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Question - Comparison of how Canada and your home country (India) differ or are similar in any aspect relevant to business environment. Give statistical examples, graphs and tables. Show how business environment is different in India than compared to the business environment of Canada.

Answer - Introduction

India is considered as the world's fastest-growing economy. Indian business environment comprises both the public as well as the private sector which participates in various economic activities. The Indian government has a positive attitude towards foreign direct investment (FDI) and emphasizes a series of government reforms through different business sectors (Gaur, & Jasmin, 2017). Canada has a liberal trade regime with no train exchange limitations. The Business Environment Ranking (BER) in 2014-18 for Canada is 4 with a score of 8.30, while India is 57 with a score of 6.08 (Singh, 2016). The result reveals that Canada is the fourth best place for businesses to invest in, due to strong trade flows and increasing GDP per capita. The report illustrates a compare and contrast analysis of the business environment of Canada and India in terms of the political, economical, global, societal and technological factors.

Compare and contrast of business environment of Canada and India

Political - The political environment of Indian business setting is dependent on various factors such as government policies, political forum, and ideology of political parties. These factors determine the taxation on business environment such as income tax, service tax, and custom duty (Gaur et al, 2016). In the Indian business setting, the power distance is much more dominant as compared to that of Canada. On the other hand, Canada's political system is based on parliamentary democracy. Indian businesses follow the hierarchy system, where each individual is allocated a position that cannot be overturned. The companies run by strong individuals who you show direct instructions to the members down at the hierarchical level (Singh, 2016). Each employee accepts and respects their roles and the supervisor above them. A formal process of communication is followed from top to down approach. On the other hand, the Canadian business environment follows a much more flexible power structure where there can be informal communications as well (Ninomiya et al, 2018).

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Economic - Indian business environment comprises of mostly the ageing population, which has increased the cost in terms of pension. Approximately 2/3rd of the workforce in India are employed in the federal or agricultural industry. While 9% of the total Labour force in India is engaged in business sectors (Gaur et al, 2017). Finally, the remaining 24.4% of the workforce is either casual wage laborers who are self-employed (Gaur et al, 2017). The non-contractual casual laborers work on a daily basis on a wage rate of approximately 347 INR per day (Singh, 2016). In India, the businesses that use non-contractual laborers have little social responsibility through them and they are not provided any benefits of security. On the other hand, the labor force working in Canada is engaged in three different sectors, agriculture, industry, and services. Agriculture comprises farming, fishing and forestry occupations in Canada, with 1.5% of the workforce (Hilliard, & Neidermeyer, 2016). While, the employees involved in the Industry sector work in manufacturing, mining, construction, and energy production companies, comprising of 19.46% of the total workforce. Similarly, 79.04% of the total labor force involved in services works in government activities, transportation, finance, communication, and economic activities. The minimum Labour wage in Canada is 11.06 CAD per hour (Hilliard et al, 2016).

Technology - The Indian business is now fascinated with 3D technologies services through the installation of the optic fiber cable. This facility has resulted in henryville projects in the IT sector, especially in mobile and communication services. On the other hand, the Canadian business environment is ahead of India in terms of technology.

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Societal - the Indian business environment is strongly guided by the religious perspective and its shared values. They respect the elders and supervisors in Indian business organizations are expected to guide and monitor the fellow employees. They give importance to their family and community, which is reflected in their decision-making system. An Indian business setting, handshake or is the standard way of greeting both men and women. In some cases, business personals also use "Namaste" for greeting local business associates (Gaur et al, 2017). They feel uncomfortable in making physical contact during any business meeting However, the Indian employees are lenient in the case of the time management system and abide by the deadline if they are specifically told to do so. The business meeting in India never started on time, and they are less constrained by time in comparison to Canadians. In Canada, a firm handshake is a basic contact while meeting business associates, either men or women. Canadians prefer eye contact in every business meeting, as it creates interest. They do not mind little casual touching during the business conversation and refer to stand at least half a meter away while speaking. They prefer to be on time fun business meetings and will not wait for someone for more than 10 to 15 minutes (Hilliard et al, 2016). In Canada, it is expected that if an individual is talking to a person then he/she soon introduced the person's last name along with a title. However, the same case does not exist in India, despite the fact that networking is important in India.

Global - In Canada, employees work for 8 hours a day, which is approximately 40 hours a week. This is the standard working hour in Canada as well as in India. Both Canadians and Indians take their work seriously and do not involved in any other work or chatting while in their workplace. The work-life balance is not that smooth in India (Singh, 2016). The same situation also exists in Canada as it lacks a work-life balance. In both countries, the employees are forced to work overtime and even on the weekends too, particularly during the financial year. Despite these issues, the word places in both countries provide a nursing room or lactation room for new mothers employees on site. This is an approach for promoting work-life balance, particularly for women employees. However, in Canada, parents are allowed to bring kids to the workplace for at least one day of the year (Ninomiya, & Burch, 2018).

Table 1: Business Environment Rankings (BER) (Singh, 2016)

Conclusion

In summary, the report is based on compare and contrast of business environment in Canada and India. In this context, it is identified that the political, economical, and technological factors of the Indian business setting is completely contrasting to that of the Canadian business setting. However, the societal factors both countries are quite similar, such as handshake during welcoming business associate, and differs to some extent such as eye contact. Besides, the global factors in both countries is quite similar and there is scope for improvement in this aspect. Hence, with the increase in globalization, it becomes important for business professionals to be aware of these crucial differences in the business environment of the two countries.

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