India – one of the powerful countries in the world in consideration of its current economy, political and military power. It is also termed as the economic powerhouse. India always has spellbound others and has broken all the global trends and inabilities in the recent past. It is considered as the fastest growing in an economy with its rising growth rate, several industry compensations advancement in the agricultural market, the importance of exports and imports makes it the best marketplace for starting your business in India.
The recent mega initiatives such as “Make in India” and “NITI Ayog” have not only transformed the development agenda of India but also given a big platform to the young aspiring entrepreneurs to showcase their skills and be a part of the ease in running a business in India. Though there are several numbers of infrastructure projects in the governments’ basket still, the opportunities for setting up LLC in India, a fresh business to flourish in India are unlimited.
Ease in tax and business regulations, simplification of economic policies and process of incorporation of the business, ease in funding, and capital assistance ahs not only boosted the confidence of the people in India but also given them the liberty to choose entrepreneurship as their breadwinner.
Let’s dive in and know more about the reasons why we should start or think of beginning a business in India.
- Economic Growth: The Indian economy is going to be amongst the top three economies in the world, with the current growth of 7.1% billion. This is quite evident that we are growing that too at a rapidly increasing rate, which in turn has favored and is attracting investors from all the corners of the world. It is really easy for entrepreneurs to incorporate and run their businesses and be part of the rapidly growing democracy. The awareness in the culture and importance of education has played a vital role in emerging out as the best marketplace of investors. No doubt, we are well-equipped with the young and high working population which has established a sustained growth for the markets in the world.
- Easy Startup: The year 1991 ended the license Raj and boosted the development in an economy which not only increased the market and the service-oriented sector but also the reduction in tariffs and taxes, the deregulation of markets helped in expanding the foreign and private investments up to a great extent. This helped us in being liberal, and thus, a revolution in policies relating to starting your business in India was observed. At present, several new policies have been introduced, which have made tax and business regulations more feasible. This, in turn, has created a lot of opportunities for future entrepreneurs and created a free and fair political system for our country.
- Skilled Manpower: India is the only country with about 500 million people below the age of 25. The youth of our country is highly skilled and motivated and aspire to become a successful entrepreneur. Comparatively, the expenditure for setting a business in India is relatively less. The cost of labor is cheap in India in comparison to economies in the world. The same feature helped Japan to witness a substantial boom in its economic growth.
- Easy going business laws in India: To boost business in India and to promote setting up a business in India, the government is implementing business-friendly laws so as to promote Micro, Small and Medium-sized enterprises which comprise a major part of the business and is considered as the backbone of the Indian Economy. Several incentive schemes, loan facilities have been set up for ease in the functioning of the business. One such recent implementation is of GST (Goods and Service Tax). In the current situation, it has widely affected the business sector in India but is highly fruitful in the long term as it aims to an efficient and effective movement of products and in setting up LLC in India.
- Expansion in the consumer market: It has been observed that the ability of consumer expenditure in an Indian market has increased to 59%. This not only opens the millions of opportunities for the business to flourish but also raises the percent index of employment in India. Almost every sector has witnessed disruption, but particularly the IT, Pharma sector is going to witness a huge boom in the markets in India. The smartphone and internet usage has increased and thus brought a revolution in unending demands, preferences of the consumer in the Indian market.
It is not at all tasking to open a business in India these days as there is immense support for the aspiring entrepreneurs both online and offline.