Changing business environments in India

The following article is based on my own interpretation of the said events. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Palash Sinha, MBA 2015-17, Vinod Gupta School of Management, IIT Kharagpur

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“India is doing great,” .These are the latest words uttered by one of the most talked about personality of US presidential campaign, Donald Trump. And it is not only Trump but also several top executives and country heads are expecting India to be the most favored destination for large organizations to set up business. “India’s growth, as you know, is very good. It’s quickly becoming the fastest growing BRIC country. It’s the third largest smartphone market in the world, behind China and the US,” Tim Cook, Apple said. The upward growth rate of economy (a healthy 7.4%) is the testimony of the changing business ecosystem in India.

Several steps taken by the recent government to facilitate ease of doing business in India like-

1)      Essentials of 3Ds- Demography, Democracy and Demand

2)      Making India a manufacturing hub- Make in India

3)      Easing policy guideline

4)      Disintegrating red-tapism

5)      Developing infrastructure –Smart cities

6)      Offering strategic locations and industrial corridor to facilitate ease of doing business.

Campaigns like Digital India are acting as the icing on the cake, as connectivity is one the major issues hindering India’s growth. Several MoUs signed with countries like Japan, France, Singapore etc are also helping India to set up the proper environment for doing business. Recently France has announced $10 billion (Rs 67,540 crore) investment in India over the next five years, which will largely cater to the industrial sector in the country. The recent developments are echoed in the ease of doing business ranking where India climbed to the 130th spot from 134th in 2015. Although still a long way to go to be at par with the superpowers likes USA or China, we can definitely proclaim that India is heading towards the right direction.

 

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