Here’s what Mobility management companies are expecting from Budget 2015

With India’s economy developing by leaps and bounds, the country has turned into a hub for expatriates, who come to the country, on an interim business assignment or a work transfer. Mounting foreign investments, a rapidly expanding MNC environment and the evolving job market are triggering the increasing influx and immigration of foreign professionals into the country. The phenomena of ‘Mobility Management’ and ‘Relocation’, are witnessing an upward swing owing to the rising number of expatriates in the country.

It is estimated that the Indian economy will progress by a whopping 6.3% by the year 2016. The country will witness GDP growth of 5.9% in the year 2015, which is a testament to the fact that the country will see an increase in foreign investments and foreign business travelers—this would further boost the country’s economy. The figure also states that India will see various economic reforms in the form of policies, encouraging scores of foreign companies and business travelers to foray into the Indian marketplace.

Current Scenario

As the country undergoes economic uplift, metropolitan as well as smaller cities are growing phenomenally. With multi-national companies carving a niche place in the market, umpteen job opportunities are being created. With higher education levels leading to better standard of living, there is tremendous development that the country has attained in recent years. With the robust advancement taking place across a spectrum of various sectors like IT, retail and hospitality to name a few, India is becoming a lucrative option for global companies as well as foreigners wishing to get a job in the country.

Future Outlook

The recent survey by HSBC confirms India to be the second most lucrative place for expatriates, after China. India is touted as the one of the most rapidly-developing economies of Asia, which is one of the main reasons for foreign officials to get wooed by the work atmosphere of the country. In the year 2015 and also in the forthcoming years, it is predicted that the country will create a sturdy industrial base for itself and take the infrastructural development to another level. This will be possible only through an increased inflow of foreign funding. Foreign investments will lead to remarkable development and result in more and more expatriates settling in the country for a specified period of time, giving Mobility Management and Expat Relocation, a shot in the arm.

The scenario will give a boost to the mobility management companies to enhance their operations in order to cater to the residential needs of a sizeable number of foreign officials in the country. This will also shoot up the profits of the industry and alleviate the confidence level of business travelers towards such companies; thus; giving foreign officials a satisfying and compelling experience of ‘Home away from home’. Mobility management companies provide holistic residential solutions to expatriates, from taking care of the minutest details of their domestic requirements, helping them mingle with the local community to assisting them in finding the right school for their kids among other aspects.

Budget expectations: Simplify procedures

Looking at the exponential growth of the Indian economy and rising influx of skilled expatriates into the country, there are high expectations from the budget of 2015. Mobility management and relocation companies are expecting the government to come up with various policies that will help foreign officials reside in the country amiably. Also, the government can further enhance the dwelling experience of foreign officials by making the immigration and residential procedure simple and hassle-free, hence saving them from the drudgery of cumbersome tasks of visiting government offices again and again. If these expectations are acted upon, the industry as well as the economy as a whole will receive a significant impetus like never before.

(About the author: This article has been contributed by Raman Narula, managing director-Formula Group.)

Representational Image: Indiatimes.com