following basic facts are important:
(i) Most Indian businesses can understand English
(ii) To enter India, all Norwegian visitors need valid Indian Visa, which can be easily obtained from Embassy of India, Oslo.
(iii) Approximate exchange rate of Indian Rupee is US$ 1 = Re 54.50 = NoK 5.7 (as on April 2013)
(iv)For queries and elaborations, please contact Indian Embassy.
India's large and fast-growing economy offers exciting opportunities for Nordic businessmen across the board. As economic partner, India has following advantages:
(i) The country has fairly large and open domestic market, buoyed by nearly 300 million middle class consumers. This opens up lucrative possibility of supplying goods and services to the Indian market.
(ii) India is increasingly visible as a supplier of high quality goods and services, thanks to its large growing labour force and competitive cost of production. These features make sourcing of goods and services from India very attractive.
(iii) The economy which has recorded high growth rate during the last few years has attractive possibilities for investment and co-production. Indian infrastructure also offers a swathe of opportunities for investment and growth.
(iv) Last but not the least India's knowledge-based enterprises, including R&D, IT & Bio-Tech have their own dynamics that could enhance competitiveness of Nordic enterprises.
India's full potential as trade partner for Nordic countries is yet to emerge. Indian share of Norwegian markets remains around 0.5%, which is less than a third of India's share in the global EU market. This is despite India's growing attractiveness as a low-cost, high-quality producer of goods and services. Lucrative opportunities exist for sourcing of textiles and garments, pharmaceuticals, light engineering items, consumer goods and foodstuff from India.
For Nordic exporters, India has large but competitive market with its own specificities. Norwegian companies' providing goods and services for infrastructure development has had the best success in India. While the market is highly competitive and price-sensitive, niche consumers can always be found willing to indulge in high-end items.
Around 70 Norwegian companies are engaged in India either through joint ventures with Indian partners or through wholly owned subsidiaries. Over 100 Norwegian companies have shown interest in possible business prospects in areas such as ship building, petroleum related services, marine/subsea drilling equipment, hydropower, clean energy, and IT services. ONGC and Reliance Industries have tie ups with Norwegian companies in the petroleum and energy sector. There has also been a trend of Norwegian IT companies to either offshore their business to India or acquire shares in Indian companies. Indian IT majors like Tata Consultancy Services, Infosys, ITCInfotech, Larsen & Toubro Infotech and Wipro have increased their presence in Norway over the last few years due to the existing potential of IT outsourcing contracts in the country.
Over 40 Norwegian enterprises have been attracted to establish joint ventures in India for a variety of motives. Some wish to leverage lower cost of manufacturing in India to supply to markets in Norway or India or in third countries. Some others wish to split the cost of manufacturing with more labour-intensive segments being undertaken in India. Yet others wish to take advantage of India's core competence in low-cost research and development and designing capabilities. Some others are motivated by cost reduction possibilities offered by IT out-sourcing to India. Yet another set of joint ventures are aimed at India's consumer market, hydroelectric projects, Some such joint ventures also span areas such as hydro-electricity, IT, plastics & deep offshore are estimated to be 40.
Indian Joint Ventures in Norway are mostly in information technology and Food sector. Establishment of some other JVs in off-shore and trading are on cards.
Over the last decade, India’s “Knowledge-Based Economy” has earned itself a global presence. Over 40% of BPO activity worldwide is going to India. The trend of Indian dominance on global IT & BPO scene is likely to continue.
For entrepreneurs in Norway out-sourcing to India offers a solution out of high wages and overheads as well as critical shortages in skilled manpower. This option is increasingly being exercised.