How To Start A Business In Kerala – Today, India is considered one of the major powers in the world economic market. Although India is a developing economy, its economy has a major impact on global trade. Most of the world’s leading developed nations are keen to have or expand ties with India. Owing to its huge market base and the fast-growing spending habits of middle-class Indians, India is a preferred destination for investors over other major countries, be it any country in the world. With a 5,000-year heritage of welcoming foreigners to its shores, India welcomes diversity and this makes starting a business in India for a foreigner easier than ever.
India is very good for business as India is the fastest growing country and also the 6th growing international economy. Career-focused youth to a large number of experienced professionals, government support for business-friendly laws, attractive foreign policies and a skilled workforce, there are a large number of advantages for foreigners to start a business in India. Here let us discuss some of the advantages of starting a business in India by a foreigner.
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Macro-economically, a large population and a large borderless market with generally accepted logistics for doing business is one of the major advantages of starting a business in India. India’s young population and growing economic power promise to be a magnet for foreign companies for decades to come.
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India has an extensive network of tax treaties. Also, the Indian tax system has recently been modified by the Direct Taxes Code as well as the Goods and Services Tax (GST) to make it easier to do business.
Several important bills have been passed in the Indian Parliament in recent years, benefiting most industrial sectors. The Goods and Services Tax Bill has increased efficiency in the movement of products in India. The Direct Taxes Code Bill cleans up the tax laws. But the most important (and most controversial) piece of legislation will be the Land Acquisition Bill. The Companies Bill, which updates Indian corporate law for the 21st century, was also passed. Such business-friendly laws make it easier for international players to realize their plans to enter India.
Noticeably low operating costs are possible from infrastructures to phones to internet to labor to wages to everything needed to set up a business. Also, workers are willing to work at low cost. Not only this, but India’s tax strategies compared to other countries are very moderate and therefore could reduce the cost of doing business.
India has a well regulated financial system which has access to developed markets worldwide and can be financed through multiple sources limited to some RBI rules and regulations etc.
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India has an extensive network of technical and management institutions that meet the highest international standards, supported by regional and bilateral free trade agreements. In addition to this, there are numerous trading partners to trade with. These institutions develop excellent human resources.
India has a strong base of English speaking population for business purposes. The historical relationship between the UK and India means that Indians have a high level of English. Although the accent and vocabulary of Indian English is slightly different from that of British or American English, international organizations will greatly benefit from graduates’ ability to speak English fluently, as well as their command of many local Indian languages. Relatively few language barriers make doing business in India quite attractive for international organizations.
Indians are known for their work ethic all over the world. The combination of a hard working nature with a willingness to learn and never say never attitude is what sets Indians apart from their South Asian counterparts. Also, the huge no. of the Indian population falls in the working age group ie. 18 to 65 adds more years to the availability of the service in the Indian market. The youth has come out of the closet and is now looking for opportunities. Businesses can take advantage of this opportunity by creating jobs and increasing productivity.
The Government of India has taken several initiatives to attract foreign investment in various sectors of India. It announces a number of attractive schemes and policies from time to time to attract investment. Individual ministries of various industries have made special efforts to relax the rules and regulations related to foreign investment in the industry.
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Under the leadership of the Startup India Movement, the government is introducing several reforms to create opportunities for foreign direct investment (FDI) and encourage business partnerships. Some initiatives have already been taken to ease the business environment from outdated policies and regulations. This reform is also aligned with the parameters of the World Bank’s Ease of Doing Business Index to improve India’s ranking in it.
India is well endowed with mineral and agricultural resources and the last few decades have seen a significant increase in offshore outsourcing and manufacturing, which has helped India’s economy grow at a tremendous pace. It is very interesting how foreign companies and foreign investors benefit from doing business in India.
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