Ever since McDonald’s opened its first store in India on 21st October, 1996, franchising has been making its way up in the Indian economy. Recent changes in India’s demographics has identified a large section of the population with high disposable incomes, evolving lifestyles and an appetite for Western goods, which has been stimulated by a greater choice and availability of products.
Today, technology has taken over 90% of the jobs that used to be performed by humans 30 years ago. Hence the dire unemployment circumstances in India and across the globe. The franchising business model creates jobs every step of the way.
Over the last number of years there has been a huge growth in an interest in entrepreneurship in India. This has incited growth within the franchising sector, as franchises provide the perfect solution for budding entrepreneurs who wish to invest in the security of an established brand, whilst enjoying the freedom offered by franchise models.
The International Franchising Association has rated India as the 12th most valuable market for franchising. The economic conditions of the country goes to suggest that India is ripe for a franchising boom as the burgeoning middle class helps boost small retail sales by 10% every year. This shows that there is no dearth of demand now and in the future. The momentum that the sector is gaining combined with the country’s employment condition and the high entrepreneurship drive is set to put the industry in a robust ecosystem. The industry may be $51 billion in India at this moment, but is pegged to grow three-folds in the next 4 years.
All this hint at an industry that could prove to be a formidable force in the Indian economy. This show is our rendezvous plan with it where the who’s who of this budding industry shall present themselves.