According to the World Bank’s data for 2017, India’s economic growth has now pushed the country forward to become the world’s sixth-largest economy. With a 2017 Gross Domestic Product (GDP) of $2.597 trillion, India’s economy surpasses France’s 2017 GDP of $2.582 trillion. India’s economic growth is further enabled by its surplus of highly skilled professional workers. According to the Centre for Economics and Business Research, India is on track to also surpass Britain in 2018, becoming the world’s fifth-largest economy.
Where is the growth in India?
India’s economic growth is accelerating across several sectors of its economy. The growth of India’s population adds further accelerant to its rapidly expanding economic growth. Sectors experiencing the greatest growth rates include:
- Agriculture
- Banking and Insurance
- Business Investment
- Construction
- InfoTech Industry
- Manufacturing
- Mining
- Real Estate
- Retail/Consumer Spending
What does this mean?
As Global Mobility Solutions has previously noted, Korn Ferry’s study “Global Talent Crunch” highlights the skilled talent shortage that is impacting countries and specific industries around the world. This same study, however, notes that India is the only country in the analysis that will maintain a surplus of skilled talent through 2030. India’s economic growth is accompanied by a surplus of skilled talent that will provide the nation with a highly vibrant economy and bright prospects for continued success. The government of India will have more resources to invest in infrastructure improvements. Therefore, the population of India will benefit from plentiful job opportunities throughout the nation, across several industries.
What should employers expect?
Employers should expect India’s economic growth will continue to increase. If they are currently selling to India-based customers, this business should be on track for future expansion. Additionally, India offers good prospects for business investment and joint ventures. Employers should examine their business objectives to see how their company can benefit from India’s continued economic success. Since India also has a significant surplus of highly skilled workers, employers should expect that the country will be a good source for talented workers.
What should employers do?
Employers should review their business objectives and hiring plans related to their projects in India, or that result from sales trade with customers based in India. They should also examine the India government’s policies related to work permits and visas, so they can understand and respond to future growth and investment activities in this country. Employers should review their relocation policy to ensure it is designed to attract transferees and new hires from India’s skilled labor force. They should also examine the work permit and visa guidelines in the countries in which they have business locations that would benefit from relocating India-based transferees and new hires.
Conclusion
Global Mobility Solutions’ team of global relocation experts has helped thousands of our clients with country-specific employment and visa requirements. As a result, we can help your company understand how to gain the most benefit from India’s economic growth and favorable business prospects. Learn best practices from Global Mobility Solutions, the relocation industry and technology experts who are dedicated to keeping you informed and connected. Contact our experts online or give us a call at 800.617.1904 or 480.922.0700 today.
Global Mobility Solutions
Customers choose Global Mobility Solutions’ business model because it is rooted in providing our clients and their transferees the freedom of choice. This means our clients are given the choice to work with “the best of the best” service providers in any market around the globe. GMS is able to offer this unique model in the industry because unlike most relocation companies, we are not owned by or affiliated with any one real estate, household goods, or any 3rd party service provider. GMS has been able to build strong relationships with top providers all over the world who act as an extension of GMS. Our worldwide network of partners allow us flexibility while providing our clients with a real-time, on-the ground consultant to assist with the day to day needs of the individual and family moving.
