Policy reforms, government initiatives and an eco-system that is being nurtured for the influx of young entrepreneurs and foreign businesses. India has been a preferred destination for outsourcing by the US and Europe for a long time; today the country is a preferred destination to start a new business as well as to set up an already established business in the Indian market. As the purchasing power rises and the Indian middle class becomes more aware, businesses around the world are realizing the huge potential India has. In addition, the current government has been pushing for the growth of innovation since its inception. Setting a nourishing ground for businesses, innovation and entrepreneurs through mission driven policies and holistic schemes, the government has been the invisible and much needed push.
India’s progress to 100 from 140 in 2015 is a testament to the country’s growing demand. The government’s efforts in building a firm foundation with the aid of programmes such as Start-up India, Make in India and bankruptcy codes are offering a boost to business in the country. A stable macro-economic environment with retail inflation averaging at 3.4 per cent for the April to January 2018 financial period as opposed to the 4.5% higher rate the year before.
The Goods and Services Tax was a major overhaul by the government. The roadmap for which was laid in 2014 as the government came into power. Introduction of the bill made way for a uniform tax structure for the benefit of the country. Initially though the reform was met with a little resistance, it has now become a part of the Indian business infrastructure.
India has the highest growth rate among Brazil, Russia, India, China and South Africa. The economy is set to grow at 7.4 per cent which is much higher than the growth rate of advanced economies at 2 per cent and 3 per cent. In the World Bank’s Doing Business 2018 report, the country was ranked among the top 100 economies of the world, for the first time. Measures such as time bound clearance of applications, single window clearance mechanism, reducing documents required for trade and a single online return filing forms are among the other measures the Government has undertaken. As the world economy goes through a transformation, India too is on its way to becoming a flourishing economy for domestic as well as international businesses. To understand how your business will respond to macro and micro changes, get in touch with our consultants here: firstname.lastname@example.org
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