INDIA is a case in point. Have you done business with India before? If NO, why not? Was it because of any apprehensions about doing business with India? or, was it because you were not sure of the modalities of doing business with India?
Well, there could be many reasons. However, the fact remains that every businessman must have his eyes trained on India for, after all, it is the, fifth largest market in the world in terms of purchasing power parity. India is one of the world's most exciting emerging markets with extensive infrastructure for doing business. India has a good legal system which is reputed to be among the world's most independent and efficient ones.
If, India is today in the news, it is because, it is a nation on the move. India has dealt with its balance of payments crisis, its external debt problems, etc., and with help from the IMF and World Bank, has left these problems far behind. In fact Moodys has given India a rating of 'Baa3' which translates to investment grade. This is like a clarion call to do business/invest in India.
The Uruguay round of GATT has improved the infrastructure for cross-border and world trade. Further, India, in its outward looking- quest has liberalized and opened its economy to the world - challenging industrialists as it were to set up joint ventures or wholly owned subsidiaries in the field of power generation, infrastructure development, telecommunications, etc. Procedures for import of capital goods, approval for setting up industries, repatriation of income, etc. have been liberalized with the effect that investment has flooded into India and Indian companies have been able to raise loans at very fine rates in the Euro-dollar market.
The above development and the fillip given to exports have been responsible for India now having foreign exchange reserves of more than 18 bn. dollars. India is now looking for technology and for equipment to upgrade its existing manufacturing facilities to meet exacting world standards. It has also been shopping around for power generation equipment and telecommunication networks in a big way in order to speed up the process of industrialization.
Bank of India, New York Branch and San Francisco Agency have been operating since December 1978 and December 1977 respectively and familiar, confident, and comfortable-doing business the American way. Bank of India, set up in 1906 is headquartered in Mumbai (Bombay), India and has a network of 2400 branches spread over the length and breadth of India. Bank of India has global assets of USD 10 bn., is well versed in international trade and has branches in financial centers of the world like London, Tokyo, Singapore, Hong Kong, Paris, etc.
Bank of India, New York and San Francisco have a team of banking professionals who come from different parts of India. These officers are well versed in India-related trade and also have personal rapport with key persons in the banking sector. As such, Bank of India is in a position to get things moving in India - something no other bank here might be able to do.