EDA Office of Foreign Trade • Riverside County, California • USA
October 2012
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Stone said. “He came here with almost
nothing, and today his businesses
have flourished, and he is one of our
most respected businessmen.”
Chandi, who often jokes that he
moved from India to Indio, said it
was thrilling to see so many of his
countrymen learning about the
area where he has done so well.
“
This is going to be a great partnership,”
Chandi said. “India is a very fast-
growing country, and people crave
the American brands over there.”
Sanjay Mital, Under Secretary at
the Ministry of Social Justice and
Empowerment, said there is great
opportunity for American firms in India.
“
There is a huge market there,”Mital
said. “India’s purchasing power is
really improving, and the Indian
economy is really opening up to
foreign direct investment.”
For example, insurance is a burgeoning
industry in India, where only about
3
percent of the billion-plus people
are adequately insured, meaning
there are hundreds of millions of
potential customers, Mital said.
“
The stakes are very high,” he said. “There
are really major growth predictions
–
we’re talking billions of dollars.”
That potential already is luring retailers
like Wal-Mart and Starbucks to India,
where McDonalds already has a large
presence. Indian customers also are
attractive to business because they
eschew credit and prefer to save up
until they can pay cash for items.
“
The biggest misconception is that
India is a poor country,”Mital said.
“
They like to save and then buy things,
instead of buying things on credit.”
The forty-six person delegation from India being welcomed by the
County included goverment officials and military representatives
all attending UCR Extension for a special Masters progrm.
India Delegation Reception October 25, 2012
Light refreshments were enjoyed after the formal welcoming
ceremony and a lot of business networking took place.
