Information, data and statistics on various markets, industry, competitors and customer groups are very useful data for entrepreneurs.
The government offers a wealth of data and information about businesses, industries and economic conditions that can aid in conducting market research. These sources provide valuable information about your customers and competitors:
• Open Goverment Data : is a increasing pool of data from all Government departments that can help businesses,consultants and researchers predict trends in the market.
• RBI Economic Statistics : of the Reserve Bank of India would give periodic trends of macroeconomic data including interest rates, bank lending, industrial production, etc.
• Employment Statistics : would give data on the economic trends based on employment data and other surveys conducted by NSSO, CSO from time to time.
• Population and Demographic Statistics (Census 2011) : useful for studying population trends etc., and also breakup of the population data in your region or town by category, sex, caste, religion, etc. so as to fine tune your market projections.
• Producer Prices (Wholesale Price Index): In India, the WPI/Producer Price Index measures the average change in price of goods and services sold by manufacturers and producers in the wholesale market during a given period.
• Tamil Nadu Statistics: published by the State Government may be very useful while deciding on a business option
• Household Consumer Expenditure: samples surveys are done by NSSO periodically and the data can be useful for entrepreneurs to decide on consumer preferences.
• Consumer confidence: data is required to get an understanding as to the trend in consumer purchases in various sectors.
Commodity & product data
• Import and Export of various item : is a database of exports and imports that will help local manufacturers decide whether they can manufacture them locally as an import substitute. It will also help traders who want to import and trade.
• National Centre for Trade Information: NCTI provides value added trade information for the benefit of the international trading community, especially Indian MSME’s in the form of Electronic Trading Opportunities, Live Trade Leads. NCTI’s E-bulletin Trade Point India is posted on its website accessible by members.
• Tamil Nadu & Sectoral Skill reports : prepared by NSDC are useful to find out what skills are missing and you could think of entering an area for either generating these skills or take into account lack of manpower in these sectors.
• TIFAC : can help industries in select technology developed by Indian labs or in localisation.
• TIFAC-SIDBI Progam : provides funds up to Rs 1 crore for facilitating development, demonstration and scaling-up (commercialization) of technology innovation projects pertaining to new product or process development to encourage and promote development of capabilities in MSMEs
Trade groups, business magazines, academic institutions and other third parties gather and analyze research data about business trends. Use Internet and database searches to find information related to your location and industry. Some of the industry or private websites are:
• Design Clinics: of the National Institute of Design can help design your product.
• Educational institutes like PSG College or IIT Madras.
You could contact any of these associations which are relevant to you for getting information on business ideas, prices, opportunities,etc.
• Federation of Indian Export Organizations: is apex body of Indian export promotion organizations was set up jointly by the Ministry of Commerce, Government of India and private trade and industry
•Export Promotion Organisations in India or Export Councils, Industry & Commodity Associations : will help entrepreneurs to look at export and intermediate or component manufacture opportunities, sources of raw materials, etc.
• Automobile Sector Stats: by Society of Indian Automobile Manufacturers
• Prices of various raw material commodities eg. International price (Reuters)
• Zanran is a useful search engine focusing on retrieving data and statistics