The visa issue and mobility of professionals in the EU (European Union) remains a challenge for Indian companies, a survey conducted by the Ficci (Federation of Indian Chambers of Commerce and Industry) revealed on 5 October.
The Ficci survey, entitled ‘Are Winds of Change Bringing Good Tidings for Indian Companies Doing Business in Europe’, said the ongoing discussions to ink an impartial and balanced foreign trade agreement (FTA) between India and the EU were being closely tracked by Indian industry.
The survey took cognisance of the fact that by leveraging and piggybacking on the enhanced economic performance of various European economies, it has made possible for Indian companies to grow and create a market for their products in that continent.
Indian corporates had been able to attain gradually progress by efficaciously shifting and readjusting their operational capabilities in an organised and the most challenging markets in the world.
Indo-Asian News Service quotes the survey as saying that in addition, there has been a conspicuous increase in the number of companies who have been able to successfully trim their losses while conducting business in the Continent.
It goes on to say that these are encouraging signs for Indian corporates that notwithstanding a gradual slackening in India-European trade and economic ties, the EU still is the largest trading partner of India.
The current economic scenario, in spite of a number of functional and restrictive hurdles for Indian companies to expand their footprints in the continent, was still able to provide required returns on the investments made.
The survey also revealed that the incremental economic rally in Europe had a lot of far-reaching consequences for the Indian companies’ business interests. This requires seeking a more flexible policy framework from various European economies to relax the procedure of doing business there and making way for much easier movement of human resources to complete the existing projects and or carrying out the new ones in the future.
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