The economic slowdown of India plays a crucial role that more and more entrepreneurs are thinking out of the box to opt for a wide-spaced and profitable business platform-“Network Marketing or MLM” business.
People in India are concerned about making money conveniently and simply, and the same is the major highlight of the network marketing business. People are too smart that they analyze the history, statistics report, or growth of network marketing business 2020 to know the past and future of the network marketing business.
The present condition of MLM or network marketing in India looks to be cheering and assures future success in the industry.
By comparing with the other developing countries, India is still standing behind to accept the MLM business completely. The only reason for this is the MLM scam running behind the network marketing business. The scams decline the Indian economy, but nowadays, the precautions are taken care of to get rid of MLM scams.
Network marketing is one of the oldest and traditional businesses of selling products at multi-levels and forming an extensive network of people to promote the business. Nowadays, it is the best industry to stay profitable and started operating in more than 100+ countries with the massive size of the market. i.e. around 167 billion USD.
The direct selling industry in India seems to be promising in the yielded benefits. Yes, that is almost doubled in the year 2016 when compared with the year 2011. From the report of Assocham, it is evident that it will touch the record of around 159.3 billion in 2021. The average sale is increasing for each individual, and it is almost about $300 annually.
The study also depicts that the network marketing business has ample space for the marketers and can build the contributory platform to enhance the MLM business in India.
The study showed that the ranking of MLM business was increased from 22nd position to 20th position during the year 2015 to 2016. The top three markets during those years were the US, Korea, and China.
During the year 2015 to 2016, the sales volume attained a record of $183 billion globally. A huge number of people started joining the MLM business. Almost around 80 percent of the countries around the world started joining in the MLM business.
Though there was continuous growth over the years and the benefits contributed has enhanced the value of the Indian economy, this MLM business is less accepted in India due to the various schemes adopted in India. Sometimes these network marketing schemes involve a large expense to withstand this network marketing business. People in India faced unscrupulous network marketing schemes where they have not gained any profit with the MLM business.
As per the survey conducted during the year 2015 to 2016, almost around 50,000 people were benefited from the MLM opportunities offered by the direct selling companies. Various government schemes like Digital India, Make in India, Skill India supported the attributes and growth of network marketing business in India.
To enhance the growth of network marketing companies, the various guidelines can be implemented at different levels and policies. Policies like FDI ( Foreign Direct Investment )policy and consumer protection bill will offer a retaining environment for the MLM business.
With the above records, it is estimated that the Network Marketing turnover in India will reach a pinnacle of INR 645 billion by 2025. It has also impacted various social and economic factors.
The Skill India scheme seeks to provide the institutional capacity to train a minimum of 400 million people by 2022. The Direct Selling industry annually trains over 5 million people in marketing and communication skills, personality development and leadership skills.
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