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Business opportunities abound in India

By Moushumi Chakrabarty     Feb 18, 2009 in Business
A new study suggests what shrewd business pundits in North America have known for some time now – markets here have slowed and sights must be turned eastwards, reports Canadian Newswire.
Where would you go if you wanted access to developing and manufacturing sectors, to a qualified worker pool and increasing consumer demand? For engineering and construction companies, India is ripe with opportunities for growth. The country will provide a much-needed stimulus for the slowing North American market, according to PriceWaterhouseCoopers (PwC). By 2012, more than $500 billion in investments are scheduled to flow into India’s infrastructure. For hungry engineering and construction companies, a more open approach to regulations by the Indian government and an increase in Foreign Direct Investment (FDI) could prove a boon in these project-strapped times.
The report states that by 2050, India is set to be the world’s third-largest economy, and that construction is the next biggest economic activity after agriculture. Roads, railways and electricity are poised on the brink of huge increases. Public-Private-Partnerships or PPPs are gaining ground in India with solid government backing. Also aided by the government, several agencies have been set up shop to expedite the FDI process.
"Overall, the opportunities to develop a significant business in India are extremely promising for construction companies, with roads, ports and airports, railways and power standing out as particular bright spots," says Michael Clifford, PwC Canada's Engineering and Construction Leader. "Companies need to carefully select strong local partners, structure contracts sensibly to maximize tax benefits where appropriate, and take a long-term, sustainable perspective. Foreign companies who do not acknowledge the opportunity now may miss out on a critical opportunity to establish a long-term presence in one of the world's largest growth markets."
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