India has the second largest population in the word and the sixth largest economy, which is expected to grow by 6 to 7 percent in the next few years. Of its 1.3 billion population, about 440 million are millennials, the group expected to drive the country’s economic growth over the next decade, says Supatra Sawaengsri, Director of the Office of Commercial Affairs in Mumbai, India.
“India’s economy is recovering after Covid,” she says. “The government is accelerating infrastructure development in key and second-tier cities. In particular, in Mumbai, the second-most populous city in India after Delhi, the government is constructing a four-lane superhighway; this will bring more jobs and increase the spending power for Indians.”
India has free-trade agreements with many countries including Japan, South Korea, Malaysia, Singapore, Sri Lanka, Nepal, Bhutan, Mauritius and Thailand. It has recently signed a bilateral pact with UAE and plans to sign a deal with the Gulf Cooperation Council this year.
According to Sawaengsri, there are great opportunities for Thai companies involved in exports, investment and services. To penetrate Indian markets, Thai enterprises should study the country’s nature, behaviour, demands, rules and regulations.
Since the pandemic Indian consumers have shifted their behavioural patterns towards home dining and home entertainment, such as playing online games. Homeware products from Thailand such as furniture, kitchenware, household decorative items and cleaning products also have a great chance to penetrate the Indian market.
Moreover, with approximately 20 to 25 million children born each year, India is an excellent market for products for kids, toys and learning tools of a good quality and at competitive price. Other potential products are food, snacks, fruit juice and beverages, and fresh and dried fruit. Sawaengsri says that these need clear labels as to which are vegetarian.
Fashion goods, clothes, shoes and other design products, including sportswear also have a brighter future in this diverse market.
To promote the growth of Thai products and services, the DITP’ overseas offices in Mumbai has arranged a series of activities in 2021. This included becoming a partner country for Vibrant Gujarat, joining in-store promotions with Reliance Group and Future Group, and promoting Thai durian to sell online on Berrika.com.
A series of online and offline events will be held by DITP’s Thai Trade Centres in New Delhi, Chennai and Mumbai throughout this year, including in-store promotions in major supermarkets across India, business matching events, Top Thai Brands, and seminars to educate Thai businesses about India.
For more information, please contact: [email protected]
Photo courtesy of DITP’s Overseas Office in Mumbai
Words by Petchanet Pratruangkrai