Look To The EastBy joanne | 11th February | Marketing Ideas, Marketing Strategy
The BBC reported this week that India’s economy is set to grow by 7.2% in the year to the end of March, as their manufacturing industry expands. (See http://news.bbc.co.uk/1/hi/business/8503966.stm for further details.) Manufacturing is compensating for declining agricultural outputs as the country seems set to move from a farming to a manufacturing culture.
This level of growth is competing with China for the accolade of the fastest-growing economy in the world.
The two countries combined account for 40% of the world’s population and are among just a handful of countries whose economies have continued to grow in spite of the global credit crunch. Two years ago, China overtook the US as India’s largest trading partner and China is now emerging as the world’s largest consumer – passing the USA in many economic areas, for example 13 million new cars were sold in China last year, whilst only 10 million were sold in the USA.
It begs the question why we’re still learning French and German at school! Perhaps your business needs to be more open-minded than that?