Some sources have put India on track to be the third largest economy in the world by 2035 (behind only the United States and China). It’s a turbulent ride, sometimes – the Indian market has not been without its share of economic challenges. But a bit of turbulence isn’t always a bad thing, because where there’s turbulence, there’s also opportunity. All you need to know is how to negotiate this turbulence in the Indian market.
Speaking of turbulence, there’s one thing that nearly every Western company says frustrates them when operating in India: Negotiation.
The Indian market is tricky when it comes to negotiation
In the Indian culture there exists an intriguing dynamic between individualism and collectivism. Depending on the situation, you may find your negotiating partner working aggressively to achieve their own goals, or melding seamlessly into the fabric of their family or bigger organization. There’s nationalism in India, too, as much as the occasional sense of inferiority. At the same time, anything perceived as benefiting you at the expense of the Indian people will be met with fierce resistance.
And last but not least, there’s the frustratingly relaxed (to Western sensibilities) attitude towards time in India. The subcontinent is famous for a certain … lack of urgency when you want something from your Indian business partner. But a torrent of reminders in your mailbox when you are expected to deliver!
If you’re going to successfully negotiate the Indian market, you need to remember these three things:
- Be patient, but firm. Demonstrating control over your emotions means that you are mature and in charge. And it is one of the ways that you show power in the Indian culture.
- Work with the Indian idealism, not against it. If you consistently shoot down your negotiating partner’s aspirations, you will earn only bitterness and anger.
- Expect flexibility from yourself, and from your agreement. A changed situation will naturally result in a changed agreement.
And while those three tips will get you far, it’s even better to partner with us for your business negotiations in the Indian market. We’ve helped many clients avoid critical mistakes that would have otherwise damaged their businesses and ruined their chances of success!
About the author: Waseem Hussain is the Founder & CEO of a services company with a specialization on business with India. Before that, he was the business manager of a global outsourcing company, after heading a joint venture between a Swiss and an Indian software development company. Hussain’s key strengths are quickly grasping the client’s situation, crafting executable strategies and implementing steps towards success. View his short bio