Mobile companies from Nokia to LG have designed India centric phones with features such as very good battery life, torch facility, protection from scratches and dust etc. The number of mobile subscribers has risen to more than 730 million giving birth to new Indian companies such as Micromax and Karbonn which have phones with unique features like a mosquito repellent among others.
Delhi recently got its own first Laundromat which is a very common system in the west. Automobile manufacturers from Nissan to GM to Tata to BMW are all searching for that right vehicle to manufacture for their Indian consumers.
Panasonic has recently come out with its Cube ACs which is a unique concept in cooling in India. But ,why has all the hullabaloo been created among MNCs about designing products for India over the last couple of years?
There is all the talk about the Indian economy and its growth rates which are attracting everyone left, right and center. But don’t they worry about corruption, bureaucracy, politics and all such problems galore. Actually all these organizations would be wary about entering such a market. But when you know that more than half the population are below the age of 18 and around 65-70% are in the youth category, why wouldn’t a company want to enter?
You ask any youngster these days. He / She will carry some smart phone whether it is Dell or Blackberry or iPhone, an iPod or some music player, any laptop from Dell to Acer and other devices like iPad / e – book reader etc. Going to CCD, Pizza Hut, KFC and such outlets is become the favourite pastime. Wearing a watch from Fast Track to sometimes wearing Rado and wearing everything from Tommy Hilfger to Levis Strauss, today’s youngsters want it all. And if this is the market a company has to cater, give me one good reason why they wouldn’t spend billions on their R & D to come up with customized products?
Despite many international brands coming to the country across sectors, this is still so much scope in this country for everything that it will take eons to say “Dude! I think the market is saturated for this product.” And that’s the reason even after we have seen so match you still have international players like Carrefour, Wal Mart, Starbucks etc. Waiting to enter the country to GIVE YOU THAT EXTRA!
That’s what happens when the hard power of income, economics and industrialisation speak in one language!
THE WORLD TAKES NOTE!!