INDIA Today is the consider to be one of the main forces in the global economic markets the majority of the world’s leading developed nations keep to have expand their business in India. If you are thinking to where to starts the business then look no further than India. If for nothing else, do so because of its large populations. According to IMF, India is one of the emerging economics leading the worlds output by the 5.9% which is double of the US at 2.5%.
Why starts business in India?
1. INDIA IS THE EMERGING ECONOMY:
In terms of GDP, India is seventh in the world and third in PPP. It also has the largest growing economy, which has attracted several global enterprises. India’s growing economy affords investors not only a large young population but also a strong export sector. India’s potential consumer base is more than that of most developed and developing nations. The median age in India is 25.10% which is better when compared to that of the United States that is 36.9%
2. ORGANISED EMPLOYABILITY:
Employability is undoubtedly the deciding factor for any business starting operations in a new market. India boasts of a labour force of nearly 530 million, of which the majority is under 30 years of age. The proportion of the Indian population in the working age group (18-59 years) is likely to reach more than 64 per cent by 2021. In fact, the median age in India is 27.6 years, compared to the U.S.’s 37.9, which means that more years of service are available in the Indian market. Further, the aspirations of the Indian youth have changed.
3. AVALABILITY OF PROPER STARTUP ECOSYSTEM:
For any new organisation, the business culture of the economy is very important. Introducing a differentiating aspect in the business idea can be tough, but it differs globally. India is a hub for certain kinds of start-ups, including technology, e-commerce, and financial services. The fact that the Indian market is open to accepting new business ideas makes it easier for new businesses to enter it. Of course, you need to ensure that you have the right strategy as that can guide you through the tough times, as well.
4. BUSINESS-FRIENDLY LAWS:
Additionally, the Indian government’s Make in India initiative focuses on 25 industrial sectors and aims at building best-in-class manufacturing infrastructure by enabling foreign investments, promoting innovation through skill development, and focusing on intellectual property protection. These business-friendly laws make it easy for international players to actualise their plans of entering India. On implementation, these Bills will increase the efficiency in the movement of products across India. But, the most important law is the Land Acquisition Bill that promotes the twin objectives of social justice and industrial development in the country.
5.GOVERNMENT’S ROLE IN INDIA:
The government of India has taken several initiatives to attract foreign investments in India’s diverse sectors. It has announced a number of attractive schemes and policies from time to time to lure investments. The individual ministries of different industries have made special attempts to ease the rules and regulations related to foreign investment in the industry.
LIST OF GOVERNMENT AGENCIES FOR STARTING BUSINESS IN INDIA:
- Ministry of Corporate Affairs-: They are in charge of regulating corporate affairs in India through the Companies Act and other allied Acts, Bills and Rules Registrar of Companies-: The Registrar of Companies in India is the official agency that carries out the administration of Companies Act. It is through them you can check if a company name is registered already.
- Income Tax Department-: It ensures that tax is collected on income and checked via PAN card.
- Professional Tax Office-: This is a tax levy by the state government.
- Employees Provident Fund organization-: This is created and managed by the Central Government Trust, and oversees the contributions of both employers and employees towards a purse for the well-being of the employee throughout his tenure with the business.
TOP 5 BEST CITIES TO STARTS BUSINESS IN INDIA
India has one of the fastest growing economies in the world with cutting edge technology as well as disruptive innovation. If your aim is to start a business in India, then you should be guided on the best cities in which will give your business the success it deserves. Here is a list of top 5 best cities to do business in India:
- Gurgaon, National Capital Region near New Delhi
CONCLUSION: Starting business operations in new markets is not a decision to take lightly. You need to give a lot of consideration to this move because it can easily go wrong and businesses can be compelled to incur grave losses. Because of its several advantages, foreign businesses can clearly take advantage of what the Indian economy has to offer, in order to execute growth and expansion strategies.