Change in Ease Of Doing Business in India
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India is a country , which is not so popular for its business infrastructure. It has always been a tough place for businesses and start-ups. It is a very difficult task for a person to establish his/her business in India. Even though the scenario has changed in recent years but still there is too much work to be done to match the standards of US or European countries.
India is lacking far behind UK , USA and several European countries in ease of doing business. If a person tries to set his business up. He has to face many problems which involves from lack of funds to getting necessary permissions for his business from different government offices. This is just one of the many reasons
India is currently ranked 100 among 190 economies in the ease of doing business index. Even though the rank of India has been improving constantly, it has improved to 100 in 2017 from 130 in 2016. The reasons why it is far behind other countries are:-
Lack of government support
A business needs government's support to survive . But in India government never focussed much on improving its infrastructure of doing business. In India, you have to follow several guidelines , need to show a large number of documents to start a business . While it is prevalent in many countries but India is among the most difficult ones to start the business. The business laws in India are too complex , which needs to be made simpler.
In other countries new businesses can get fundings on the basis of their business idea but in India the thing is very different. A business needs money to become successful. But in India , Investors want a fully made product , which is ready to earn money for them. Thus , it becomes hard for new businesses to survive, if they don't get fundings on time.
People in India are more concerned about getting a job than making jobs. They believe that the best way to live life is by having a job but that is clearly not true. In this case , none can be blamed but only ourselves are the reason.
These are some of the reasons which are responsible for India's poor business infrastructure. If we want to improve India as a "business friendly nation" then we need to focus on several things. We'll need to make simpler business laws, easy access to finance and similar help from government , only then we'll be able to come closer to the nations who are best in this.
Fear Of Failure
A business grows when a person has the will to make it successful but in India , when someone's idea fails then he is considered a failure . This mindset of people don't let them even try. If a person doesn't even try then how India is supposed to improve its business standards?
Image courtesy - expert-market.com
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