1. "GROWTH
IN
EMERGING
MARKETS
WITH
SPECIAL
INTEREST
IN
INDIA"
27
August
2014
Amit
Mehta
2. Contents
• Tata
Capital
–
my
employer
• Emerging
Markets
–
A
discussion
• The
Changing
India
• OpportuniAes
and
accessing
India
-‐
a
pracAcal
view
2
3. Tata
Capital
Limited
3
Overview
n Tata
Capital
(TCL)
is
a
full
service
Non
Banking
Finance
Company
(NBFC)
having
presence
across
corporate
finance,
consumer
finance,
private
equity,
investment
banking
and
brokerage
n TCL
represents
the
thrust
of
Tata
Sons
in
the
field
of
financial
services.
n Over
3,500
employees
and
presence
in
India,
London
and
Singapore.
Products
and
Services
Offered
■ Offers
range
of
travel
related
soluAons
from
AckeAng,
visa
and
passport
facilitaAon
to
forex
Travel
and
Forex
services
■ Leverages
the
Tata
advantage
with
mulAple
sourcing,
evaluaAon,
value
addiAon
and
realizaAon
benefits
Private
Equity
■ Offers
broking
and
distribuAon
services
to
retail
and
insAtuAonal
customers
SecuriAes
■ Offers
a
diverse
mix
of
retail
offerings
like
consumer
loan
products,
investment
services
and
advisory
services
Consumer
Finance
&
Advisory
■ Offers
financing
of
infrastructure
projects,
construcAon
equipment
and
leasing
Infrastructure
Finance
Commercial
Finance
■ Offers
term
loans,
working
capital
loans,
channel
finance,
equipment
finance,
lease
rental
discounAng,
bill
discounAng
and
structured
financing
■ Offers
M&A
advisory
and
debt
&
equity
capital
market
services
to
insAtuAonal/corporate
enterprises
Investment
Banking
Wholesale
Retail
4. Emerging
Markets
-‐
Why
do
we
care?
• A
li[le
over
two
decades
ago
Emerging
Markets
were
called
3rd
world,
then
the
descripAon
became
Developing
countries,
(some
of
those
became
Asian
Tigers),
the
next
mutaAon
was
with
Jim
O’
Neil,
coming
up
with
the
term
BRIC.
Now
it
is
fashionable
to
call
these
markets
“High
Growth
Markets”.
• The
Financial
Crisis
and
the
rebalancing
of
the
world
economy
• BRICS
–
share
of
world
GDP
–
1990
–
15%
to
35%
today.
With
China
the
dominant
player.
• Shig
in
economic
demand
–
Economists
at
Credit
Agricolè
forecast
that
by
2020
EM
>
50%
of
the
world
economy.
• Trends
&
insAtuAonal
changes:
Increase
in
South
–
South
trade,
formaAon
of
the
G20
naAons,
BRIC
bank,
amongst
other
things.
• Social
factors
–
immigraAon,
pandemics
etc.
4
5. Emerging
Markets
-‐
Why
do
we
care?
• Standard
Chartered
–
China
USA
In
2020
GDP
US$24.6T
US$23.3T
In
2010
GDP
US$5.7T
US$14.6T
• Today
India’s
GDP
puts
it
at
the
10th
largest
economy
and
in
Purchasing
Power
Parity
terms
the
3rd
largest.
By
2020
India’s
economy
is
expected
to
be
3rd
or
4th
largest
in
absolute
terms.
• The
Importance
of
Demographics
–
a
historical
perspecAve
• Importance
of
GDP
to
the
quality
of
Life?
5
6. DefiniGon
of
Emerging
Markets?
• Importance
to
understand
what
Emerging
Markets
are,
to
ensure
alignment
of
investment
and
expectaAons.
• What
do
Prof.
Krishna
Palepu
and
Prof.
Tarun
Khanna
of
HBS
think?
–
Markets
where
InsAtuAonal
Voids
resulAng
in
higher
cost
of
TransacAons,
asymmetry
of
informaAon
and
difficulty
of
bringing
buyers
and
sellers
together.
Ranking
according
to
GDP
is
not
the
way
to
decide
of
a
market
is
developed.
• Market
structures
are
a
product
of
History,
PoliAcal,
Legal,
Economic
and
Cultural
forces
within
a
country.
All
emerging
markets
feature
insAtuAonal
voids,
however,
although
the
parAcular
combinaAon
and
severity
of
these
voids
varies
from
market
to
market
6
7. What
the
experts
say
–
How
do
you
succeed?
McKinsey
&
Co
–
The
defining
opportunity
of
our
Ames
–
US$30trillion
of
annual
consumpAon
by
2025.
• Go
ager
Urban
growth
clusters
• Tune
into
the
pulse
of
the
market
to
be
able
to
idenAfy
Amings
and
triggers
of
what
they
call
explosive
growth.
• Play
a
segmented
market
game
that
spans
a
range
of
price
points
as
well
as
segments
which
are
idenAfied
based
on
“local
relevance”
and
opportunity
for
“global
scale”
• To
build
brands
that
stand
for
Trust
and
to
take
charge
of
all
the
nodes
from
factory
to
consumer
–
i.e.
route
to
market.
Boston
ConsulGng
Group
–
The
US$10T
prize
that
India
&
China
will
harbor
by
2020
• Companies
must
be
relevant
to
as
well
as
sensiAzed
to
the
emoAonal
needs
and
aspiraAons
that
consumer
have
and
deliver
against
them.
These
include
be[erment
of
their
children,
the
desire
to
“live
big
for
less”
and
signal
their
affluence,
to
be
as
well
as
be
seen
to
be
“discerning,
informed
and
listened
to.
7
8. What
the
experts
say
–
How
do
you
succeed?
Bain
&
Company
–
set
of
rules
–
common
pracAces
that
emerging
market
winners
share
• Market
strategy
rules
are
to
target
the
mass
market
to
achieve
scale
in
“distribuAon,
brand
building,
and
operaAons.
To
localize
all
elements
of
the
total
offer
bundle
to
consumers
such
as
distribuAon,
packaging,
and
consumer
preferences.
And
to
provide
“good
enough”
products,
which
offer
be[er
quality
than
low
–
end
compeAAon
and
at
higher
price
points
which
are
affordable
to
consumers
yet
generate
profit
for
the
company.
8
9. Emerging
Markets
require
a
different
framework
• In
this
parAcular
market,
which
market
insAtuAons
are
working,
and
which
insAtuAons
are
missing?
• Which
part
of
our
business
model
can
be
adversely
affected
by
these
insAtuAonal
voids?
• How
can
we
build
compeAAve
advantage
based
on
our
ability
to
navigate
the
insAtuAonal
voids?
• How
can
we
profit
from
the
structural
reality
of
emerging
markets
by
idenAfying
opportuniAes
to
fill
voids,
served
by
the
market
intermediaries.
9
10. HBS,
Prof.
Palepu
&
Prof.
Khanna’s
Toolkit
help
to
understand
• The
Macro
Context
• Market
segments
–
these
are
disAnguished
not
only
by
income
and
prices
but
also
needs,
tastes
and
psychological
characterisAcs.
Global
Middle
Class
Aspiring
Bo[om
of
the
Pyramid
• The
Product
markets
–
retail
–
super
markets,
credit
card
usage
• Labour
markets
• Capital
markets
10
11. Broad
Strategic
Choices
–
as
per
HBS
Profs.
Once
managers
understand
the
market,
the
Broad
strategic
choices
faced
are:
• Which
aspect
of
the
exisAng
business
model
to
replicate
or
adapt?
• Should
they
compete
or
go
it
alone?
–
MulAnaAonals
bring
brands,
capital,
talent
and
resources
–
do
they
have
local
knowledge
to
overcome
insGtuGonal
voids?
• Accept
or
a[empt
to
change
market
context
–
are
some
of
the
insGtuGonal
void’s
opportuniGes?
• Enter,
wait
or
exit?
–
Evaluate
e.g.
Retail
D.I.Y
Chains
11
12. VariaGons
within
the
large
markets
in
India
&
China
• These
markets
are
large
and
they
vary
hugely
within
the
confines
of
a
country.
This
is
not
easy
for
naAonals
of
those
countries
too.
• Financial
Times,
London,
23
August
2014-‐
“Chinese
pilots
told
to
lose
the
accent
by
1
January
2016”.
Pilots
face
ejecAon
from
cockpits
if
their
accents
fail
to
pass
the
muster.
Under
new
rules,
pilots
will
have
to
pass
”level
four”
test
of
Mandarin
Chinese.
Bad
news
if
you
have
a
thick
accent.
China
has
56
ethnic
groups
and
speak
80
languages
and
dialects.
• India
has
29
States
and
7
union
territories.
The
country’s
consAtuAon
has
defined
22
major
languages
but
the
reality
is
that
there
are
a
few
hundred
languages
spoken
with
numerous
dialects.
Fortunately
a
lot
of
formal
business
is
done
in
English.
12
13. ContrasGng
GDP
and
populaGon
levels
across
India’s
states
13
Source:
Economist
Intelligence
Unit
14. Changing
India
• India
is
an
aspiraAonal
society.
People
work
hard
to
improve
their
situaAon
in
life
and
have
been
described
by
JK
Galbraith,
a
former
US
Ambassador
to
India,
as
extremely
adaptable.
• Over
the
last
few
years
the
Indian
society
has
been
crying
out
for
InsAtuAonal
Change.
People
do
not
want
cronyism
and
parAes
like
the
Aam
Admi
Party
(Common
man’s
party)
have
arisen
and
are
asking
quesAons.
• The
desire
for
change
has
ushered
in
a
new
Prime
Minister,
Mr
Narendra
Modi
with
a
significant
majority
in
Government.
Mr
Modi
was
previously
Chief
Minister
of
Gujarat
since
2001
and
has
transformed
that
state
to
India’s
leading
state
with
a
modern
economy
–
40%
manufacturing!
• Mr
Modi
has
pledged
insAtuAonal
reform
in
India,
he
wants
India
to
have
a
more
inclusive
society
and
wants
to
improve
the
dignity
of
women.
He
recognises
that
young
Indians
need
jobs
and
is
focusing
on
quality
manufacturing
whilst
respecAng
the
environment.
To
do
this
he
is
going
to
focus
the
educaAonal
system
to
improve
skills
and
will
use
digital
technology
to
reach
out
to
the
people.
• The
recent
Indian
budget
has
focused
on
fiscal
consolidaAon,
liberalisaAon
of
sectors
such
as,
Insurance
&
Defence,
clarified
and
improved
investment
rules
in
Real
Estate
and
Infrastructure
and
clarified
and
assured
Foreign
Investors
of
stability
in
policy.
14
18. So
where
are
the
big
Gcket
opportuniGes?
18
• Physical
infrastructure
• Public
infrastructure
subsAtutes
–
Healthcare,
EducaAon
and
skills,
Travel,
communicaAon
&
transportaAon
• Consumer
durables
(producAvity
tools)
• Quality
of
life
improvers.
“Do
Good
products”
and
“Feel
Good
Products”
–
perceived
as
core
to
life.
• Entertainment
services,
consumer
durables
that
facilitate
entertainment
• Children
centric
everything
20. Sectoral
breakup
of
projected
Investment:
12th
Plan
XI
Plan
XII
Plan
Sectors
US$
bn
Share
(%)
US$
bn
Share
(%)
Electricity
148
30.8
320
31.8
Roads
&
Bridges
86
17.9
183
18.2
TelecommunicaAon
90
18.8
162
16.1
Railways
48
10.0
105
10.5
IrrigaAon
50
10.5
111
11.0
Water
supply
&
SanitaAon
26
5.4
57
5.7
Ports
11
2.3
24
2.4
Airports
7
1.5
15
1.5
Storage
2
0.5
5
0.5
Oil
&
Gas
Pipelines
11
2.3
24
2.4
Total
478
100.0
1006
100.0
20
At
2006-‐07
prices
21. Government
IniGaGves
to
Mobilise
Investment
&
Growth
• NaAonal
policy
on
manufacturing
• Government
e-‐
Procurement
to
speed
approvals,
reduce
bureaucracy
and
increase
transparency.
• CreaAon
of
four
Industrial
corridors
to
enable
easier
planning
approvals.
• Delhi
-‐
Mumbai
Industrial
Corridor
(DMIC)
• Amritsar
–
Kolkata
Industrial
Corridor
(AKIC)
• Bengaluru
–
Mumbai
Economic
Corridor
(BMEC)
• Chennai
–
Bengaluru
Industrial
Corridor
(CBIC)
• DMIC
–
is
in
progress
• 6
States
• 1483
km
• 14%
of
the
country’s
populaAon
•
8
new
Industrial
ciAes
with
NaAonal
Investment
and
manufacturing
zones.
21
24. For
Consumer
good
-‐Three
types
of
India
–
MulG
Gered
Structure
Strata
HH
Pop
Share
of
Inc.
Share
of
Exp.
Per
Cap
GDP
Top
20%
48.1m
216
55.5%
39%
US$3,982
Next
40%
96.3m
473
29.9%
39.1%
US$980
Bo[om
40%
96.3m
521
14.8%
21.9%
US$434
• PopulaAon
of
about
1.2bn.
The
Global
segment
is
1%
of
the
populaAon,
with
the
middle
amounAng
to
20%.
This
middle
class
has
been
described
as
the
a[racAve
market,
the
reality
is
that
the
middle
class
is
the
upper
class.
Non
-‐
middle
class
expenditure
is
higher
and
income
is
growing
steadily.
By
2025
the
“Global
segment
will
grow
to
2%”
but
the
Middle
Class
will
grow
to
41%.
• In
terms
of
consumpAon
intensity
–
half
of
rich
India
lives
in
rural
India.
24
25. Rama
Bijapurkar
–
a
leading
strategist’s
thoughts
on
accessing
the
market
What
companies
do?
• What
is
the
market
for
my
exisAng
strategy?
Instead
of
my
strategy
for
this
market?
• ConvenAonal
wisdom
–
think
global
act
local,
has
been
interpreted
as
“keep
the
religion,
change
the
ritual”
ReflecAon
–
Are
you
looking
for
an
extension
market
for
your
global
segment
or
a
local
strategy
for
the
local
market?
25
26. Assessment
of
Real
Opportunity
Prof.
C.K.
Prahalad
-‐
“While
it
is
true
that
mulAnaAonals
will
change
Emerging
Markets
forever,
the
reverse
is
also
true”
• Prof
Prahalad
was
referring
to
green
fieled
thinking
and
product
development
that
would
create
block
buster
relevance,
avoid
the
value
arrogance
of
global
being
automaGcally
superior
to
local,
and
towards
creaGng
perceived
value
advantage.
• Needs
to
have
a
mulGpronged
strategy
for
a
mulAAer
market.
• The
mindset
needs
to
be
reprogrammed
on
market
evoluAon,
changing
the
center
of
gravity
of
global
consumpGon
and
takeoff
threshold
of
Income.
• It
is
important
to
assess
ready
opportunity
–
whilst
an
assessment
is
required
of
the
present
size
of
the
market
and
how
ripe
it
is
for
my
exisGng
strategy,
it
is
also
important
to
assess
how
much
this
opportunity
will
grow
over
Gme,
as
more
consumers
evolve
in
income
and
sophisAcaAon
• It
is
absurd
to
think
that
just
because
income
rises,
consumpGon
behaviors
converge
–
Poland
will
not
be
similar
to
China.
It
is
also
important
to
assess
not
just
the
size
of
the
opportunity,
but
the
size
of
my
opportunity,
that
is,
of
the
share
that
is
possible
to
capture.
26
27. What
race
are
you
running?
• The
macro
strategy
and
micro
strategy
are
equally
important.
Many
MulA
NaAonal
Companies
do
not
believe
that
they
are
running
a
different
race
–
hence
they
believe
running
the
same
race
in
India
will
serve
them.
India
is
a
new
race
altogether
against
new
compeGGon,
in
a
new
environment
with
a
new
customer
need.
• As
discussed
the
3
India’s
and
the
fundamental
income
&
demand
structure
between
Emerging
Markets
and
Developed
Markets,
where
margins
are
Razor
sharp
and
huge
volumes
are
possible.
This
requires
a
whole
different
way
of
doing
things
dismantling
and
redesign
of
the
tried
and
tested
methods
of
monitoring
and
managing
global
businesses:
-‐
strategy
development
processes,
-‐
performance
management
and
review
process,
-‐
organisaAon
design,
and
-‐
power
distribuAon
27
28. Examples
of
Strategies
for
Emerging
markets
Its
not
only
about
price–
One
global
leader
in
Glucometers
made
money
from
compeGng
with
path
labs,
and
switching
diabeGcs
to
doing
tesGng
themselves.
They
gave
machine
free
but
made
money
on
the
strips
because
people
tested
themselves
more
ohen
with
their
own
machines.
In
India
the
advice
was
to
work
with
the
Path
lab
and
provide
a
instamaGc
service
which
consumers
would
pay
for
to
avoid
mulGple
visits
to
the
lab.
They
could
not
be
persuaded
at
the
Gme
that
their
religion
was
to
add
value
to
diabeGcs
by
offering
self-‐
monitoring
of
blood
glucose
and
that
compeGng
with
the
path
lab
was
merely
one
form
of
ritual
to
pracGce
the
religion.
CreaBon
of
a
new
segment
-‐
Tata
Motors
with
created
a
new
segment
with
the
launch
of
Ace
a
mini-‐
truck
that
addressed
the
small
end
of
commercial
vehicle
that
was
previously
dominated
by
the
three
wheeler
segment.
Based
on
feedback
from
its
customers
the
company
launched
a
four
wheeled
mini
truck
that
had
a
lower
through
life
usage
cost
although
it
had
an
iniGal
higher
outlay.
This
cost
differenGal
was
met
with
provision
of
consumer
credit
and
lots
of
educaGon
to
its
customers.
This
strategy
helped
Tata
Motors
expand
its
sales
away
from
the
highly
compeGGve
and
cyclical
medium
&
large
segment
of
commercial
vehicles.
Industry
revoluBon
-‐
Tetra
Pak
has
established
itself
as
a
developed
world
champion
with
its
asepGc
packaging
for
milk
and
juice–
the
consumpGon
paierns
for
milk
and
juice
are
different
in
India
and
perhaps
it
could
run
the
India
race
by
developing
packaging
for
chutneys
or
staple
Indian
food
such
as
Dal
(pulses)
or
Sambar
(in
South
India),
thereby
giving
rise
to
a
industry
revoluGon
in
the
fresh
food
market.
28
29. The
Mundane
issues
on
accessing
the
Indian
market
• PercepAons
• Myths
• RealiAes
• Taking
the
Right
Approach
29
30. Perceived
barriers
to
entry
• A
changing
rate
of
GDP
growth
• Currency
fluctuaAons
• Bribery
&
corrupAon
• Complicated
bureaucracy
• Inability
to
get
money
in
and
out
• Legal
complicaAons
• Inadequate
infrastructure
Source:
SannamS4
31. Real
barriers
to
entry
The
real
barriers
to
entry
or
issues
which
hamper
a
foreign
company
doing
business
in
India
• Where
regulaGons
exclude
or
limit
foreign
market
entry
e.g.
Defense,
media,
mulA-‐brand
retail.
• Where
government
departments
are
required
for
licensing
or
clearances
(Central/State)
• Where
you
need
to
acquire
land
• When
you
need
a
large
and
ready
skilled
workforce
for
a
new
business
• When
your
business
is
partnering
with
government
or
is
bidding
for
public
tender
projects
• When
your
business
is
in
compeAAon
with
a
major
Indian
incumbent
• When
you
do
not
know
what
you
are
doing
or
you
haven’t
done
your
homework
• When
you
have
not
got
the
right
support
partners.
Source:
SannamS4
32.
1. India
is
only
a
market
good
for
cheap
labor
for
outsourcing
&
tech
co’s.
2. There
is
no
local
experAse
in
our
field
/
we
are
a
niche
business
3. Our
products
&
services
are
too
expensive
for
the
market
4. We
will
approach
the
market
the
same
way
we
did
China
(or
other
markets)
5. The
only
way
we
can
enter
the
market
is
via
a
JV
partner
6. We
will
achieve
our
goals
by
having
a
distributor
and
will
visit
once
a
year
7. We
didn’t
need
to
do
detailed
market
research,
because
we
met
a
great
guy
at
a
trade
show
and
he
is
going
to
represent
us
locally
8. We
do
not
have
the
capital
to
invest
in
such
a
big
market
9. The
bureaucracy
is
too
complicated
and
we
will
be
unable
to
get
our
money
out
Source:
SannamS4
Market
entry
myths
&
misconcepGons
33. Market
entry:
the
realiGes
1. It’s
only
a
market
good
for
cheap
labor
for
tech
co’s
and
blue
chip
outsourcing
• Rising
middle
class
of
250m+
with
an
appeAte
for
consumpAon
• Demographic
dividend
for
consumpAon
as
well
as
labor
provision
(50%
of
the
populaAon
is
under
25
years
of
age).
2.
There
is
no
local
experGse
in
our
field
/
we
are
quite
niche
• There
is
an
abundant
bright,
well
educated
and
knowledgeable
workforce
• For
every
internaAonal
product
&
service
India
has
an
equivalent,
it
just
may
not
be
as
advanced,
as
well
made
as
an
internaAonal
alternaAve
3.
Our
products
&
services
are
too
expensive
for
the
market
• Value
proposiAon
key
–
but
it
comes
in
different
forms.
There
is
a
burgeoning
luxury
goods
market
at
the
top
end,
but
Indian
consumers
are
also
cost/value
conscious
4. We
will
approach
the
market
the
same
way
we
did
China
(or
other
markets)
• India
needs
to
be
treated
as
its
own
market(s).
You
will
need
local
guidance
and
experAse
to
advise
you
on
how
to
tailor
&
pitch
your
product/service
to
the
local
market
Source:
SannamS4
34. 5.
The
only
way
we
can
enter
the
market
is
via
a
JV
partner
• There
are
many
ways
to
enter
the
market.
Direct
vs.
Indirect
vs.
Incubator.
Think
about
“why”
you
are
choosing
a
parAcular
strategy?
What
do
you
need?
What
does
the
future
look
like?
6.
We
will
achieve
our
goals
by
having
a
distributor
and
will
pay
a
few
visits
a
year
• A
market
as
complex
and
expansive
as
India
needs
full
Ame
local
presence
if
your
business
is
to
succeed.
This
doesn’t
mean
distribuAon
is
the
wrong
approach,
it
just
needs
nurturing
7.
We
didn’t
do
detailed
market
research
because
we
hired
a
great
guy
we
met
at
a
trade
show
• Do
you
know
your
rep/partner(s)?
Do
you
really
know
your
market?
• Appoint
the
right
people
–
in
the
right
way
8.
We
do
not
have
the
capital
to
invest
in
such
a
big
market
• Establishing
a
full
Ame
presence
with
sales
and
markeAng
resource
for
a
year
can
only
cost
you
around
$100k
(all
in).
Invest
wisely.
Establish
and
build
a
team
as
a
local
does
9. The
bureaucracy
is
just
too
complicated
and
we
cant
get
money
in
and
out
• Not
if
you
take
good
advice
Source:
SannamS4
Market
entry:
the
realiAes.
Avoid
the
horror
stories!
35. Taking
the
right
approach
Whichever
model
you
adopt,
make
sure
you
are
comfortable
with
the
answers
to
the
following
quesGons:
• Have
I
reviewed
all
opAons
for
the
right
route
to
market?
Direct
vs.
Indirect
vs.
Other
– Do
I
need
a
partner?
Can
I
do
this
myself?
• Have
I
done
my
homework
on
the
local
market
– e.g.
pricing
models,
the
compeAAon,
real
cost
of
landing
a
product
e.g.
duAes,
shipping,
taxes,
storage
&
distribuAon?
• Do
I
understand
the
consumer?
– Branding,
packaging,
pricing,
value
proposiAon,
culture,
generaAonal
shig
• Where
do
I
start?
Do
I
aim
to
cover
the
whole
country?
• Who
is
looking
aher
my
interests
on
the
ground?
-‐
Am
I
recruiAng
the
right
team
• Who
is
navigaAng/managing
the
admin
&
bureaucracy
for
me?
(legal/tax/regulatory/HR/banking)
• Do
I
have
the
management
bandwidth/knowledge
at
home
to
manage
this?
• Am
I
matching
expectaAons
and
reality?
Source:
SannamS4
Take
the
right
approach
&
India
need
not
be
a
difficult
market
36. HR
ma[ers
-‐
local
staff
are
key
If
you
are
serious
about
developing
a
business
in
India
having
your
own
person
on
the
ground
is
a
must
• Do
you
know
who
are
you
hiring?
• How
are
you
going
to
manage
them?
-‐
Hierarchies
• Have
you
got
the
right
contract
in
place?
• Are
you
compliant?
• Are
you
overpaying?
• Do
you
understand
what
makes
a
difference
to
your
local
staff?
– Have
you
got
a
career
/
job
Atle
/
salary
path
mapped
out
(wage
inflaAon?)
• Who
are
your
clients?
Who
do
they
expect
to
be
doing
business
with?
– Cultural
fit
–
your
business
culture
vs
the
needs
of
the
local
market
• Are
you
prepared
for
the
li[le
local
differences?
• Did
you
know
the
average
Indian
employee
gets
38
days
holiday
per
year?
Source:
SannamS4
37. Thank
you
I
would
like
to
end
with
two
quotes
“If
we
could
bring
eastern
wisdom
and
western
efficiency
together,
we
would
all
be
winners”
–
Unknown
“Not
everything
that
counts
can
be
counted,
and
not
everything
that
can
be
counted
counts”
–
A[ributed
to
Albert
Einstein
(quoted
in
George
Magus’s
book
–
Uprising)
38. Contact
Amit
Mehta
Senior
Vice
President
Tata
Capital
Plc
30
Mill
Bank
London
SW1P
4WY
Tel:
+44
20
7975
8336
Email:
amit.mehta@tatacapital.com
38