Are current reforms easing doing business in India?
Current reforms are easing doing business in India. Not just the reforms in the business sectors, but the improvements to infrastructure and skills are also helping.
Prime Minister Narendra Modi swept to power in May 2014 and quickly launched a comprehensive set of initiatives to improve the socio-economic condition of the country. The implementation of the initiatives has been impressive looking at the impacts on economic growth and ease of doing business. Foreign Direct Investment (FDI) in India is at the highest ever as the government aims to replace red tape with red carpet for foreign investors.
It is however true that there is a long way to go and while there is a lot of confidence in the Modi government and the continued emphasis on reform, there is also a lot of frustration about implementing “the last mile” to see those changes affect day to day business dealings in India. As more and more systems and processes have moved online many of the day to day bureaucratic glitches and opportunities for petty corruption and delay have been removed, but almost every business will still face issues when there are exceptions or additional requirements and these can be major problems. The “last mile” is now spoken about a lot in implementation of almost all the reforms announced 3 years ago.
M+V’s Consulting Team can advise you on how to make the most of the reforms. We support international companies in several industries right from incorporation & strategic the business plan to managing their day-to-day operations and other bureaucratic requirements.