I think I came across it on THT or myrepublica sometime last year, MNO. I don't agree with the notion that the "race is open". There's a significant competition in a number of sectors. Innovation is the key. If you bring new stuffs, knowing exactly what you're doing will come in pretty handy. 

Bear in mind, due to lack of strict laws in regards to copyrigt, patent etc, people are likely to copy whatever you do and start doing it in no time. Remember Pashmina, Pool/Snooker Halls, VHS/CD/VCD/DVD stores? So much so, you'd see a pool hall in every galli. There were CDs and DVDs being sold in Kirana pasals everywhere. The entire Pashmina market collapsed due to same reason. Everybody started showing interest, knock-off items started replacing the real product. Some people actually lost a ton of money on their investment. 

You could look into small-scale industries in neighboring countries like India, Sri Lanka and Bangladesh and get some ideas on profitable businesses.