But even as the MNCs plan big on India, they must realise that transplanting global models here has often met with failure. Only those organisations that have adapted local business models and tweaked their product portfolio to suit the Indian requirement have been successful. The MNC focus on India has also thrown a great opportunity at their Indian arms, which the latter must leverage to make an impression on the global scene. Organisations such as McDonalds India, Dominos and Pepsi are examples of how local arms can develop products to suit the domestic requirements and, perhaps, even global requirements at a later stage. McDonalds India has indigenously developed products like the McWrap, likely to be adopted by McDonalds in global markets. Pepsis own snack food product, kurkure, is now likely to be exported to countries such as the UK and the US.
At a level, the interest in the Indian market is also a function of the consuming population. Even at a very low per capita consumption by world standards, potentially India will always be a huge market for FMCGs and durables, because of its billion-plus population. The country must make the most of this opportunity by building on a global scale and creating world-class corporations, as the US did by capitalising on its own consumer boom.