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
Bu hikaye Entrepreneur magazine dergisinin December 2017 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Entrepreneur magazine dergisinin December 2017 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Chords of Success
For Saahil Goel, the deep-rooted passion for playing the guitar dates back to his high school days. Influenced by legends like Pink Floyd, Led Zeppelin, and the Pakistani band Strings, his musical journey mirrors his leadership style-balancing focus, discipline, and a collaborative spirit. Goel feels that playing guitar has enhanced his ability to balance focus and teamwork as a founder of an eCommerce shipping start-up.
IS YOUR RENT TOO DAMN HIGH?
Many small business owners struggle with their rents. Here's what to do.
HOW TO BOUNCE BACK FROM A BAD REVIEW
A one-star review can hurt your ego - and your business. But it's possible to prevent (and remedy!) this scary scenario.
HOW TO HIRE FOR THE FUTURE
Small businesses are struggling to find quality labor. So flip the conversation: Show workers how your business will set them up for opportunity.
You Can Hire Like Netflix
The streaming platform built an incredible team with a strategy called “talent density.” But you don’t need to be a tech giant to do it.
Speedy Growth Killed My Startup
We seemed to be rocking it - lots of press, major partnerships. Then we learned the harsh consequences of overlooking our customers.
Three Pivots to $100 Million
How do you find a working business model? Do it like Rowan-a brand that reinvented itself many times before finally piercing the ear-piercing market.
What Goals Actually Matter?
Some benchmarks are more important than others so what should you really care about? We asked six founders for their hardest-won lessons.
'Only the Strongest Are Going to Survive'
Brian Lee cofounded companies like LegalZoom and ShoeDazzle-and he believes a lot of conventional business wisdom is backward. Sure, it's harder to raise capital. But it's actually cheaper than ever to start a company.
HOW TRUST SAVED KFC
The former CEO of Yum! Brands explains how he turned around a struggling KFC-and the important lesson it offers for anyone in franchising.
