutions and this drives business. If you can solve a simple problem for say, a billion people, and each one pays just one dollar, a billion-dollar company is born.
Let me give you a quick example. Many urban areas in India are infested by mosquitoes because of the temperate and humid climate. It’s a big menace that’s affecting almost the entire country, that has not been tackled effectively so far. This itself it a great opportunity. But, that’s not the example here. Most households use electronic mosquito repellants to keep the insects out of their homes. Each device fetches the manufacturer, a dollar a month. That’s not really substantial at first glance. Multiply that by the millions of household in each city, and multiple devices in each household. That comes up to several million dollars of revenue each and every month!
Who’s This For?
Considering India is the brand new land of abundant opportunities, there’s a lot of scope for a wide gamut of businesses to enter the country. This includes technology companies, educators, trainers, authors, experts, specialists, business leaders and so on.
Verticals like education, health care, technology, transportation, artificial intelligence, 3D printing, personal development, skill development, human resource and adjacent industries will greatly benefit.
Things to Consider
India is the world’s largest democracy and a secular country. It’s diverse with dozens of languages, multiple cultures and a number of ethnicities. Here are some basic things to consider if you want to make it big in this new economy:
- The business or service needs to be ‘localized’ for success.
- It’s recommended to have a reliable partner in India as a local liaison.
- If you are planning to work with the Govt. sector, New Delhi is the place to start. For all others, Bengaluru (Bangalore) is heaven.
- You can be a lawyer in New York, and never leave your city… whereas in India, be prepared to travel to other cities.
- India is a land of heritage and religious freedom, so expect a lot more holidays than other countries.
If you are an expert, entrepreneur or a professional, India could be the next utopia for your business and expansion. If you can provide value and need to positively impact a lot more people, India is the place to be in. Weigh your options and pack your bags
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About the Author:
Raam Anand @www.RaamAnand.com is an author, publisher and an international speaker. Originally from India, now lives in the US. Founder of infoYOGIS, Stardom Books, Super Achievers Academy and several other brands. Travels frequently to India, the US and other countries and works with experts, entrepreneurs, and professionals to help them boost their influence and expand into newer markets.