To be the world’s fastest growing economy is not easy. Most importantly, it takes a lot of effort to be one of the few renowned countries who are on a steady road to development.
Unusually, the economy of India grew at a rate of 8.2% in the April to June quarter of the year 2018-19. This statistic outclassed China in the year 2018-19.
Over time, the business norms now are very much relaxed in contrast to the previous norms. This was because of the liberalization of investment in India in contrast to before.
Recently, India stood at 77th position out of 190 economies of the world in the ease of doing business in the world in 2018.
Business in India
India has opened its doors to the business from abroad, since the introduction of Foreign Direct Investment (FDI). FDI has made India an exciting prospect to do business. The increased freedom for investment in India is evident since the government has lifted the economic restrictions.
Some of the potential business prospects today are:
- Food Delivery Services
- Property Management
- Online Ads Service Business
- Poultry Business
- SEO Consultant
- Freelance Writing Business
Role of Education
The role of education is essential for building the framework of the country to withstand a sound business policy. To foresee business outcomes, the education system plays a role in providing the aspirant with required know-how.
For instance, the MBA colleges in Delhi are working in the same direction. These colleges have best in class methodology to train the budding entrepreneurs. Some of the renowned B-Schools of Delhi are:
- Indian Institute of Foreign Trade, New Delhi
- Faculty of Management Studies, New Delhi
- Fore School of Management, New Delhi
- International Management Institute, New Delhi
- University School of Management Studies, New Delhi
- Shri Ram College of Management, New Delhi
At present, the concept of entrepreneurship is widely welcomed by the academic framework of India. Indian MBA colleges have incorporated the entrepreneurship incubation programme to search for future business tycoons. Likewise, various platforms have been introduced to help grow and nurture them.
To be the best, the candidates are aspiring to pursue the MBA Programme from the prestigious Indian Institute(s) of Management (IIM). To achieve this dream, the candidates need to qualify CAT Exam with high merit.
The candidates upon giving the CAT Exam can check to take an estimate of the percentile with the help of CAT Percentile Predictor.
Role of GST
The inclusion of Goods and Service Tax by the Indian Government in the Taxation System of India has been profitable at a large extent. Earlier, there were different types of taxes levied on the businesses.
As a result, business and trade suffered hugely. An interruption in the business was caused due to the taxes charged by the government like central excise duty, state excise duty, sales tax, customs duty etc. at different levels.
The current GST reform has been pivotal in unifying all the taxes which in turn has facilitated the businesses. In addition, the general public is being benefitted with this bill too.
Henceforth, the goods and services of daily necessities have been made cheaper. The products and services meant for luxury have been kept in the higher tax bracket.
At the moment, India’s investment policy has become more liberalized. The countries around the world are excited to work in India. The recent reforms like GST and FDI have been instrumental in changing the business scenario in India.
Agreeably, education is an equally important aspect of the growth of a country. The identification of intellectuals who understand the concept of business is only possible through a proper education system. Entrepreneurship is a booming new sector that has a huge potential in India.