( CNN ) -- For foreign executives , doing business for the first time in India can be a bewildering experience . There 's the new -- different business customs , bureaucracy and the dizzying scale of the population -- but also the familiar . `` You 'll likely be dealing with people who speak the Queen 's English , and who graduated from top Western universities , '' said Jitendra Singh , a management professor at the University of Pennsylvania 's Wharton School . `` You can get lulled into a false sense of security -- `` but for people dressing a little different and talking a little different , they are just like me , ' '' he said . `` That 's a completely false premise . There are all kinds of nuances in the culture , implicit cultural norms that we do n't know about until we run afoul of them . '' As the world 's second most populous nation , with more than one billion people , India is projected to become one of its biggest economies . It is tipped by PricewaterhouseCoopers to nearly draw level with the United States by 2050 . `` For companies with any kind of global interest , the writing is on the wall that they need to have a strategy for India , '' said Singh . Read more : Doing business in China . But Singh said that for Western companies rushing to enter the Indian marketplace , it needs to be recognized that the country is a very different proposition -- both in terms of business practices and consumer preferences -- and must be treated accordingly . `` One of the common pitfalls in addressing the Indian marketplace is simply dusting off something you might offer in your home market , '' he said . `` Indian consumers are very different -- enormously value conscious and very , very finicky . '' Holding to too high a price point could be fatal for foreign businesses , as Indian consumers have less capacity to pay than Western consumers . But by making their products affordable to the mass market , businesses put them within reach of hundreds of millions of potential consumers . The companies that fare best in the Indian market are those that customize their products to the particular preferences of Indian consumers , according to Singh . A case in point was the success of Korean auto manufacturers , he said . `` In the West , it 's almost unheard of to have a driver , `` said Singh . `` But in India , labor markets being what they are , you can get a full time driver for a relatively modest wage , and even with a small car , you may want a chauffeur . This will clearly have ramifications for the design of the car -- the customer wants more space in the back . '' Business practices are also different in India , and many foreign businesses underestimate the bureaucratic hurdles they will encounter , according to Pawan Budhwar , associate Dean of Research at Aston Business School and co-author of `` Doing Business in India : Building Research-Based Practice . '' The secret , he said , was to factor in a realistic amount of time for delays . `` If the website of the ministry says it will take 13 weeks to get the required certificate , it 's not realistic it will take 13 weeks , '' he said . Budhwar said that often the reason for the bottlenecks was bureaucrats expecting a pay off . `` That 's why they 're delaying things , although no one will say this out loud , '' he said . `` If you have a local player , they can perhaps better handle local dynamics like this . '' Budhwar said that within `` modern sectors '' such as IT , software and pharmaceuticals , and developed business enclaves such as those in Gurgaon , Pune and Hyderabad , levels of professionalism were often in line with international business expectations . `` People will stick to meeting times , deadlines , promises ; they will mean business , '' he said . But he added that dealing with the public sector and trade unions could be a different story . Read more : Is your boss a psychopath ? Singh said another area where foreign executives could encounter turbulence was in failing to appreciate the relationship-based focus of Indian business . `` The U.S. is a much more transaction-oriented society , `` he said . `` When you 're doing business , you 're there to talk about a particular transaction , and you either do it or you do n't . But Indian business is still very much relationship-based . Sometimes being too transaction-oriented can be not a smart way to go . '' Singh 's advice ? `` Do a lot of homework and figure out who might be the right people to deal with . There 's a very tight network at the top of Indian business , and you need to get access to that network in order to succeed . Finding the right partners can be key , but you need to be diligent . '' Budhwar said the key to succeeding in India was to be prepared by tapping into the networks and resources that can provide information on the subject , thereby going in with realistic expectations . `` Have persistence , and do n't give up , '' he said . `` The mileage to get into India is great . Do n't expect it to be a smooth ride , expect it to be irritating . But once you 're there , you 'll enjoy it -- and you 'll make a lot of money as well . ''
India is projected to become one of the world 's biggest economies in coming decades . Experts say its business practices are very different from the West . To succeed in India , products need to be specifically tailored to the local consumer . Plenty of time needs to be factored in for bureaucratic delays .