THE DATA SPEAKS ITSELF:
With the rapid expansion of the Indian economy, India represents an attractive opportunity for global investors and businesses. In the past four years, the average GDP growth rate has been an impressive 6.9 per cent. For 2018-19, the International Monetary Fund has forecast a growth rate of 7.4 per cent for India. By the next seven years from now i.e., by 2025, India hopes to double the size of its GDP to US$ 5 trillion.
India is experiencing the age of the Digital Economy and the Fourth Industrial Revolution. The synergy of technology, commerce and industry is unfolding. The early Industrial Age and the traditional manufacturing economy created jobs in factories, and encouraged entrepreneurship in the form of ancillary units and workshops. Today, India is looking at technological boom in big industries as well as the start-ups. Technology has emerged as an enormous enabler and allowed local companies to go national or even global.
VARIOUS GOVERNMENT PROGRAMMES FOR YOUNG GENERATION OF ENTREPRENEURS:
In India, which is the third largest centre of start-ups in the world, this has thrown up a generation of young entrepreneurs, of men and women with hunger and ambition. Government programmes such as Start-up India and the Mudra Yojana, which has provided capital to 120 million grassroots businesses, have seeded a culture of entrepreneurship. Such measures have unleashed creative and commercial energies. They have also empowered people. And most of all, they have re-emphasised how India is both a large supplier to as well as a huge market for global businesses.
EASE OF FOREIGN INVESTMENT REGULATIONS:
The government of India has eased foreign investment regulations in several sectors, including in services such as insurance, retail, aviation, defence, construction and banking, etc. India is among the largest recipients of FDI inflows.
In the past four years, the government of India has accomplished a number of crucial reforms. The introduction of the Goods and Services Tax in July 2017 converted India into a single market, with both goods and services placed on the same tax platform. This in itself has imparted a new momentum to the economy.
GOVERNMENT’S INITIATIVES TOWARDS EASE OF DOING BUSINESS:
The Indian Government has taken major steps, with the participation of state governments, as part of the Business Reform Action Plan. Starting a business and obtaining permits, as well as trading across borders, have become easier. This has enabled India to jump 42 spots, in the past three years, in the World Bank Ease of Business rankings. The Insolvency and Bankruptcy Code has made it simpler for exit of businesses. And the national Intellectual Property Rights policy aims at strengthening the IPR regime in line with global best practices. Such measures will be of immense benefit to the various sectors of Commerce and Industries in India.