The post-pandemic era will define how we conduct business and inherently shape our economy. With nations battling the largest healthcare crisis of recent times, the global economy has suffered. The suspension of global trade highlighted the gaps in the supply chain, and the need to diversify sourcing and production. Despite the challenging time, India appears as an optimistic hotspot for investment.
The Indian Government has relaxed certain reforms to enable higher Foreign Direct Investment (FDI) in varied sectors and digitally optimized the business environment for ease of doing business. After the successful introduction, establishment and subsequent amendments of Goods and Services Tax (GST), indirect taxes have now been streamlined to bring in greater transparency and simplification. The country continues to follow the initiative of 'Make in India' and 'Aatmanirbhar Bharat', a self-reliant blueprint that encourages consumption of home-grown brands (Indian or foreign).
India has also witnessed sustained growth over the past few years. The United Nations Conference on Trade and Development (UNCTAD) reported that India was among the top 10 recipients of FDI in 2019, attracting USD 49 billion in inflows, a 16% increase from the previous year.
According to the World Bank Group, India ranks 63rd in Ease of Doing Business 2020 (which contains data sourced from 2019), making it one of the top-rated countries amongst the emerging economies. Other factors that enhance the business opportunities is the high literacy rate, a comparatively large and young workforce, and increased consumption patterns. Besides, there are also various reforms that have been recently introduced to scale down bureaucracy, thereby facilitating facilitating the set-up of businesses in India.
Doing Business in India serves as a guide to India's business, regulatory and tax environment. It seeks to provide the reader with knowledge of the critical regulations and changes in the country. We hope you find this information useful and helps you understand the dynamic business environment of India.
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