India’s low rank in ease of doing business

India is ranked very low when it comes to the ease of doing business. It is truly very difficult to start a business in India. We need more entrepreneurers to achieve rapid economic growth. But there are very little incentives to encourage potential entrepreneurs to think of starting a business. Even if a business is set up it is very difficult to sustain it and keep up in the market.

India is ranked very low when it comes to the ease of doing business. It is truly very difficult to start a business in India. We need more entrepreneurers to achieve rapid economic growth. But there are very little incentives to encourage potential entrepreneurs to think of starting a business. Even if a business is set up it is very difficult to sustain it and keep up in the market.

India is ranked very low when it comes to the ease of doing business. It is truly very difficult to start a business in India. We need more entrepreneurers to achieve rapid economic growth. But there are very little incentives to encourage potential entrepreneurs to think of starting a business. Even if a business is set up it is very difficult to sustain it and keep up in the market.

To start with it is a tedious job to get a business house or firm registered in India. It involves a long list of procedures to be followed and a lot of paperwork. It also takes a very long time to get a firm registered. The next problem is the effort that has to be taken to get finance. Obtaining loans from banks and other financial institutions is tiring. Raising capital through public offers is also time consuming and very procedural. After the firm is registered and gets a go ahead from the authority every year heavy taxes out of profit have to be paid. For public companies it is compulsory to publish accounts as well. The difficulties that a business faces right from its birth and throughout its lifetime are too many in India.

To curb some of these difficulties there should be some amount of flexibility in the policies so that it becomes easier to do business. Paperwork should be lessened and the procedure to incorporate a business should be made less time consuming. Even procedures to raise capital from banks should be made less tedious. Thorough checks should be made before giving a green signal to a firm but also it should be less tedious and time consuming. There is a need to incorporate some flexible measures and incentives so that creative minds are encouraged to come up with innovative business ideas to facilitate economic and social growth.

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