Clamorworld Special: Bottlenecks & Challenges For Businesses In India
The GES or the Global Entrepreneur Summit 2017 in India is set to provide a fresh lease of life to the Make in India drive and entrepreneurship opportunities in the country. Perhaps that is what makes it an appropriate opportunity to truly assess the business opportunities in our country and the bottlenecks that businesses deal with.
Experts see the scope of the Indian economy growing at a phenomenal pace. McKinsey even quotes the figure of $10 trillion and more. Of course, none of this will happen overnight but the sheer potential indicates the extent of scale up possible. Reforms may not be executed in a ;perfect manner but the solace is that all of these are steps are in right direction replete with options.
Participation in businesses are seen as a major factor. Compared to India, the participation rate in China is much higher. But veterans in this field say it is only a matter of time. Once you can get 400 million Indians into the system with proper bank accounts and smart phones, the dynamics could change overnight. Once inducted, globalisation of Indian companies is expected to be way simpler, given the large number of successful Indians doing business globally.
In India, statistics indicate that the consumption shock after last year’s demonetisation is also on the mend. Therefore the economy is progressing more towards attaining the crucial balance between consumption and savings. The other big trigger from the demonetisation drive has been a stronger push towards digitisation. This assimilation of data via Aadhar linkages, GST tracking and other means can surely give a competitive edge to India. In many ways it can make data analytics a lot more dependable.
The fact that most rating agencies have maintained a stable to positive bias towards India also speaks a lot in favour of India. As the GES 2017 gets underway, it needs to be remembered that in just 3 years Indian has jumped 42 places and is ranked 100 now in the World Bank’s Ease of Doing Business Report. Prime Minister Modi, in his speech mentioned, “We have improved on indicators like dealing with construction permits, getting credit, protecting minority investors, paying taxes, enforcing contracts and resolving insolvency.” In fact, over 90 million loans worth Rs 4.28 trillion have been sanctioned by the centre under the Pradhan Mantri Mudra Yojana, of which 70 million have gone to women.
So it now needs to be seen how businesses can take advantage of these changes and improvements in ground realities across India.