The Indian economy is growing at an average 7pc annually for the past 25 years, and a middle class estimated to increase tenfold over the next decade. This growth will continue if India keeps its focus on economic development and able to minimise conflict at western borders.Minister Pat Breen lead a Trade delegation to India in November 2016 with thirteen companies trading in the Aviation, Pharmaceutical, ICT, Health and Education sectors. The delegation visited Mumbai, Bengaluru and New Delhi. The main attraction of the visit was a joint venture between Shimmer and Essen Technologies for the value of 3.5 million and creating 10-15 new jobs in 3 years.
In Bangaluru on 17th November an agreement of partnership was signed between Shaw Academy and Flipkart to provide online certified courses in photography.
In Mumbai, agreements of business partnership between Irish company VuVu and LAMHAS Satellite Services Ltd also signed.
Minister Breen also had a meeting with Indian Civil Aviation Minister Jayant Sinha, Indian Minister agreed to lead a delegation from the Indian aviation sector to Ireland to explore potential partnerships.
Minister Breen highlighted Ireland’s capacity as a study-abroad destination for Indian students during an Education Ireland fair.
India is a vibrant democracy with strong business ethics, but still, need to do more for the ease of business and judicial reforms so that contracts should be easily enforced. The successive governments in India had done a lot, but the market still poses bureaucratic challenges. Without any doubt, Irish companies have huge opportunities to invest in India with the right approach and local expertise.
Ireland India Council is facilitating Indian companies to invest in the hospitality sector in Ireland and negotiations are at advanced stages for substantial investment in a range of over 200 million euros. The realisation of these projects will undoubtedly see significant positive changes in Irish-Indian trade.
The Brexit still posses unprecedented challenges on Irish businesses, and no one knows them in full extent. At one hand Brexit brings challenges and uncertainties, but it also brings opportunities. Business always plans to minimise risks and identify opportunities. The Indian market may offer opportunities to Irish business community.
(Prashant Shukla is a founder and CEO of Ireland-India Council and East-West Commercial Enterprises Limited.)