London:
While in India, do as the Indians do and mind your manners, say 'namaste' and don't kiss women while greeting them - that is the message given to British companies keen to set up shop in the country.
The UK India Business Council organised a crash course in etiquette this week for companies based in and around Birmingham, and told them that it was important to understand how people in India operate.
At the Insight India Day organised by UKIBC with bank major HSBC, the companies were told that many British companies and executives were making 'big mistakes' when they travelled to India to explore business opportunities.
Sharon Bamford, chief executive of UKIBC, said, "The most important thing people need to learn is the reality of what India is like. The Western economies are going down in terms of growth and the eastern ones are going up. Today we have highlighted the opportunity in terms of economic growth".
She added, "It's a fabulous opportunity but it's not the easiest of markets. You are faced with so many new things but lots of companies are succeeding in spite of these challenges. I think the biggest hurdle is just lack of knowledge."
HSBC's Dalip Puri, head of multicultural banking UK, said there was much potential because of shared cultural attitudes between India and the UK.
He said the British people understood the Indian psyche because of the presence of a large group of immigrants from India.
Puri said, "It's very important to understand how people in India operate. You must appreciate the hierarchical structure of business. The cultural awareness bit is absolutely essential. That has a bearing on how you develop the business relationship with partners.
Culturally people in India still have the feeling that someone from different economic strata has to be treated in a different way and this means a definite structure exists in any business. It's like the army. That process of hierarchy is embedded in India, Puri added.
"The most common mistake people do is they educate themselves on the Indian market but don't try to understand the financial system, the banking landscape, the legal system and so on."
The UK India Business Council organised a crash course in etiquette this week for companies based in and around Birmingham, and told them that it was important to understand how people in India operate.
At the Insight India Day organised by UKIBC with bank major HSBC, the companies were told that many British companies and executives were making 'big mistakes' when they travelled to India to explore business opportunities.
Sharon Bamford, chief executive of UKIBC, said, "The most important thing people need to learn is the reality of what India is like. The Western economies are going down in terms of growth and the eastern ones are going up. Today we have highlighted the opportunity in terms of economic growth".
She added, "It's a fabulous opportunity but it's not the easiest of markets. You are faced with so many new things but lots of companies are succeeding in spite of these challenges. I think the biggest hurdle is just lack of knowledge."
HSBC's Dalip Puri, head of multicultural banking UK, said there was much potential because of shared cultural attitudes between India and the UK.
He said the British people understood the Indian psyche because of the presence of a large group of immigrants from India.
Puri said, "It's very important to understand how people in India operate. You must appreciate the hierarchical structure of business. The cultural awareness bit is absolutely essential. That has a bearing on how you develop the business relationship with partners.
Culturally people in India still have the feeling that someone from different economic strata has to be treated in a different way and this means a definite structure exists in any business. It's like the army. That process of hierarchy is embedded in India, Puri added.
"The most common mistake people do is they educate themselves on the Indian market but don't try to understand the financial system, the banking landscape, the legal system and so on."
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