Minister Greg Barker may be better known for leading the Department of Energy and Climate Change – but he is also responsible for the UK's trade relations with India. Earlier this month, on a trip to the country, the Minister heralded the "flourishing" trade relationship between the UK and India and predicted a doubling of trade between the two nations by 2015.

The announcement confirms a trend we have seen developing over the last decade, as the Indian government has slowly but steadily introduced reforms to make India more investor-friendly. Most recently, the country has announced a new Companies Act replacing existing, dated legislation. The new Act has been designed to support the growth of the Indian economy by introducing a wide range of measures around issues such as corporate governance.

Some major UK players, such as Marks & Spencer and Unilever, have already taken advantage of what is fast becoming one of the world's largest marketplaces.  The Midlands, home of Jaguar Land Rover which was acquired by Tata Motors in 2008, also has strong representation in India with the likes of Cadbury well established in the Indian market. There are particularly strong opportunities not only in the consumer business and manufacturing sectors, but also across healthcare, education, technology and infrastructure and for mid-size organisations as well as the larger players.

So how can companies, particularly those who do not have the resources of multinational organisations, take advantage of the opportunities India presents? And perhaps fundamentally, given India is so complex and diverse, where do you begin?

Firstly, anyone looking at organic growth or growth through acquisition in India needs to view it as a long-term process. Although it may sound obvious, businesses must invest time in really understanding the market, the consumer and the local ecosystems to succeed.

In a country the size of Europe, the variations and diversity are expansive. You simply cannot assume anything without doing your homework. This is why the most successful firms often have a strong Indian partner to support them, at least in the early stages.

You are also going to need a lot of patience and guidance from professionals. Despite the reforms, there remains a significant amount of red tape and regulations to negotiate. What's more, you're likely to encounter a whole range of cultural issues where local knowledge is literally invaluable.

India's economy is expected to continue to grow strongly, for many years to come and, as the Minister suggests, there is a significant renewed focus on Indo-British trade. Well-informed businesses that are prepared to play the long game will be well placed to take advantage.

In March, I will be leading a team of senior colleagues from our Indian practice, to expand on these points, and answer other questions as part of an India Growth Opportunity Roadshow. We'll be meeting businesses up and down the country to highlight the huge opportunity of doing business in India and providing advice and counsel on how they can approach the challenges.

I look forward to updating you on our conversations and events as they take place.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.