siliconindia | | APRIL 20238Why entrepreneurs are in active look for delving into the franchise market? There are so many reasons. The franchisers are heavily known for owning their brand of products and an existing business model, which it makes easier for entrepreneurs for operating and function as their franchises. The franchise market is booming from the days it was quite a while now. India has become the hot target for many multinational companies who are looking to foray into the country's domestic market. Entrepreneurs have utilised this opportunity to raise their profits by taking franchises of companies like McDonalds, KFC, OYO, MakeMyTrip, Patanjali & many more. Take a look at any Indian metro city or venture into any urban locale and you will see the area dotted with various brand outlets, selling everything from food to clothing.According to Franchise India, experts have witnessed a growth of 30-35 percent over the last five years in franchising. It is estimated that the global turnover is around Rs.938 billion. The franchising sector contributes around 1.8 percent to the Indian GDP and is predicted to contribute nearly four percent by 2022Consumer Affordable Market: India is one of the fastest-growing economies in the world and there is a lot of potential in the franchise business. With an exponentially growing young population, the franchise space in India will continue to witness a rise in the coming years. The expansion and escalation of these franchise businesses will also offer avenues to other people by creating multiple job opportunities across many sectors. India is the second-most populous country with over 1.3 billion people and is projected to be the world's most populous country by 2027. The country's economy is also expected to surpass that of the United States by 2035, making it the world's largest economy. The franchise business has been a shining star of IN FOCUSWHY THE FRANCHISE INDUSTRY MAY BE ECONOMY'S BRIGHT SPOT OF INDIA
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