One of the greatest privileges at The MBS Group has been working for the Tata Group. It’s the biggest family-owned business that we have worked for. From 1991, Ratan Tata was responsible for transforming the business into an international powerhouse as chairman of the conglomerate until he handed over the baton to a family member, Cyrus Mistry, in 2012.
Ratan’s appointment aligned precisely with the liberalisation of the Indian economy in the same year, which positioned the diverse and dynamic company to lead the way in India’s globalisation. We are lucky enough to work for Noel Tata, who leads the retail and consumer part of the group, and so it has been with great interest that we watched Apple announce the much-anticipated launch of its first official stores in India.
This was achieved through none other than a partnership with the Tata Group; through their electronics chain Croma, which will host pilots at six of its Mumbai locations. The announcement got me thinking about the rapid developments in India’s economy that have fostered its recent domination of the tech scene – something I have been following with fascination for some years now!
Nevertheless, Apple’s struggle to introduce its stores into the country demonstrates the ongoing restrictions that have faced business operations in India, perhaps partly explaining why India’s burgeoning influence has been centred primarily on the export of its talented leaders. There has been a great deal of commentary on Satya Nadella’s appointment as CEO of Microsoft and more recently Sundar Pichai’s ascension to the head of Google has cemented India’s reputation as a centre for great talent in the tech sector.
The future now seems to promise a greater focus on the Indian market itself. As some of the red tape begins to recede, entrepreneurs are increasingly willing to innovate at home, and the country seems to have ever-greater appeal for global businesses to test new tech concepts. In fact, a recent Ernst & Young survey rated India the most attractive market for foreign investors in 2015. India’s escalating startup ecosystem – estimated to hit more than 11,500 annually by 2020 – promises a bright future for innovation.
Several Indian tech startups – including mobile app comparison tool Voodoo, house-hunting portal Housing.com and fashion etailer Koovs – have benefited from enormous surges in Angel investments and VC/PE backing over the past five years.
In turn, international recognition of India’s assets is expanding to embrace an infrastructure particularly suited to tech testing. Google has recently launched an experimental offline public transport app for New Delhi, and leading ride-sharing platform BlaBlaCar has partnered with the Indian railway to successfully integrate into the region.
India’s position as a frontrunner in digital innovation has never been a hotter topic, and I look forward to seeing how it develops. It is an exciting climate inspiring technological and business success for both local and international enterprises. How India’s influence might change the global economy is anyone’s guess! Send me your predictions at moira@thembsgroup.co.uk and have a brilliant weekend.