Nokia (News - Alert) has been named a leading trusted brand in India by TRA Research. The company appeared in the mobile phone category. And it ranked No. 14 among 1,000 companies in an array of businesses.
The ranking was decided based on surveys with 2,505 consumer influencers in 16 Indian cities. It uncovered 5 million data points. And 11,000 unique brands were part of these discussions.
TRA Research also provided a list of India’s most creative brands. Tata Group tops that list, but Nokia also makes a good showing here with a ranking of No. 8. Meanwhile, Samsung Mobiles occupies the No. 2 position, followed by LG, Sony, Honda (News - Alert), HP, and Dell.
Nokia, which years ago became known as a mobile phone innovator with its fun and brightly colored devices, recently has made another strong push in the cellphone category. The company announced the global launch of a collection of Android (News - Alert) Phones at Mobile World Congress earlier this year. In January it introduced the Nokia 6 in China. And Nokia reportedly plans to make the Nokia 3, Nokia 5, and Nokia 6 available in India this quarter.
The country is clearly an important part of the world for suppliers like Nokia. India has a population of around 1,338,854,896. That represents about 17.86 percent of the people on this planet. And it makes India No. 2 in the world in terms of population, second only to China.
Twenty-five years ago, India opened itself to globalization and market forces. Today, according to the International Monetary Fund, India is the world’s fastest growing large economy. In fact, Maharashtra (a state in the western part of India) alone, were it a country, would be the seventeenth largest one in the world in terms of population, just behind Germany.
But it’s not just the population that makes India an important market. It’s also the fact that the forces powering its growth “are pretty unshakable,” says Noshir Kaka, a senior partner in McKinsey’s Mumbai office. Those forces include urbanization, a rising middle class, and increasing consumer spending, according to the McKinsey Global Institute.
“India’s going to be the third-largest incremental GDP growth engine for the planet by 2030,” says Kaka. “That’s significant if you think about India’s size relative to the other massive geographies out there, like China or the U.S.”
Alok Kshirsagar, a senior partner and leader of McKinsey’s Asia Risk Practice, adds that the best companies in India grow at a rate of 25 to 30 percent a year, and some of the best banks in India have grown more than 20 percent a year for two decades straight.
“If you look at data across India, it’s clear that when urbanization rates in districts or in states cross the threshold of about 35 percent, that’s when we start seeing productivity benefits kick in,” Anu Madgavkar, a partner of the McKinsey Global Institute, adds. “You see higher GDP per capita because the dense cities and urban centers suddenly get better connected with the rest of the world and better connected to markets.”
Edited by Alicia Young