Formulation and monitoring of the economic policies related to fiscal policies, public finance, inflation, public debt management, functioning of stock exchange are some of the important areas that needs constant attention. The Indian sector also caters to production of bank notes and coins, postal stationery and stamps and career planning and training of Indian Economic Service.
[caption id="attachment_653" align="alignright" width="333" caption="Scheduled banking structure in India"][/caption]
The finance companies of India are playing a major role in the growth of the financial sector of India. The sustenance and growth of the Indian economy is an important factor contributing to the development of the finance of India. Some of the leading financial companies of India are SBI Capital markets, Bajaj Capital, DSP Meriyll Lynch, Birla Global Finance, Housing Development Finance Corporation, ICICI Group, LIC Finance and L&T Finance.
These companies provide investment products like bonds, mutual funds and general insurance. They provide financial solutions and guidance for home loans, property loans, etc. Indian finance sector is currently going through a stable growth phase and is expected to keep up its upward swing. Keeping the inflation rate of India down is a key factor that will continue to contribute towards the financial growth of India. The rise in the growth of the financial sector of India indicates the growth of the entire Indian economy.
Indian Business Process Outsourcing
Business Process Outsourcing also known as BPO or Information Technology Enabled Services or ITES is a major source of revenue for India that exceeds 10 billion. Indian business process outsourcing sector occupies 5-6% share of the total BPO industry. Business process outsourcing in India mainly caters to the Western operations of multinational corporations or MNCs. Some of the top Indian BPO exporters have been WNS Global Services, Genpact, Transworks information Services, IBM Daksh and TCS BPO.
BPO industry has managed to thrive in India because of its ability to deliver at low costs. Some other factors facilitating BPO industry in India are economy of scale, strong and effective business risk mitigation plans and superior competency levels of workers. There is no dearth of expertise in India. Recently, it has been noticed that the increasing infrastructural, real estate, and other costs have pushed up the BPO salaries.
Indian business process outsourcing has been growing fairly rapidly and holds high promises for the future. When it comes to precision and timely execution, Indian BPO sector delivers quality of service that is at par with international standards. The leading BPO-ITES cities of India have been earmarked as Bangalore, Chennai, Hyderabad, Kolkata, NCR, Ahmedabad, Mumbai and Pune.
BPO sector in India is expected to grow in future but at the same time with the other countries such as Philippines, Europe, Egypt, South Africa and Morocco emerging to claim their share of the BPO industry, India’s stake will definitely decrease.
New business in India
India is replete with new business opportunities in various sectors. The political, cultural and socio-economic climate of India is ideal for the growth of new business. A lot many young and enthusiastic entrepreneurs are coming up with enterprising business plans to create more employment opportunities and improve the standard of life in India.
Recently, an innovative and absolutely new and unique business plan came to be highlighted when the students of Indian Institute of Technology, Madras won the prize in the New York City’s “NYC’s Next Idea”. This new business idea proposes a software system for energy producers to store electricity at times of low consumption to be distributed across the cities efficiently in times of energy crises.
New business opportunities in India have a wide base starting with agro-based industries to business related to building and construction activities; manufacturing of chemicals, pharmaceuticals and medical equipment to gifts, handicrafts, toys, beauty care home and office products; plastics, rubber, metals and allied products to textiles and garments. It also includes the service industry.
In the recent past, companies and individual entrepreneurs have come up in a big way in India with new business solutions and pioneering and groundbreaking ideas and technologies. The new breed of entrepreneurs has shown an increasing confidence in their ability to deliver the best and make a mark in the international scenario. Many leading international companies have stepped into India to make the best of these new business opportunities and trends in India.
Franchise in India
India is a major player in the field of franchise. The franchise India Expo has been a proof that had seen an overwhelming response both from within and outside the country. A great number of companies have recognized the immense potential of Franchise in India. In spite of the recent global downturn, India has shown significant progress in the field of franchise.
Franchise in India has reached a commendable level; the avid interest of the numerous companies attending the Expo on franchise in India bears testimony to the fact. People are hopeful that the success of franchising in India will lure many other companies from all over the world to tread into the India soil in search of franchise options.
Indian franchise has been boosted by the stable financial situation in India and the favorable political environment of the country. Foreign countries have ventured in India finding it easier and more lucrative to go for franchise in India compared to other countries. The Indian franchise sector is already very organized and methodical in its operations so much so that it has outperformed many well established and traditional Indian businesses that have not been able to keep pace with the changing times.
The Indian consumers have gained awareness and have learned to understand the value of their purchases. This factor has forced Indian franchisers to improve their quality of products and services even while retaining moderately competitive prices.