The demands of a quickly developing economy like India give gigantic chances to Korea-India cooperation. India can profit by the know-how in the fields of innovation and best practices from the KOREA that have been attempted and tried. The lift from the present Indian government will give Korean organizations an empowering situation in which to contribute, accomplice, and give answers for enable India to execute their plans and commands.
Domestic Market Size
Potential market (entire size of the market for a product at a specific time.)
Massive young population and has one of the world’s fastest-growing labor pools ( nearly 530 million, under 30 years of age.)
Amazing talent pool
Cost of Labor
Foreign brands are well liked and quite popular in India.
India has the worldwide second largest population The PGR for the country is 1.25. A very large number of India’s population, about 50%, is below the age group of 24. This provides the nation with a large workforce for many decades, helping in its growth. The government is training a 400 million-workforce, which is larger than the population of the United States and Brazil combined
India has a young population compared to most aging nations. It has approximately 65% of its population below the age of 35. In addition, declining fertility is beginning to reduce the youth dependency rate which may produce a demographic dividend. In the coming decades, while some of the powerful nations will witness a decrease in workforce numbers, India is expected to have an increase.
Foreign language skills
India has the world's largest English speaking/understanding population. It claims one of the largest workforce of engineers, doctors and other key professionals, all comfortable with English. It has the 2nd largest population of "fluent English" speakers, second only to the United States, with estimates ranging from 150 to 250 million speakers, and is expected to have the largest in coming decades. Indians are also learning Dutch, Italian, French, Japanese, Korean, Mandarin Chinese, Russian, and Spanish.
India is the world’s largest democratic republic, more than three times bigger than the next largest (the United States). It has so far been successful politically, especially considering its functionality despite its difficult ethnic composition. The fact that India is a democracy has improved its relations with other democratic nations and significantly improved its ties with the majority of the nations in the developed world.
The economy of India is currently the world’s third largest in terms of real GDP (PPP) after the USA and the People’s Republic of China. According to the World Bank India overtook China to become the fastest-growing major economy in the world as of 2015 ] Its record growth was in the third quarter of 2003, when it grew higher than any other emerging economy at 10.4% Interestingly, estimates by the IMF show that in 2011 (see List of countries by future GDP estimates (PPP)), India became the third largest economy in the world, overtaking the Japanese economy and the Seventh largest economy by GDP (Nominal). India has grown at 7.5% in 2015 India, growing at 9% per year, is the world’s second largest producer of food next to China. Food
processing accounts for USD 69.4 billion as gross income India is still relatively a small player in manufacturing when compared to many world leaders. Some new trends suggest an improvement in future, since the manufacturing sector is growing at 11-12% India currently has an expanding IT industry which is considered one of the best in the world. Some have begun to describe India as a technology superpower. It is considered the World’s Office and is leading in the Services Industry. This is mainly due to the availability of a large pool of highly skilled, low cost, English speaking workforce.
Science and technology
India is trying to develop more highly skilled, English speaking people to fit in the future knowledge economy. India is becoming one of the world’s leading producers of computer software and with mushrooming R&D centres it is experiencing a steady revolution in science and technology. A typical example of India’s rising scientific endeavours is that it was the 3rd nation to found a National Space Agency called ISRO, after the USSR and the U.S. It was the third Asian nation to send satellites into space after China and Japan in 1970, starting with Aryabhata in 1975. In January 2007, India became the fourth nation to complete atmospheric recently In October 2008, India launched its first unmanned lunar probe, Chandrayaan 1, which operated until August 2009.
Mass transit system
India is in the process of developing modern mass rapid transit systems to replace its existing system which is seen as inadequate to cater to present and future urban requirements. A modern metro rail system is already in place in the cities of Delhi, Mumbai, Chennai, Bangalore, Kolkata and Kochi. Work is in progress or would be commencing shortly for developing similar mass transit system in cities of NOIDA, Hyderabad, Indore and Ahmedabad. Indore is leading the track by implementing world class GPS enabled, low floor buses in a Rapid Transport System. With growth in economy and technology, India is welcoming modernisation. The Indian rail network traverses the length and breadth of the country, covering a total length of 63,140 km (39,200 miles). It is one of the largest and busiest rail networks in the world, transporting over 9 billion passengers and over 350 million tonnes of freight annually.
India, with its diverse and fascinating history, arts, music, culture, spiritual & social models has witnessed the growth of a booming tourism industry The World Travel and Tourism Council believes India’s tourism industry will grow at 10% per annum in the next decade, making it lead the world in terms of growth. Tourism contributes 6% of India’s GDP and employed 40 million people, making it an important factor in India’s economic growth. More than 8 million foreign tourists arrived in the year 2015 against 7.68 million in 2014 recording a growth of 4.4 percent over 2014
Unity in diversity
India has a multi-ethnic, multi-lingual and multi-religious society living together. The subcontinent’s long and diverse history has given it a unique eclectic culture. It is often associated with spirituality. Thanks to its history of both indigenous and foreign influences – like the ancient Indian religions (Buddhism, Hinduism, Jainism and Sikhism and the ancient Middle East Asian schools of thought (Abrahamic – Islam, Christianity, Judaism etc.) – the current Indian civilizational psyche is evolving into a complex mix of them – sometimes a superposition of religious philosophies with acceptance of the conflicting cosmologies, sometimes striking a middle ground, and sometimes taking the practical attitude – popular with the young – of "filtering
the common best, and leaving the rest", thus leading to the creation of many syncretic mix of faiths (such as Sai Baba of Shirdi). Since Independence, India has regained its more progressive schools of thought, like – democracy, secularism, rule of law, esteem for human rights, rational deductive reasoning, development of Science and Technology, etc. – are making slow but steady inroads into the collective modern Indian psyche. India's diversity forces it to evolve strong foundations of tolerance and pluralism, or face breakup. The Indian public is now also accepting modern western influences in their society and media – and what is emerging is a confluence of ts past local culture with the new western culture ("Social Globalisation"). For some futuristic social thinkers, the miscegenation of diverse ancient culture with modernity, spirituality with science/technology, Eastern with Western world-view is potentially making India a social laboratory for the evolution of futuristic global-unity consciousness.