Doing Business In India

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Brief educational guide to doing business in India.

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Doing Business In India

  1. 1. Doing Business in India Visit: www.mrmcgowan.blogspot.com
  2. 3. India Factfile <ul><li>Full name: Republic of India </li></ul><ul><li>Population: 1.1 billion (UN, 2007) </li></ul><ul><li>Capital: New Delhi </li></ul><ul><li>Most-populated city: Mumbai (Bombay) </li></ul><ul><li>Area: 3.1 million sq km (1.2 million sq miles), excluding Indian-administered Kashmir (100,569 sq km/38,830 sq miles) </li></ul><ul><li>Major languages: Hindi, English and at least 16 other official languages </li></ul><ul><li>Major religions: Hinduism, Islam, Christianity, Sikhism, Buddhism, Jainism </li></ul><ul><li>Life expectancy: 63 years (men), 66 years (women) (UN) </li></ul><ul><li>Monetary unit: 1 Indian Rupee = 100 paise </li></ul><ul><li>Main exports: Agricultural products, textile goods, gems and jewellery, software services and technology, engineering goods, chemicals, leather products </li></ul><ul><li>GNI per capita: US $720 (World Bank, 2006) </li></ul><ul><li>Internet domain: .in </li></ul><ul><li>International dialling code: +91 </li></ul>
  3. 4. Business Dress <ul><li>Normal business dress for men is a suit and tie. However, since India has a warm climate, often just a full-sleeved shirt with a tie is also acceptable. It's also important to select neutral colours that are subdued and not very bright. </li></ul><ul><li>For foreign women, pantsuits or long skirts that cover the knees are most acceptable. The neckline of the blouse or the top should be high. </li></ul>
  4. 5. Meeting & Greeting <ul><li>When doing business in India, meeting etiquette requires a handshake. However, Indians themselves use the namaste . This is where the palms are brought together at chest level with a slight bow of the head. Using the namaste is a sign of your understanding of Indian etiquette. </li></ul>
  5. 7. Business Cards <ul><li>When doing business in India, business cards should be exchanged at the first meeting. </li></ul><ul><li>It is a good idea to have it translated on one side into Hindi, more as a sign of respect as opposed to linguistic necessity. Be sure to receive and give with your right hand. </li></ul><ul><li>Make sure the card is put away respectfully and not simply pushed into a trouser pocket. </li></ul>
  6. 9. Meetings <ul><li>Meetings should be arranged well in advance. This should be done in writing and confirmed by phone. Avoid meetings near or on national holidays such as Independence Day, Diwali or either of the two Eids. Avoid the heat by scheduling between October and March. </li></ul><ul><li>Punctuality is expected, although being 10 minutes late will not have disastrous consequences. Flexibility is paramount. Family responsibilities take precedence over business so last minute cancellations are possible when doing business. </li></ul>
  7. 10. <ul><li>When entering a meeting room you must always approach and greet the most senior figure first. Meetings should always commence with some conversation. This is part of the 'getting to know you' process. </li></ul><ul><li>Favourable topics of conversation are the latest business news, the fortunes of the Bombay Stock Exchange or cricket. </li></ul><ul><li>Avoid talking about personal matters and, if new to India, do not comment on matters such as the poverty or beggars. </li></ul>
  8. 11. Eating <ul><li>Traditional Indian dishes are eaten with the hands. When it is necessary to use your hands, use only your right hand, as the left hand is considered unclean. It's considered acceptable, however, to pass dishes with the left hand. </li></ul><ul><li>Offering food from your plate to another person is not culturally acceptable, since this practice is seen as 'unclean.' </li></ul>
  9. 12. Business Eating <ul><li>Business lunches are preferable to dinners in India. However, in recent times, business dinners and 'power breakfasts' are also becoming popular. </li></ul><ul><li>Mostly, business meals are organized in either high-class restaurants or in five-star hotels. Some of these places are very much in demand, and you will need to book your table in advance. </li></ul>
  10. 14. Negotiations <ul><li>When negotiating avoid high pressure tactics. Do not be confrontational or forceful. Criticisms and disagreements should be expressed only with the most diplomatic language. Indian society has an aversion to saying &quot;no&quot; as it is considered rude due to the possibility of causing disappointment or offence. Listen carefully to Indians' responses to your questions. If terms such as &quot;We'll see&quot;, &quot;I will try&quot; or &quot;possibly&quot; are employed then the chances are that they are saying 'no'. </li></ul><ul><li>Once terms have been agreed you will be expected to honour them. When negotiations end successfully continue the relationship building process with a celebration dinner. </li></ul>

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