It is true that the relative slow pace of economic reforms and other governmental issues have an impact on investor sentiment, affecting foreign investment. While the situation above is an issue to take into account before entering into business in India, I believe that an increasing number of Dutch entrepreneurs consider India to be a very attractive market and are aware that doing business in India is only possible in case their companies have a long term vision (and thus patience) and perseverance to understand and adapt to Indian culture.
I also note the efforts the Indian government is taking against bureaucracy, unclear investment laws and indeed corruption. In 2012, it will be a challenge for the Indian government to step up efforts to reform public expenditure; manage its infrastructure and its food-inflation, decrease the fiscal deficit, and further promote international integration.

ING Vysya Bank has been growing consistently in terms of income, profits and branches. Today the bank services over 2 million customers through 982 outlets, including 527 branches, and covers over 350 cities across India. The bank has been focusing on expanding its national footprint with the majority of the expansion catering to faster growing markets within India. In fact, in the last couple of years the bank has expanded its offices network by over 30%.
In line with ING’s global strategy, ING Vysya Bank has invested in innovations with the aim of making products and services simpler and transparent. India’s first multi-currency foreign exchange travel card, award-winning corporate banking internet platform and a unique banking solution for kids were some of those recent initiatives that reinforced the bank’s commitment on that front. Banking as a sector in India continues to grow in the range of 18-20% bucking global trends, especially on the retail front, and ING Vysya Bank is fully geared up to leverage such growth.  In June 2011, the bank successfully raised additional capital of around INR 9.7 billion (USD 216 million) through a Qualified Institutional Placement (QIP) to institutional investors and a Preferential issue to ING Group.

Within the India working committee we set the agenda together with all members at the beginning of each year. As we have representatives from a variety of large Dutch firms, industry and government agencies, we envision setting our focus on key sectors during our first 2012 meeting. However, looking at some top performing sectors in the Netherlands that have been very active on India in the past, it is expected that sectors like Agro & Food and Logistics will have our continued focus.

I go to India 6 times a year to attend Board meetings of ING Vysya and at the same time visit clients, open new branches. Whilst travel has become progressively easier than some 8 years ago, when I had my initial term as ING Vysya Board member, travelling to India is always exciting. Opening a branch with an excited new crew, the lamp-lighting ceremony I find incredibly good fun to do. My biggest regret has been over the years that I have spent too little time to visit the historic and present riches of the country.

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