• D&B data shows that Nordic companies have at least 245 subsidiaries and 50 affiliate companies in India; Indian companies have at least 177 subsidiaries in the Nordic countries as of 2021
• The volume of inquires made by Nordic businesses on Indian businesses grew at a Compound Annual Growth Rate (CAGR) of 107% between 2017 and 2021
India: December 15, 2021: Dun & Bradstreet, a leading global provider of B2B data, insights and AI-driven platforms released a study today titled, India and the Nordics – An emerging hotspot for businesses. The study deep dives in explaining the growing business relations between India and Nordic countries, given the significant increase witnessed in bilateral trade and investments over the last few years. The Dun & Bradstreet data showcases that as of 2021, Nordic companies have at least 245 subsidiaries and 50 affiliate companies in India, and Indian companies have at least 177 subsidiaries in the Nordic countries.
The study highlights that the business relations between India and the Nordic countries trace back as early as the 1600s, when a trading post was established in the Indian town of Tharangambadi. The relationships were further cemented by the India-Nordic Summit that took place in 2018 and various other diplomatic visits in the last few years. These ties have been mutually beneficial for both India and the Nordic countries.
Over hundreds of thousands of companies across the world reach out to Dun & Bradstreet with requests for information on other companies. These requests are known as “Inquiries”. These inquires serve as a rich source of alternate data and as a leading indicator for key business developments. The study leverages on the inquiries data to analyse the trends in businesses activities between India and the Nordic countries.
Avinash Gupta, Managing Director & CEO – India, Dun & Bradstreet said “India has made remarkable leaps in improving its business climate over the last few years.
The growing role of information technology in multiple sectors and increasing adoption of new delivery modes in the Nordic countries offer Indian IT companies new avenues of business expansion. The region is also witnessing a shortage of high skilled talent, which offers a window of opportunity for Indian companies in the outsourcing space.
We recognise an incredible upswing in business activity between India and the Nordic countries from 2017. This trend is likely to gain further momentum as more joint initiatives come into force between India and the Nordic countries. We believe identifying these emerging trends can lead to new business opportunities for Indian business leaders.”
Dr. Arun Singh, Global Chief Economist, Dun & Bradstreet said “With the third largest gross domestic product in terms of purchasing power parity, India offers a huge external market and a diverse workforce for the Nordic companies. Currently, India has the highest customer base for some Nordic companies. The growth potential is immense.
The pace of urbanisation is rapidly increasing in India. Dun & Bradstreet’s research shows that in the next 30 years, 400 mn people will be added to the Indian cities. Previously, it took 60 years to add similar number of people. Hence the demand for next generation infrastructure such as smart grids, smart cities, 6G Network etc., will see a boom. Given that Nordic companies are amongst the world leaders in offering such solutions, they are optimistic on India’s growth story. Many Nordic companies have set up factories and some even have Research & Development centres in India.”
Key findings
Denmark
- The volume of inquiries made by Danish businesses on Indian businesses grew at a CAGR of 84% between 2017 and 2021. Chemicals manufacturing sector received the highest volume of inquiries in 2021
- Between 2017 and 2020, exports of jewellery grew at a CAGR of 25.8%; wood & paper products by 13.7%; and processed food products by 8.1%, shows Dun & Bradstreet’s analysis of data from the United Nations Comtrade Database.
Finland
- The volume of inquiries made by Finnish businesses on Indian businesses grew at a CAGR of 110% between 2017 and 2021.
- Primary metal products manufacturing sector received the highest volume of inquiries in 2021. The volume of inquiries made on companies engaged in the manufacture of electronic and electrical equipment and components, and printing, publishing and allied industries was also signifi¬cant.
- Machinery exports from India to Finland grew at a CAGR of 3.1% between 2017 and 2020, shows Dun & Bradstreet’s analysis of data from the United Nations Comtrade Database
Norway
- The volume of inquiries made by Norwegian businesses on Indian businesses grew at a 148% CAGR between 2017 and 2021.
- Food and kindred products manufacturing sector received the highest volume of inquiries. Companies that engaged in the manufacture of primary metal products stood at second position. The volume of inquiries made on companies engaged in the manufacture of chemicals and allied products was also noteworthy.
- Between 2017 and 2020, exports of processed food products grew at a CAGR of 144%; chemicals by 28.5%; and machinery by 8.9%, shows Dun & Bradstreet’s analysis of data from the United Nations Comtrade Database.
Sweden
- The volume of inquiries by Swedish businesses on Indian businesses grew at a CAGR of 148% between 2017 and 2021.
- Industrial and commercial machinery, and computer equipment manufacturing sector received the highest volume of inquiries. Companies that engaged in the manufacture of chemicals and allied products stood at second position
- Between 2017 and 2020, exports of transport equipment grew at a CAGR of 11.4% and chemicals by 6.5%, shows Dun & Bradstreet’s analysis of data from the United Nations Comtrade Database