India: Why should I start an Industry there?

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3 years Ago

India: Why should I start an Industry there?

Since the government of India has launched mega initiatives like NITI Ayog and Startup India in recent years, aspiring entrepreneurs could breathe easily since these have eased the process of doing business in India. There is an enormous number of infrastructure projects currently in the government’s portfolio.

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Let’s explore some of the other reasons why India is the Best Place to Start a Business;

The Economy is Stable;

Recent economic growth in India has been exceptional. India has achieved high macroeconomic stability due to a robust democracy, structural reforms, private consumption, and government investment. The World Economic Forum’s (WEF’s) Global Competitiveness Index ranked the country 41st among 141 economies (with a score of 90 out of 100).

The Sustainable Environment for Business;

In India, there is a perfect business environment for any kind of business. Currently, the economy is at a growing stage, which will benefit businesses and small-scale industries in India in maintaining their stability. More than 80 lakh people live in many Indian cities; these cities depend on businesses and corporations for their livelihood.

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Increasing Foreign Direct Investment;

Over the last five to ten years, foreign direct investment (FDI) has reached its peak. India’s liberal and global policies are responsible for this. These policies have encouraged international investors as well as Indian businessmen. Financing entrepreneurs offers the best incentive.

Ease of Doing Business in India;

By easing the process of starting a business – by enacting business-friendly laws, reducing registration requirements, and liberalizing the market – the Indian government has played an essential role in helping entrepreneurs. Also, the number of procedures has been cut in half. As opposed to 26 days, it now only takes six days to start a business in India.

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The Comprehensive Tax System;

There is a comprehensive network of tax treaties in India. In addition, the Direct Taxes Code and the Goods and Services Tax (GST) have recently been introduced in India to simplify the tax system. Because of recent laws, there are several tax benefits for startups in India.

Businesses-Friendly Laws;

The Indian Parliament has passed several bills that are beneficial to most industrial sectors over the past few years. With the Goods and Services Tax Bill, the movement of goods across the country has become more efficient. Moreover, the Direct Taxes Code Bill has cleaned up tax laws. Similarly, the Companies Bill, an update of Indian corporate law for the 21st century, has been passed.

Large English-Speaking Population;

A large population of English-speaking people benefits startups in India as well as large businesses. The historical relationship between the UK and India has led to a high level of English proficiency in Indians.

Initiatives of the Government;

The Indian government has taken many initiatives to attract foreign investment into India’s diverse sectors. There have been many attractive schemes and policies announced to attract investment from time to time. In recent years, different ministries of different industries have worked hard to ease the rules and regulations relating to foreign investment in their fields and provide a conducive environment for starting an MSME business in India.

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Start-up India Scheme;

The government is undertaking several reforms associated with the ‘Startup India Movement’ to create a conducive environment for getting Foreign Direct Investment (FDI) and fostering business partnerships. Several initiatives have already been implemented to eliminate outdated laws and regulations from the business environment.

Indians are Becoming More Online;

Tossing India’s entire rural population onto the internet was one of the top priorities of the Indian government. Increasing access to the internet throughout the country will improve the quality of the workforce by increasing exposure.

Talent in India and Cost-Effectiveness;

One of the biggest reasons to start a business in India is because there is a great deal of talent in India that can be accessed at an affordable price. UNDP estimates India will have the largest working-age population, with over a billion people in their middle age by 2050. The cost of basic amenities such as labour, food, electricity, and infrastructure is much lower in India than in developed countries.

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