Entrepreneurs are always on a look out for the ideal destination to do business. Though Silicon Valley is a natural choice for budding Entrepreneurs in field of internet and technology but not everybody can pull through like some of the giants including Facebook, Apple, Cisco, Microsoft, Google, Intel and the list is endless. But with change in economic dynamics some of the other options are opening up. The development in the last few months in India has given some good feelers to the businessmen around the world.
Though earlier the conditions were tough in India to do business but now the scenario is changing rapidly. There are many reasons for which India can play a good host to entrepreneurs around the world.
1. Rising Economy: India is a developing country and an emerging economy. India is among the fastest growing economy with 5.9% growth versus the US 2.5% and Euro area 0.8%. India’s democratic structure makes it easier for Entrepreneurs to set-up their businesses here.
2. Favorable policies: In recent times the government of India has become up with some great policies to benefit Entrepreneurs. The change in FDI policy, Banking Law Amendment Law, etc has allowed foreign companies to invest in India. Going into the future this is one big development for businesses coming up.
3. Inflation under control: The inflation of past two years has brought under control. At present the wholesale inflation is below 8%, and consumer price inflation stands close to 10%, experts say this should fall to 6.5% by the next general elections in May of 2014. The falling inflation combined with substantial growth rate offers a perfect environment for entrepreneurs to grow and flourish.
4. Skillful workforce: Indian is known for its skilled and affordable manpower. This makes it ideal for companies to set their business in India and employee people locally. The median age for young people in India is 25.1 years this kind of young workforce contributes in the growth of business during long-term economic boom. The young people in India are looking to explore more opportunities in various sectors. Entrepreneurs can employ this people and invest in their training to reap the long-term benefits.
5. Exponentially rising market: The consumer spending contributes 57% to India’s GDP. This number is going to increase in the coming year. India’s emerging middle-class consumer segment is of significant importance. The coming year will stand testimony for the future growth of India’s economy.
The above mentioned are few reasons. There are many more factors than can help India to become a preferred destination for businesses all over the world.
