INTHEBLACK February/March 2024 - Magazine - Page 40
F E AT U R E
Above: India’s young
population, where 28 is
the median age, offers
the prospect of a dynamic
workforce that can
support the country’s
economic growth for
decades to come.
READ
CPA Australia’s
Asia-Pacific Small
Business Survey
2022-2023: India
Market Summary
40 INTHEBLACK February 2024
One possible area to address, according to
Howard, is India’s “protectionist sentiment”
towards trade.
For countries wanting to do business in
India, this means finding areas of potential
trade cooperation and increasingly adopting
a partnership approach.
Mahesh adds that India has a reputation for
strict financial, tax and banking regulations,
“but the Indian Government is working on
the ease of doing business”.
This strategy is paying off. According
to the World Bank, in 2022, India ranked
63rd among 190 countries for ease of doing
business, a significant improvement from its
142nd spot in 2014.
DIGITAL PAYDAY
India has long been known for its strength
in traditional industries such as gems and
textiles, but it is now becoming known for
rapid growth in ecommerce activity, supported
by the adoption of digital payment platforms.
A joint 2023 report from Google, Temasek
and Bain & Company indicates that India’s
internet economy is expected to register
six-fold growth and touch US$1 trillion
(A$1.6 trillion) by 2030.
One business that is riding the digital wave
is Notebook, an ed-tech portal designed to
help school students. Founder and CEO
Achin Bhattacharyya CPA is dedicated
to assisting poorer rural students on their
education journey and says start-ups like his
play an important role.
“What the start-ups have done, in terms
of aggregation and streamlining processes, is
ensure that any benefits reach the bottom of
the pyramid,” he says.
“It’s not just about the so-called ‘privileged
class’ – the benefits are flowing down, and all
people are getting an opportunity.”
This digital revolution is also at the heart
of Cookr’s ambitions.
Santhanakrishnan says the rollout of the
Unified Payments Interface (UPI), an instant
payment system developed by National
Payments Corporation of India (NPCI), is
propelling traditional sectors such as food into
a new digital stratosphere.
“It’s seamless, it’s reliable, it’s scalable –
and it’s the best in the world,” he says.
