Improving workforce skills and honing business methods have driven India’s growth.
Still a way to go but when a country with over 1.3 billion people starts to focus on business modernisation, we should take note. Not least as they could be an early stage trade partner, if Brexit becomes a reality.
There are natural ties, which may come from a colonial past but are real and based on mutual interest. English is a significant language in India, business cultures are not so far apart, in a country which values good working relationships.
Similarities in our legal and technical education systems are an added advantage. Part of the reason the UK currently exports around £6 billion pounds worth of goods and services to India each year.
The potential for further growth is evident and a trade deal would help overcome tariff issues, although a temporary import option is already available.
India & ATA Carnets
India has been an ATA carnet member for over a decade but initial take up was slow, with just 6 carnets issued internally in the first year.
That figure is now approaching 1000 and covers a wide range of business sectors, from film makers, to art dealers, to manufacturers attending trade fairs. Carnet use by visitors to India has also grown.
Over 2000 inbound carnets were used last year, aided by India’s decision to expand carnet use. They now accept carnets for professional equipment, alongside their long standing use for fairs and exhibitions.
Dedicated organisation at a national level has helped, in terms of information and practical assistance. The creation of insurance facilities to replace cash deposits against duties has brought wider adoption.
Reducing cost adds to India’s wish to support the development of startups and SMEs. Their growth then creates opportunity for inbound trade.
Visiting On A Carnet
Whilst there were a few early stage issues, using an ATA carnet in India is now a much smoother process. Their national chamber organisation (FICCI) offer operational guidance and useful contact details to businesses in India.
FICCI make their dual intent clear “Our ATA Carnet policy will boost the development of Indian business at national, or international level. The overseas companies they encourage will also help take our own forward.”
The need for ease of doing business in a formerly bureaucratic India has led change and carnets are a key factor in this. If our support team can help take your goods to India without hassle, please ask for advice at any time.