The Minister of State, Consumer Affairs, Food and Public Distribution System, C.R. Chaudhary, in a conference on Ease of Doing Business by Assocham said, “India is attracting massive FDIs this year and I am getting calls from foreign delegates every now and then.” As India aspires to attain the 50th position from 100th, the minister also accepted that it’s a herculean task to jump 50 ranks by the next year or even sustain the current position where demonetization and GST took a toll on the local businesses and SMEs.
It’s a historic moment as India skipped 30 ranks to be on the 100th position in the Ease of Doing Business list of 2017 by the World Bank. Even with a general perception of businesses slowing down, the country has upped its game in the Global arena by a huge margin. Not a very appropriate report though (effects of demonetization and Goods and Services Tax (GST) were not included in the report), India still managed to do well in several parametres it was tested on. However, talking of the future, what got us here won’t take us beyond 100. Now as a new emerging name in the global lens, India requires to build on the parametres that led it down. The need of the hour is to work on the criteria which held us back.
FIRST THINGS FIRST, STARTING A BUSINESS
New Zealand has topped the charts for Ease of Doing Business. And the best thing it offers to entrepreneurs is a simple way to begin their business. This includes procedures, time, cost and optimum capital to open a new business. As we talked to entrepreneurs in India, it was clear that one needs not less than Rs 1 lac to begin with a consolidated idea. Plus, complicated taxes and time-taking paperwork that demoralize entrepreneurs to start something on their own.
REVAMPING GST SHOULD BE THE PRIORITY
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