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Learn moreSep 2016
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Over the years, India has witnessed strong growth in its economy, and outpaced China as the fastest growing emerging country in 2015. India saw real GDP growth of 7.6% in 2015, following a 7.2% rise in 2014. With a growing economy, many new companies have been established in India, while existing players have expanded their presence. To add to this, the government has initiated the “Make in India” campaign, which has attracted a lot of foreign direct investment. Many multinational companies have established a presence in the country, opening up opportunities in the institutional market.
Companies offering facility management services are making more effort to ensure that the services provided are compliant with all the regulations laid down by the government. For example, service providers need to ensure that their employees are covered by insurance and provident fund schemes. Also service providers need to adhere to the labour regulations laid down by the government. Many small local companies do not adhere to all the government regulations, leaving the market open for major companies to take the contracts.
The concept of outsourcing facility management, foodservice and cleaning services in India is relatively new, and it is only employed by larger establishments which can afford it, and which need well trained professionals to maintain their business standards. However, with labour being cheap in India, most of these services are still more expensive than having in-house staff, or hiring someone as and when the need arises. Hence, growth has been slow. However, with rising disposable incomes and a growing economy, healthy growth in these services is expected over the 2016-2021 period.
Institutional service providers are expected to invest more in training their staff over the forecast period, in terms of hospitality and skills.
With rising demand for these services, albeit slow, institutional channels are expected to become more organised. With more international companies becoming operational in the country, it is expected that more companies will start outsourcing their management services to third party agencies, thereby driving growth in institutional sales over the 2016-2021 period.
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Overview:
Discover the latest market trends and uncover sources of future market growth for the Institutional Channels industry in India with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Institutional Channels industry in India, our research will save you time and money while empowering you to make informed, profitable decisions.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.