India is a huge market – there’s no secret about it. You would have probably already read about it in a number of news articles.
The country has a middle-class population of over 400 million which is eight times greater than Canada’s population. Plus, the per-capita income in India is also increasing. Being a smart businessman, you can definitely spot an opportunity here.
To tap into this potential market of 1.3 billion people, you would want to localize your product offerings into their official language Hindi. But in a world full of linguistic service providers, it’s essential to perform due diligence when choosing Hindi translation services for your business.
Before we move on, we’d like to discuss some of the benefits of launching your business in India.
Perks of doing business in India
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i) India has a stable economy
India has seen some exceptional economic growth in recent years. The country has ranked highly for its macroeconomic stability in the Global Competitiveness Index of The World Economic Forum (WEF). Owing to their strong democracy, increased government investment, private consumption, and key structural reforms, India managed to score 90/100 and ranks 41 out of 141 world economies. (As per 2020 data.)
ii) Many new business reforms
The Indian government has been very proactive in easing the restrictions around foreign direct investment or FDI. For example, they raised the level of foreign equity caps for defense and insurance. This has helped in improving the overall business environment and attracting more foreign investment. According to the World Bank Group’s Doing Business 2020 study, India has jumped 14 places to be at 63rd position. Thus, improving their rankings when it comes to ease of doing business in the world. Previously, they held a ranking of 77.
iii) A leader in tech innovation
India has emerged as a leader in technological innovation. They have a plethora of high-tech companies in information technology, telecommunications, textiles, pharmaceuticals, engineering, and other sectors. When compared to their international counterparts, the tech companies in India are almost second to none. The world recognizes India as the third major force in adopting technological innovation, with the U.S. and China being the other two.
iv) An attractive consumer market
India is a desirable consumer market since it has a sizable and robust middle class. According to the WEF’s Global Competitiveness Index, India has the third-largest market size for manufactured products and services in the world, out of 141 economies. Experts claim that this market size will grow rather than remain constant. Such as the World Economic Forum projects that by 2030, India’s total consumer spending will be between $5.7 and $6 trillion.
How to bring your business closer to Indian people?
Localization is the single biggest challenge that companies face when entering the Indian market. We’re not saying that other factors like getting the price strategy right don’t matter. But we’re talking about getting closer to the consumers so localization and translation efforts matter a lot.
However, there is a major issue. Indians speak more than 120 different languages and around 720 dialects. So, which languages should you target and which ones to skip? That’s the question.
Here are our top 3 recommendations: Hindi, Marathi, and Tamil. Continue reading to find out the value of each.
Hindi is an obvious choice. More than 40% of the total Indian population speaks Hindi as their mother tongue. And it’s also the official language there in India. So how can you skip translating your content into Hindi? Find a business that can offer you professional Hindi translation services at a discount, or ask your friends for a referral.
8.03% of people in India speak Bengali, making it the second-largest language in India. But we suggest you go with Marathi instead of Bengali which is at 6.86% in India. Why? It opens your business to more global opportunities. Marathi is not only spoken in India but it’s also spread across the world, with countries such as the U.S., UAE, South Africa, Australia, New Zealand, and many areas in Europe. Hence, by working with Marathi translation services providers, you’ll be tapping a wider audience.
With great opportunities, there come challenges as Marathi translation requires a lot of subject matter expertise. There are more than 40 different dialects in Marathi which makes its translation a hectic job. As a result, companies offering professional Marathi translation services may try to charge you a bit higher.
Tamil is the next one on our list. It’s also one of the most widely spoken languages in India. While 5.9 percent of Indians speak Tamil, this language also constitutes 15 percent in Sri Lanka, 7 percent in Malaysia, 6 percent in Mauritius, and 5 percent in Singapore. With such a vast spread of Tamil, you will be entering multiple markets when you hire Tamil translation services for your business.
Do your homework as a partner with a translation company. Companies like Mars Translation are always a good choice. Because they have years of experience providing professional Tamil translation services and have a proven track record of helping clients just like you.
The Indian market, without a doubt, is a promising place for any business planning on going global. Our blog covered the major benefits of doing business in this market. We also discussed why localization and translation could be important matters for new entrants. Plus, we gave recommendations for possible languages that a business can specifically target for better audience reach. Always consider your business and the particular states you’re going to enter and make your choices accordingly. We wish you all the best in your efforts to enter the Indian market. Hope you find a helpful read!