India's developing economy needs to be on the radar of any company with global aspirations. A legal system based on UK law and the widespread use of the English language means entry should be a real consideration for UK PLC.

A growing economy, an increasingly wealthy middle class and young population appeal to companies, brands and services. Opportunities exist across a myriad of sectors.

But as Dorothy observed on arrival in Oz, in the film The Wizard of Oz, "I've a feeling we're not in Kansas anymore". Entrants must remember that India is a country of contradictions and markets exist within markets.

New players must appreciate the obvious differences and the local nuances if entry is to be successful.

India Insights "quick tips"

• Commission your own research. Don't rely solely on easily available, often over optimistic sector research. Government statistics have also been found to be unreliable and in cases contradictory. Our advice is get out in to the streets, go and see for yourself and get a sense of what is happening on the ground. Nothing replaces your own experiences.

• Understand your market. If you offer a Premium product or service, your target market is likely to be India's 6 Metro's - Delhi, Mumbai (Bombay), Kolkata (Calcutta), Chennai (Madras), Bangalore and Hyderabad. Pay attention to the fact that geographically, these cities are spread right across the country. While rural India's 600,000 + village's offer significant opportunities, price is key and logistical considerations need to be considered.

• Indian consumer. India is a complex country of many connected markets. The Indian consumer, their attitude, requirements, expectations and desires differ market-to-market. We recommend you forensically analyse your target market, understand how they live their lives and go and talk to them.

• Product and price. Don't assume you can open a new market with an existing product. In addition, pricing strategies need to be reviewed and tailored accordingly. Consider the example of McDonald's, their success in India is attributed to creating a localized menu and pricing structure.

• Bureaucracy. This year, India's bureaucracy was ranked the least efficient in Asia, working with the country's civil servants was described as "slow and painful". Regulatory requirements can be complicated and frustrating. Navigating procedural issues and Foreign Direct Investment rules may take longer than you expect. These issues can easily affect the timing of market entry, cost of entry and the speed of ROI.

• Find the right local partner. Local relationships are crucial. New entrants should look hard to find partners that can address issues like sales and distribution, marketing, intellectual property and marketing.

• Local talent. While people accept the Indian consumer is different, it is easy to forget that employees will be too. India is a young country, its human capital is widely viewed as a strength but you may find experience is in short supply. Entrants need to pay attention to training and development if they are to create brand advocates.

If you require additional research and insights, introductions to local partners or additional strategic input contact Dominic to discuss your specific needs.

dominic@india-insights.co.uk