A pioneering research foundation dedicated to Indian business is to be established at Aston Business School in Birmingham.
The India Foundation for Applied Business Research is a result of a new partnership between the Business School, part of Aston University, and the Institute of Asian Businesses.
Birmingham will be the hub of the India Foundation and the team at Aston Business School will co-ordinate research and studies in India, as well as the UK and the US – which have become two of the most important trading partners with the sub-continent.
The initiative is a result of a partnership with the Birmingham-based IAB, which has been developed by Aston University's Office of Advancement.
It also has the backing of the Indian High Commissioner in the UK and a meeting will take place on February 26 to discuss the next stage of the foundation's progress.
Professor John Saunders, head of Aston Business School, said: "This country has long shared its history with India, which is now becoming one of the largest and fastest-growing economies in the world.
"Birmingham is well situated to take advantage of that trend, as is Aston Business School.
"For a long time we have had a number of people doing excellent work on Indian businesses and the centre provides a terrific opportunity to benefit all businesses and managers on both continents."
The foundation will be led by senior academic Professor Pawan Budhwar, assisted by a postgraduate research team.
Research and consultancy services will focus on both business studies and business applications with specific application to India.
"Asian business is at the heart of the world and regional economy and we want to ensure we are helping this develop further," said Professor Michael West, head of research at ABS.
"Through the establishment of this foundation, we aim to conduct rigorous research that will answer the key questions Asian business leaders face about the effectiveness of their businesses."
While much of the focus remains on China's emergence and growth as an economic super-power, some analysts are predicting that India will mount an equally significant challenge to the old order.
It is suggested that the share of the US in world GDP could fall from 21 per cent to 18 per cent and that of India to rise from six per cent to 11 per cent by 2025.
By then the Indian economy is projected to be about 60 per cent the size of the US.
Within a further decade the Indian economy is likely to be a larger growth driver than the six largest countries in the EU.
Foreign direct investment from India to the United Kingdom is on the increase and so are the numbers of Indian students studying in Britain.