International business-Business Environment Country Analysis Project Essay

International business-Business Environment Country Analysis Project - Essay Example Healthcare industry supported by advanced technologies in medical equipment like the ultrasonic devices, x-ray equipment and MRI scanners can be the right platform for business development in fast growing Indian market. This paper analyzes the socio-economic conditions and the policy frame work in India to assess the market conditions and to decide on the best approach to tap this market. Endowed with democratic institutions and supported by internationally acknowledged legal frame work, India presents an attractive opportunity. Since the time of economic reforms undertaken in the early 90s, GDP grew steadily to the level of over $1 trillion in 2008 (Silicon news, 2008). During the four years since 2003-04 the average annual GDP growth rate was 8.83%, and exports formed around 26.5% of GDP on the average (India Country Report, 2007). Even in the current financial year (April 2008 – March ’09) GDP growth rate is expected to be around 7% (RBI Bulletin, 2009), confirming that the Indian economy is relatively less affected by the current global economic crisis. Sector-wise, agriculture & allied activities, industry and services constitute 17.8%, 19.4% and 62.9% respectively of the GDP during 2007-08 and among the services, community, social and personal services segment that has relevance to healthcare industry constitutes 13.4% and has been growing at over 7% annually since 2004-05 (RBI Annual report, 2008). IT and IT enabled services, metallurgy, automobiles and telecommunications are some of the most visible sectors. Tata Consulting Services, Infosys, Wipro, Tata Sons, Mittal Group, ICICI etc. are some of the global Indian companies. Large infrastructure investments are changing the landscape of the country. With US$ 250 plus billion foreign exchange reserves, GDP growth rate of 7%, fiscal deficit target of 3.3% and inflation target of below 5%, the Indian economy is on a