Experts discuss "Doing Business with India"

On Wednesday 24^th June 2015, leading business experts gathered at Westminster for an event entitled, “Doing Business with India”, hosted by Santander UK. The event brought together a panel of distinguished figures who discussed the potential trade opportunities between the UK and India as well as offer a variety of views on building lasting commercial relationships.

The illustrious figures on the panel were Sid Khemka, the CEO of kOnnect Digital Ltd; Hannah Simcoe-Read, the CEO and founder of NVH Technology; Arbinder Chatwal, the Head of Indian Advisory Services Group, BDO LLP; John Carrol, Santander UK's Head of International; Pratik Dattani, the Director of Federation of Indian Chambers of Commerce & Industry (FICCI); and Dr Rami Ranger MBE, FRSA, the Chairman of Sun Mark Ltd. Baroness Wheatcroft, a Member of the UK-India Roundtable also joined the panel at the end.

At the event, Baroness Wheatcroft explained why the UK export figures had fallen below expectations. She said, “It takes time and that is why at the moment exports are not soaring the way I would like to see them. It takes time to put the groundwork in. You can’t just race into a country like India, expect to understand it and get it right. But nevertheless, if you work with government you will find that doors do open."

She further stated, “Not to say that there aren’t difficulties, but both the UK and Indian governments could do more to make relationships between our two countries, which go back so far and are so important, really gel properly… I am very hopeful that we will get to our target, perhaps a little late, of doubling exports to India.”

Pratik Dattani spoke about the challenges that UK companies may have to face, as well as the difference in cultures. He said, “When you go to India and when you speak to somebody and say, ‘we like this, can you do it?’ Everyone will say ‘yes’. When an Indian says ‘yes’ it doesn’t necessarily mean ‘yes’. Follow up. Make a few trips and then see whether ‘yes’ actually means ‘yes’.”

This lead to Hannah Simcoe-Read stressed the importance of making contacts and how you should do your research before embarking into a different country. She said, “It’s very important to be immersed in the culture and actually work hands on in the country in order to understand it, and do your homework... It took me nearly 18 months to make the contacts, to understand how you work in India, to create partnerships. And relationship building in India – whether it is with governments, or whether it is local authorities or whether it is support for SMEs, or in banking – it is very, very essential.”

Dr Rami Ranger added, “Economies are not growing in the West. So, British companies, by plugging into the Indian economy or Indian companies can get out of sluggish recovery. So, India can become an engine for the growth of this country.”

Dr Ranger, like the others on the panel recommended taking expert advice before entering the market. He said, “I have gone through the portal Santander bank have made. It is amazing. I don’t think that any bank has gone that far in facilitating exports and giving people knowledge. So I think that your first port of call is to go on the website and join and you will get to know a lot more than we already know.”