The Indians Abroad

Overseas Living: NRIs & India abroad

Archive for category Business

Investing aggressively into India? Think twice!

Mar 17

Posted by admin in Business, India, Non-Resident Indian

Okay, first of all, I am not any certified financial advisor, nor do I hold any degree in the field of finance or investing. I am good at math, according to my teachers, but that does not mean anything – almost all Indians consider themselves to be good at math. Bottom-line; take this rant with a grain of salt. On a second thought, may be more like with a spoonful of salt. :)

When it comes to economic growth since early 90s, the whole world is singing praises of India and China. Even the latest predictions estimate Indian GDP growth rate at more than 7%. That is more than double of what is expected in most of the western countries. So, things are not as bad as rest of the world, so it seems.

However, India has seen a huge financial growth in the last decade and beyond. Compared to a few years ago, the real-estate values have tripled or quadruped in many part of the country. The IT boom has been very significant, to say the least.

So, what is the problem? Exactly that – the long lasting boom. The upward growth has been so good for so long, that it is defying the laws of averages. Every good thing comes to an end, even though the end is hard to predict some times. Read the rest of this entry »

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Import of Gold and Silver into India by NRIs

Mar 15

Posted by admin in Business, Non-Resident Indian, india abroad

Facilities on overseas assets for NRIs returning to India – Gold and Silver import

Below are the general guidelines on Gold and Silver import into India by returning NRIs including maximum limits, duty and other restrictions:

Import of gold by NRIS

  • NRIs can bring into India gold up to 10,000 grams as part of their baggage once in six months provided they have stayed abroad for a continuous period of six months.
  • The gold may be brought into India in any form, including ornaments (other than ornaments studded with stones and pearls).
  • NRIs are required to pay customs duty in any convertible foreign currency. Refer to the Export Import Policy of the Government of India for the latest rate in rupees per 10 grams of gold.
  • NRI can bring gold into India once in six months.
  • NRI should have stayed abroad at least for a minimum period of six months prior to his/her return to India for being eligible to bring gold.

Import of silver by NRIS

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Run your business like a Kids’ Lemonade stand

Jan 24

Posted by admin in Business, personal development

Kifds' Lemonade Stand

They say – if life gives you lemons, make lemonade. I say, start a lemonade stand; or start a business that runs like a lemonade stand.

Why? What is there to learn from a bunch of kids sitting on a street corner or in front of their house, selling lemonade to the passers-by on a hot sunny day?

Well, quite a lot. The lemonade stand has some of the most commonsense at display, when it comes to operating a business.
See it for yourself, some of the common characteristics of a kids’ lemonade stand:

1.Simple and straight-forward: Nothing complicated or flashy – one table or desk, disposable glasses, a piggy-bank or a container for cash and lemonade making supplies- that’s all. That is all the kids need to run their business. Simple but yet so complete, as if nothing is missing.

2. No tricks, no guises: Everything is on the table; there are no tricks and no hidden agenda. Everyone passing by knows what to expect from a kids’ lemonade stand. Read the rest of this entry »

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Wal-Mart shops for IT in India

Dec 4

Posted by admin in Business, India

Three Indian IT firms get $600 million Wal-Mart deal

The trend – Buffalo to Bangalore – continues. The foreign wind continues blowing toward Indian IT. Everyday there are new IT outsourcing from Western countries to India. But, this one is BIG:

The Business Standard reported on Friday that American Wal-Mart (Walmart) has selected three IT vendors in India to outsource its IT needs. The company has selected three prominent IT vendors from India — Infosys Technologies, Cognizant Technology Solutions and UST Global — for multi-year contracts worth over $600 million (around Rs 2,750 crore).

In the start, each firm is expected to earn Rs 250 crore to Rs 300 crore annually. The figure will likely grow as Wal-Mart increases outsourcing of work from its main merchandising division. Infosys and Cognizant are expected to get a larger share of the contract.

According to this new mega contract, Infosys and Cognizant will be responsible for application development and support, while UST Global will owe the testing of these applications. Read the rest of this entry »

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All that glitters is Gold – 200 tons!

Nov 6

Posted by admin in Business, India

India Buys 200 tons of Gold to diversify its assets!

It was the summer of 1991, times were tough – well, for India. The country was struggling to make the payments on its international loans. With the fear of default on upcoming payments, India pawned its hard asset, the gold – 67 tons of it. To raise badly needed cash, India sold 47 tons gold to the Bank of England and 20 tons to the Union Bank of Switzerland. The total price -$600 millions.

For a person, or a family or a nation, the tough times always bring some tough tests, some tough choices. It is during the down times when resilience, endurance and willpower are tested. The real character – the real character of a person, a real character of a nation – emerges from the behavior and actions during challenging time.
So, what are the results of such tough tests? It is either a downward spiral that could lead to complete devastation, or a rise to glory from the ashes of down days.

The test of 1991 economic crisis fell on the shoulder of the newly appointed finance minister. Luckily, this time, it was not just another politician. It was someone who knew a thing or two about finances and economics. For a change, a man with financial vision took over the economy of a beaten down country. This man with a vision – the new Finance Minister – was none other than Dr. Manmohan Singh. Read the rest of this entry »

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Commonsense tips for a successful business start-up

Sep 10

Posted by admin in Business, career planning

Business is a combination of war and sport. ~Andre Maurois

A large number of businesses fail soon after the start. Many of us don’t know what we are getting into; or the market conditions are very different than what we imagined. A sound business case involves thorough planning, in-depth understanding and good knowledge of market conditions for the related products or services. Anyone can open a business anywhere. People start it from their kitchen-tables or garages. A simplest business is the kids’ lemonade stand on the street corner. Staring a business is easy, sustaining a profitable operation is a different story.

Here are some of the key factors to consider for a successful business start-up:

Know what you are doing: A good business case requires understand of your niche, services or product. With today’s competitive world, one needs specific expertise, knowledge and ability to provide a seamless and reliable product or service.

Business Plan: Planning is the most important aspect of a new start-up. A thorough and robust business plan includes the overall business strategy, market analysis, financial aspects, risk analysis etc. If you have a good business plan, most of the following elements in this article could be part of it. A business plan could be dynamic and flexible that could evolve and change based on changing business needs or market conditions.

Find a Niche: Finding a niche with unique and focused appeal is very important. If possible, find something -product or service- that specializes in a key area to attract certain clients, and with very little existing competition. Look for a way to set yourself apart from others by focusing on specific customer needs and interests.

Location, location, location: Every street vendor in New York City knows the importance of prime location. For a brick and mortar business, the location is everything. The location alone can make or break a business. The business site should be easy to access, in a good neighborhood, and should make a good first impression on customers and walk-ins alike. Read the rest of this entry »

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Tips on buying a house in USA or Canada!

Sep 8

Posted by admin in Business, Non-Resident Indian, india abroad

Tips on house hunting abroad – in USA or Canada!
969325_house

Have money? Like shopping?…

When it comes to housing today, it is a ‘buyer’s market’. ‘House for sale’ signs are multiplying in every neighborhood; with lots of sellers eager to sell. It is a good opportunity for those who are looking for house.

The process of finding and purchasing a house can be fun or a headache, depending on the circumstances or how you approach it. In most of the cases, the main reason for a house purchase is:

  • upgrading to a house from an apartment,
  • moving into a new area due to job or business or family reasons,
  • buying a house for renting out, or as an investment.

Regardless the reason, the house buying process is quite similar in all such cases in USA and Canada. Many of these steps or commonsense rules also apply for rest of the world as well.

Here are the key factors and main steps to consider before and during the house purchasing process:

Selecting the real estate Agent: The house hunting in itself is an adventure. Some people try it by themselves, while others hire a real-estate agent – the realtor. A good real-estate agent is instrumental to finding the right house and closing the deal smoothly and efficiently. A real-estate agent can simplify the whole process to an art. So, it is very important to hire a good and reliable realtor. Make sure to interview -yes, interview- multiple agents and ask all the appropriate questions including:

  • their qualifications, experience and background,
  • do they work alone or in a team?
  • their track records or success rate,
  • knowledge of the area,
  • overall chemistry or easy to work with,
  • Any other factors that are important to you: For example, possible issues of the language barrier etc.

Many Indians hire a realtor from their own community while others prefer a professional strictly based on the qualifications.

Know your budget:How much are you willing to spend, or how much can you afford, is always a good question to ask. There are many online tools that can help with calculating the monthly mortgage amount, and other expenses related to house buying and maintenance.

Mortgage pre-qualification: It is important to make sure that you are able to secure the financing for the house. Talk to your bank or a mortgage expert/broker, and find out how much mortgage you can get. Make sure that you feel comfortable with the loan amount, and the resulting monthly payment. Read the rest of this entry »

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The fastest growing jobs and occupations in USA!

Jul 26

Posted by admin in Business, Jobs and Occupations, career planning

The Bureau of Labor Statistics, a division of US Department of Labor, has a very interesting and comprehensive study on the jobs and occupations projections. The report titled ‘Tomorrow’s Jobs’  is quite telling in terms of expected growth in employment over the period of 2006 to 2016. 
The chart/graph here provides a snap-shot of the fastest growing occupations in USA – the change in the total employment by occupation groups projected over 2006 – 2016.chart 6_99
The top occupations that are expected to enjoy the highest percentage increase are:

Professional and related occupations: These occupations cover a wide range of skilled professions. Professional and related occupations are expected to increase by 16.7%. Among the top beneficiaries include:
-Computer and mathematical occupations,
-Health-care practitioners and technical occupations,
-Education, training, and library occupations

Services: Employment in service sector is projected to increase by 16.7%, tied with professional and related occupations for the fastest rate of growth. The services occupations that are expected to grow the fastest include:
-Food preparation,
-Serving related occupations
-Health-care support occupations
-Personal care and service service occupations

Management, business, and financial occupations: The employment is expected to increase by 10.4% by 2016 in this category. Among top growth projections are:
-Construction managers
-Accountants and auditors and business operation specialists
-Financial analysts and personal financial advisers Read the rest of this entry »

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10 most uncommon business ideas for overseas!

Jul 8

Posted by admin in Business, Non-Resident Indian, career planning, india abroad, personal development

NRI Tips: Most uncommon or non-traditional business ideas to consider abroad

“If you have an apple and I have an apple and we exchange these apples then you and I will still each have one apple. But if you have an idea and I have an idea and we exchange these ideas, then each of us will have two ideas.” ~ George Bernard Shaw

There are some popular business ideas for overseas, including the one discussed in 10 most common businesses to start abroad. Now, here are some not-so-common ones. This should get you thinking, to make your own choice – from these suggestions or perhaps even better ones of your own based on your knowledge, skill and circumstances!  sxc1088992_glass_bangles

1. Indian fashion accessories: Consider an online or local store to sell Indian fashion accessories including glass bangles, simple Indian jewelries and other beauty items. This can start at a small scale and expand as the business grows

2. Pet care and grooming: A place to take care of pets including grooming, styling and domesticating. If you love pets, may want to look into this one. Read the rest of this entry »

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10 most common business ideas to consider abroad!

Jun 30

Posted by admin in Business, Jobs and Occupations, Non-Resident Indian, career planning, india abroad

NRI Tips: Common Businesses to start overseas!

There are many ways to make a good living abroad, business is one of them.  A business operation and ownership is not for everybody, you have to have an aptitude for ventures, willingness to take risks and understanding of different aspects of operating a business. Depending on your ambitions and circumstances, it may become an around-the-clock run that comes with huge rewards and big downsides. Along with the day-dreams of prosperity to follow, you and your stakeholders – family, partners, and investors – should also understand the possibility of losing your shirt.
For those, who have done their homework and understand the pros and cons of opening a business, here are some of the most common ones to consider:
1. Indian Grocery store: In the USA, Canada, England and other courtiers with Indian diaspora, there is quite a bit demand for Indian stores that carry common grocery items used in Indian cooking. This kind of business is ideal for the area with high concentration of Indian population. Read the rest of this entry »

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How to make a really good living abroad! – $$!!

Jun 18

Posted by admin in Business, India, Non-Resident Indian, career planning, india abroad, personal development

NRIs Tips: How to select work and financial options overseas to make real money

As I discussed before, there are many good reason to go abroad and then there are some bad ones too. Most of the main reasons to leave India and go overseas are directly or indirectly linked to the search for long term or short term financial gains and prosperity. By end of the day, it comes down to MONEY. :) sxc_money_series_51
However, the often overlooked factor is the poor planning behind all this. If we are sacrificing so much, and put up with so many new hurdles and challenges, we should at least have a solid plan to find the right occupation or business. 
The plan may vary from one person to another depending on personal strengths and weakness, but it is important to have a plan towards reaching our financial goals; how we are going to succeed in our mission toward prosperity.
There is all kind of job planning info available, but most of them are more generic career plans for local individuals planning their goals, not for immigrants, Indians or NRIs. As a part of the basic plan, it is very critical to outline and understand:
- What kind of jobs best suit your skills and needs?
- Would you consider and take a position that is less rewarding as a back-up plan?
- Would you consider a career change or downgrade if things are not working out?
- What are the other options or choices to consider as a back-up?
- Is going back to India one of the options?

Depending on how you answer the questions above and any other personal circumstances, you can then decide on the best jobs or best options to support your financial plan abroad. Here are some of the main options to consider for a suitable and rewarding job or business, to make real money:

  1. Find your dream job – Plan A: The best possible scenario is to look for a job that meets your skill sets and then finding one. If you are a computer engineer by trade for example, then first preference should be to search for a job in that field.  There are lots of online and local resources to help in this area. Make sure to take a look at the  job-search tips detailed in a separate post linked here. Also check out the common online resources such as  Career Builder, Yahoo! Hot Jobs and Monster.com. If you find one, especially in this economy, consider it a major achievement.

    2. Read the rest of this entry »

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