One of the world's fastest growing economies, India is spending billions of dollars on new infrastructure in coming years and foreign suppliers will be invited to bid on the projects. India is looking for innovative technologies and projects in infrastructure, water, security, sanitation, power, public transportation and information technology. Here are a few bits of information if you want to expand into the Indian marketplace:

India is made up of a central government, 29 states and 7 union territories, so you should be prepared for strong state and regional market variations, as well as differences in regulations, labor relations and education.

According to International Monetary Fund World Economic Outlook (October-2016), GDP (nominal) of India in 2016 at current prices is $2,251 billion. India contributes 2.99% of the total world's GDP in exchange rate basis. India shares 17.5% of the total world population and 2.4% of the world surface area. India is now 7th largest economy of the world.

India has also firmly established itself as a lucrative foreign investment destination. Foreign Direct Investment (FDI) inflows into India in 2016 calendar year jumped 18% to a record $46.4 billion at a time when global FDI inflows fell. This is higher than the $31 billion inflow in 2015.

India is still home to widespread poverty and regulatory hurdles. But that doesn't mean business owners who prepare properly cannot successfully navigate this exciting and colorful market. Success often requires long term planning and state-by-state strategy to adapt to the complexity and diversity of India's market.