Indian entrepreneurs want easier rules to make conducting business easier
HOW LONG DOES IT TAKE to open a simple business bank account even after complying with all the requisite KYC?,” laments a small businessman Rajesh Shah, “You would be surprised. It still takes a long, long time. More than three weeks despite all the paperwork being correct.”
The fact that India, in quite a short while, has leapfrogged into the top 100 (from 164) on the Ease o f D o i n g Business rankings 2018 of the World Bank is little respite as necessary procedures such as opening a bank account continue to niggle at Indian entrepreneurs.
Sure, improvements in procedures, such as having a single window for company incorporation, have been streamlined, with processes to acquire PAN, TAN, DIN, Company Incorporation and Name Reservation being incorporated on a single application form. But the cost of delay in starting a business is huge.
In fact, the World Bank report noted that efficient and non-discretionary business regulations are important drivers of productivity. “A study of India, for example, shows that inefficient licensing and size of restrictions cause misallocation of resources, reducing total factor productivity by preventing efficient firms from achieving their optimal scale and allowing inefficient firms to remain in the market,” The study further adds that these restrictions would “boost total factor productivity by an estimated 40-60 percent.”
So, no surprise that India needs to boost its rankings significantly if it has to lead in productivity-related gains. But, can India really climb up the ladder to the top 25 countries on the ease of doing business?
Esta historia es de la edición August 18, 2018 de Businessworld.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición August 18, 2018 de Businessworld.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Is Leadership Without Hierarchies Possible?
LEADERSHIP IN THE current era is more challenging than ever before.
The Rise and Evolution of Coffee Culture in India
AS A BANGALORE native, South Indian filter ‘Kaapi’ has always been a significant part of our tradition.
The Daily Ground Goes Desi
Success in Tier-2 and Tier-3 cities hinges on several key factors, with one of the most important being the ability to offer high-quality products at an accessible price point
Cracking The Indian Code
TARUN JAIN, CEO of Tim Hortons India believes in creating an experience at cafes by blending global quality, local flavours and affordability
Making Coffee the New Chai in India
Affordable, great-tasting coffee made fast-abCoffee is reshaping how India drinks coffee
Scripting A New Era Of Coffee In India
From a bootstrapped startup to international expansion, NOTHING BEFORE COFFEE is brewing its way to the top by challenging the giants of the coffee industry with innovation, personalisation, and sustainability
"Driven By A Younger Demographic, Coffee Culture Is On The Upswing"
SUNIL D'SOUZA, Managing Director and CEO of Tata Consumer Products, discusses the company's strategic growth in India's booming coffee market, focusing on premiumisation, innovation, and expanding consumer experiences both at home and in cafés, in this exclusive conversation with BW Businessworld's Tarannum Manjul
Fresh Brew, Big Ambitions
From startups to stores, Beanly's Samayesh Khanna and Rahul Jain elevate India's coffee culture by making freshly brewed coffee a daily delight
"On Track To Become India's Top Café Chain"
In an exclusive interview, RAJAT AGRAWAL, CEO of Barista Coffee, shared insights on the company's current market position, expansion strategies, and its response to growing competition
"Ensuring A Seamless Coffee Experience Outside The Cafe Is The Next Big Thing To Watch Out For"
In an exclusive conversation with BW Businessworld's Resham Suhail, Third Wave Coffee CEO RAJAT LUTHRA and its Co-founder AYUSH BATHWAL delve on how they are navigating the competitive landscape, going beyond retail and tapping changing consumer preferences