‘One Must Possess Knowledge, Skills, and Competencies to Build a Successful Business in Eastern Markets’
HSE University’s Eastern Perspective expert club has held its first event—a business session dedicated to launching and developing successful businesses in India. The club was created by HSE experts to discuss tools, trends, and insights for cooperation between Russia and countries in Southeast Asia, the Middle and Near East, and North Africa. The event featured experts with years of successful experience working in the Indian market on behalf of major global corporations.
The first event of the Eastern Perspective expert club was devoted to India for a reason. Today, India is the fastest-growing economy among the G20 countries, with over 7% annual GDP growth, a growing consumer market, and rapid technological progress. This presents unique opportunities for Russian companies, as emphasised Dmitry Chubarov, the event's moderator and Deputy Director for Marketing Communications at HSE University.
India is one of the most promising countries for entrepreneurs planning to start or expand their businesses.
‘Leading global experts today call this country a “market of a billion opportunities,”’ said Olga Kharina, Associate Professor at the School of Asian Studies at the HSE Faculty of World Economy and International Affairs. ‘Many countries aspire to have India as a partner, and Western countries are already succeeding in this. Therefore, we must also seize this opportunity for the benefit of businesses and, of course, the state,’ she noted.
The current dynamics of India's industry development are striking: industrial products account for 50% of import structure, the beauty industry's annual growth is 76%, fintech accounts for 40% of start-up funding, and e-commerce represents 20%. The country's average population age is 28, making it one of the largest labour markets in the world, with approximately 70% of the population under the age of 35.
In 2023, India accounted for over 40% of all smartphone sales in Asia. By 2025, the number of internet users in India is expected to reach 700 million. Currently, there are about 450 million internet users and 1.2 billion mobile users. India's smartphone market is the fastest-growing globally. Additionally, in 2020, a $1.4 trillion transportation infrastructure development plan was adopted, including improvements to roads, railways, and airports. Textile exports are expected to reach $100 billion by 2027. India ranks second globally in crude steel production and third in aviation market size. The chemical and petrochemical industries are valued at $1.178 trillion, and auto component exports amount to $13.3 billion.
Olga Kharina reviewed several case studies related to the development of Russian businesses in India. Their experiences revealed that obtaining all the necessary permits to operate in the country is a more complex process than anticipated. It is also crucial to consider the specifics of working with local regulatory bodies and to thoroughly study legislation and tax procedures.
Associate Professor Olga Kharina also presented a ‘treasure map’ of Indian states, each with unique economic features and regulations. For example, Maharashtra (home to the financial hub of Mumbai) is the largest taxpayer and a vital business centre. Uttar Pradesh, the most populous state (over 220 million people), has an economy primarily based on agriculture. Gujarat (in the west of India) leads in the production and export of goods such as chemicals, petrochemicals, and textiles.
‘India is at the heart of South Asia and strategically positioned as a gateway between East and West Asia. With access to the Indian Ocean, it plays a key role in trade and transportation between Central Asia, the Middle East, Southeast Asia, and East Africa. Russia and India maintain close economic ties, which grow stronger every year. In recent years, various agreements on mutual trade and strategic partnerships in energy, defence, and technology have been signed,’ the speaker emphasised.
When it comes to the most promising business directions, India is one of the largest consumers of energy resources. Russian companies can expand their activities in oil and gas supply and participate in energy projects. Russia can also offer its expertise in IT and innovative technologies, especially in artificial intelligence, machine learning, and blockchain. Additionally, India is a major importer of agricultural products, creating opportunities for Russian companies to export grains, fish, meat, and dairy products. At the same time, Indian agribusiness technologies can be valuable for Russian farmers.
The Indian government actively supports the ‘Make in India’ programme, aimed at developing manufacturing and encouraging foreign investments in the country.
‘To build a successful business in the new markets we now call the Global East—markets friendly to us and supported by both Russia and other countries—you need knowledge, skills, and competencies,’ emphasised Natalia Guseva, Professor at the HSE Faculty of World Economy and International Affairs and Head of HSE's ‘Business with the East’ educational programmes.
She presented Eastern Perspective educational programmes for entrepreneurs working with countries in the Middle East, North Africa, and the Indo-Pacific region.
Currently, the university offers three such programmes. The flagship five-month programme, ‘Eastern Perspective: Strategy and Tactics for Building Business,’ combines experiences and practices for entering the advanced markets of the Global East. The intensive three-month programme, ‘Eastern Perspective: Basics of Building Business,’ focuses on practical knowledge for business development and launching international projects in various sectors with Global East countries. The three-week programme, ‘Eastern Perspective: Business Practices in India,’ is specifically tailored to strategies and practices for building successful businesses in India.
‘You will gain a clear understanding of the potential and specifics of Eastern markets, depending on the company you work for or the start-up you plan to create. When entering new markets and offering your products and services, you must clearly understand development vectors, financial and tax system specifics, as well as major political trends and societal characteristics. It is also essential to evaluate your export potential and understand your competitive advantages. Most Russian companies with international business experience were primarily focused on European markets, where competition was often based on low prices. However, this strategy will not be effective in Eastern markets,’ Natalia Guseva emphasised.
Nair Devadathan, an expert in developing government relations tools and company promotion strategies in the Indian market and a representative of The Times of India Group in Russia, shared insights on aspects of Indian society that businesspeople entering the market should consider. According to him, caste, religion, and beliefs (eg, partnerships often rely on astrological horoscopes) play a crucial role in Indian society. Business connections are also vital: to succeed, companies must find a local partner, which can provide numerous advantages and more favourable conditions. ‘India should be understood as Bollywood,’ he said. At the same time, Indian society has a deep appreciation for Russian culture, especially theatre and film adaptations.
The expert believes that success in India is achievable not only for large corporations and medium-sized businesses but also for small enterprises and even sole traders. There are already examples of such successes. Indian consumers are open to a wide range of products, including those under sanctions, as well as services from industries like beauty, arts, education, and tourism.
‘Promoting Russia is a business in itself. All our youth use social media, so you need to pay attention to that,’ Nair Devadathan emphasised.
In conclusion, Dmitry Chubarov invited attendees of the business session to participate in HSE’s educational programmes focused on the East. ‘The expertise, experience, and case studies discussed will not be based on abstract textbooks but on the daily successful practices of both Russian and international companies currently operating in the Indian market,’ he summarised.
See also:
‘Land of a Billion Chances’
On January 23, HSE University's Eastern Perspective Expert Club will hold its first event—a business session dedicated to setting up and developing a successful business in India. Leading global experts have described the country as ‘a market of a billion chances.’ Speakers will present five key steps in market research, the three most effective strategies, and the geography of the most promising industries and opportunities.
Building Strong Ties: HSE Expands Horizons of Educational Collaboration with India
Representatives from the HSE Institute of Education have visited leading Indian universities, including the University of Delhi, Jawaharlal Nehru University, and O.P. Jindal Global University, as well as several research centres. HSE staff gave guest lectures on the Russian education system, highlighting its features and opportunities for international students. The visit aimed to strengthen academic collaboration between the two countries.
Virtual Mozart, Venture Capital Bot, and Educational Video Generation: How AI is Used at HSE University
In mid-November, HSE University hosted a meetup where faculty, researchers, and administrators presented their projects and shared experiences with using AI technologies in education and research. The meeting was part of the continuing professional development programme 'Artificial Intelligence in Education and Research.'
‘Closing a Deal Gives an Exhilarating Sense of Achievement’
Bhaskar Kayathwal, 26, from India, completed his programme in Master of International Business at HSE University in 2021. Currently, he is responsible for business development at an influencer marketing company. In an interview with the HSE News Service, Bhaskar shares his experience at HSE University, the importance of seizing unexpected opportunities, and the parallels between business development and chess.
HSE University Starts Collaboration with Jawaharlal Nehru University in India
HSE University has signed a memorandum of understanding with India's leading university, Jawaharlal Nehru University (JNU), New Delhi. All HSE campuses will participate in the collaboration. Under the memorandum, the two universities will share teaching experience, conduct joint research, and organise short-term academic and cultural exchange programmes.
HSE University-St Petersburg Hosts 50 Students from Top Indian Universities
HSE University-St Petersburg hosted the Indian Students Week. The event gathered more than 50 students from India. The students represented 15 top universities in the country. In particular, there were representatives of IIT Bombay, IIT Delhi, UPES, IIM Amritsar and others. The goal of this large-scale initiative of HSE University-St Petersburg is to introduce talented students from India to educational opportunities in Russia, in particular, HSE educational programmes in four directions: business and economics, design, social and computer sciences.
'Joint Background in Political Science and Anthropology Turned Out to Be Invaluably Useful in Studying the Region'
From April 26 to May 7, a team of professors and students from HSE University-St Petersburg conducted a field study in the Indian Himalayas. Below, Aleksei Sorbale, academic supervisor of the Bachelor's programme 'Political Science and World Politics', and Pavel Bazarov, a student of the Master's programme 'Global and Regional History', speak about their research and share their impressions of the expedition.
HSE Strengthens Cooperation with India and Creates Opportunities for Dialogue between Experts
Following the visit of the HSE University delegation to New Delhi, cooperation agreements with leading Indian universities were finalised. Similarly, a number of expert events, consultations and negotiations on the development of comprehensive strategic cooperation with Bharat took place. The HSE University delegation also participated in the Raisina Dialogue, one of the largest international expert forums.
'This Collaboration Will Broaden the Scope of Academic Partnership and Foster Stronger International Relations between Russia and India'
HSE University was the first Russian university to sign a cooperation agreement with the Indian Institute of Technology Bombay (IIT Bombay). HSE University and India's leading university have forged a cooperation agreement aimed at conducting joint research and fostering academic and cultural ties. The document was signed by Anna Tyshetskaya, Director of the HSE Campus in St Petersburg, and the head of IIT Bombay, Prof. Subhasis Chaudhuri.
Neena Gupta Reports at the 100th HSE Seminar on Algebraic Transformation Groups
The distinguished Indian mathematician Professor Neena Gupta delivered a presentation at the celebration of the 100th seminar on algebraic transformation groups organised by the Laboratory on Algebraic Transformation Groups at the HSE Faculty of Computer Science. The seminar, which has been regularly held by the laboratory since 2020, is chaired by Ivan Arzhantsev, the head of the laboratory and dean of the HSE Faculty of Computer Science, along with senior research fellows of the laboratory Sergey Gayfullin and Alexander Perepechko.