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Can India grab this golden chance?
Tue, 13 Oct Pre-Open

As per an article in The Economic Times, more than 10,000 startup firms are being set up every day in China. Around six million new startups have already been setup over a period of around one and half years.

This was not accidental. The major drive behind this was the Chinese government. A new start up campaign was initiated as the economic slowdown was causing big job losses in China. The government has been cutting taxes and fees. This in turn has helped small firms save about US$ 7.93 billion in the first half of the year. Moreover, the government has increased lending to small firms by 14.5%.

After looking at the facts, it can be said that China is leaving no stone unturned to revive its economy. Having said that, the question comes up- What about India? Is the government doing enough to improve the business atmosphere in the country?

As per an article in Economist, India ranks at 142nd position out of 189 countries in the World Bank's ease-of-doing-business rankings. Although many reforms are carried out to sort such issues, there stand many obstacles for their implementation. This in turn discourages businesses to boost their operations.

Further, India is not uniform in its business environment. Each of the states have their own set of laws as regards employment, tax, land purchase etc. While some states are business friendly, others lack in basic setup facilities.

The present state of India doesn't match up with China. A lot needs to be done to catch up that pace. Steps should be taken to simplify the business environment in the country by encouraging new generation of start-up entrepreneurs and innovators with much better access to entrepreneurial education and finance. And this we believe is a major Megatrend opportunity that India cannot lose in its pursuit to become an economic superpower.

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May 26, 2017 (Close)

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