India is a superpower – both in terms of its robust democratic framework as well its ever-growing economic might. It is the world’s fourth-largest economy and third-largest in terms of Purchasing Power Parity (PPP).
Indian GDP stands at USD 2.9 trillion and the government has set sights on reaching USD 5 trillion by 2024. The population of the country is over 1.3 billion people and this is the biggest strength of the country. Now, the global growth rates have dipped, but India has been able to maintain a consistent growth and there are a host of developmental activities which have been planned by the governments which make India your next favourable destination to set up your business.
Why India awaits you?
India has emerged as the fastest-growing nations in South-East Asia and it has become a preferred destination for businesses across the globe. The ranking of the country has only seen an increase over the past years. India boasts of over 500 million people that are aged under 25 and the median age in India is only 25.1. And, yes, the consumer spending is only 57% which only means that there is a huge untapped opportunity that are still to be explored.
Ease of Doing Business
- One of the biggest reasons behind setting the shop in India is that the cost of living in the country is comparatively less than several other countries in the west and hence, one can easily avail best workforce at economical rates.
- Not only is the Indian workforce cheap, the people here are dedicated and are always keen to learn and improve which is a boon for any company.
- The Indian government has rolled out the Goods and services tax (GST) which is a comprehensive tax system with a single tax all across the country.
- English is one of the widely spoken languages in India and there will be absolutely no language barriers which might act as an impediment.
- If there is a local partner on the ground, the business will be up and moving in absolutely no time as they will understand the different impediments and find a way to look at solutions.
Abundance of Economic Opportunities
India is undergoing massive demographic changes and the scale of urbanization is perhaps the most amongst all the countries. One needs to look at the bare facts – companies have grown at 25 to 30 per cent a year and is a testimony to the untapped potential of the country.
Even as we write this, there are about 69 mega cities that have a million-plus population and this presents businesses with a unique opportunity. And hence, start a company in India is one of the easiest ways to not only enter the Indian market, but to grow and prosper.
India is projected to have over a million air travellers, a USD 100 billion eCommerce market, 15 billion railway passengers, among other things by 2020. The government’s push towards making the economy centred around Digital has ensured that most processes involved in running a business are now online and this has clamped down on red tape and has given a concerted push to increasing transparency.
Not only this, the ambitious start-up India has a lot of backing from the Indian government and this has given a number of companies which are setting up ship funding, tax breaks, and tax rebates. The time is now to start your business in India!
Company Formation In India – What Are The Features?
In India, the Companies Act, 2013 which covers all the aspects of running a business in India.
What this act does is that it allows entrepreneurs to operate by even registering as a One Person Company (OPC) which is similar to a private limited company but is formed by a single person.
The benefits of a private limited company are many – it is suitable for organizations entering the Indian markets and it also limits the liability of the shareholders and is a preferred way of doing business in India.
Now, any form of Indian Company Formation comes with compliances which need to be considered before finalizing the type of company to register.
What Are The Different Business Opportunities In India
In India, there is a huge domestic market and the middle class as well as the overall population is only expanding. This has led to increase in demand and this will only grow over the next decade as far as the manufacturing sector is concerned.