Scotland companies urged to tap into Indian market

LONDON: The UK India Business Council has urged companies in Scotland to tap into the opportunities available in India and has formed a committee to help entrepreneurs to gain insight into the Indian market.

The next generation committee of the UK India Business Council (UKIBC) is being launched in Edinburgh on September 28 to help entrepreneurs and young companies build profitable relationships in India.

The next generation committee, which has been set up with investment from the UK government, will help future business leaders develop links between India and the UK.

John Rendall, chief executive of HSBC in Scotland, told the local media, "If you set India's economic growth against that of the world as a whole, the buzz currently surrounding India is more than justified."

He explained that while the world's GDP is expected to shrink by 2.3 per cent this year, India will probably enjoy growth of 6 per cent. HSBC's prediction is that this trend is likely to continue into 2010, with GDP growth of 7.5 per cent in India set against a world GDP growth rate of 2.2 per cent.

Rendall added, "India is a shining example of a developing economy in which opportunities are abound. Its resilient economy and commercial vitality is what has made the country so attractive to investors and ambitious companies."