Reasons: Start your Business India
Reasons to Start your Business India
With the government launching huge initiatives to spur business growth in India, such as the Make in India and Startup India initiatives, along with the changes to the foreign direct investment policies, aspiring entrepreneurs the world over are today looking at doing business in this rapidly growing nation. Even the World Bank, i recognition of the efforts made by the government to ease the process of doing business in India, raised India’s world ranking from 130 to 103 in 2017. Adding to the convenience of entrepreneurs, domestic flights in India now cover many more cities through significantly more frequent flights. Here are some of the top reasons why entrepreneurs should look at India as a viable business hub.
Government Initiatives
To provide incentives for micro, small and medium enterprises (MSMEs), the government of India has launched various loan facilities and subsidies, while simplifying the process of incorporation. This has been in recognition that MSMEs contribute 45% of the country’s GDP. In addition, training programmes to foster better skill levels have also been launched. Government policies have become more business-friendly. Nowhere is this more apparent than the Goods and Services Tax (GST), which has helped do away with the money-sapping double taxation that businesses had been facing for long. And, with almost everything having been moved to the online sphere, in the wake of the Digitize India campaign, filing taxes and applying for anything a business might need can now be done virtually.
Immense Workforce
With over 500 million people under the age of 25, India possibly has the youngest population in the world. This means that businesses have a huge workforce at their disposal, most of whom are well educated. In fact, in 2016, The Hindu reported that 8.15% of the Indian population has at least a graduation degree. Can you imagine the numbers that represent, given we have a population of over 1,352,673,452, as of May 30, 2018?
Equally Large Consumer Base
Having incorporated your business, found the right funding and hired the best talent, what you need is for people to buy your offerings. And, where will you find such a large consumer base, except maybe in China? According to estimates released by McKinsey Global Institute, 69 cities in India will be home to over a million people each by 2025. And with a burgeoning middle class, the country’s consumer spending is expected to touch $3.6 trillion by 2020, says a report by Boston Consulting Group (BCG) and The Confederation of Indian Industry (CII).
Apart from all of this, there is a great push to upgrade infrastructure across the nation. This is making transporting of goods and travel much easier and cheaper, with numerous passenger and cargo domestic airlines in India.