The scenario on the front doing business in India has improved with India jumping up in global ranking from 134 in 2015 to 130 in ease of doing business index published by the World Bank in 2016, as the government has initiated certain measures to remove bottle necks so that a positive environment may be created in hassle free for commercial establishments, particularly start up businesses to flourish. The draconian license raj and the spectacle of red tap have been replaced by the automatic approval system for new commercial ventures – courtesy the powerful online medium playing dominant role in calling the shots. Let us analyze as to what the government introduced to allow industry to flourish in leaps and bounds and; image of India being a zone of instability and unattractive destination for investments vanished, despite unexpected economic upheavals in recent years. It took four months in 2005 to start a business in India, but it takes only 29 days now.
Department of Industrial Policy & Promotion (DIPP) is working in conjunction with all stakeholders to showcase India to domestic as well as foreign investors as vibrant and bright destination to attract investment under the Make in India Program. The powerful tool of social media is also being applied in drawing attention of diverse global audience. Environment of user friendly work culture has been created in concerned departments and ministries which work as motivating force and effective catalyst in fetching investments, fostering innovation and protecting Internet Protocol (IP). The economy is now surging ahead as, with new government’s ascendency to power, a cover of immunity has been thrown around economic system against sudden shocks, polluting effects and illicit fraud mechanism. The new approach is to purge the system, of evils of spurious wealth and insidious practices. To keep momentum in the direction of creating a clean business friendly environment a host of tough legal measures have been taken in cracking down against fake shell companies that were being run in the country and operated as generators of black money. Nationwide campaign to weed out black money has opened up possibilities of businesses thriving on strength of honesty to multiply. It will aid economy in its growth and encourage government to push wheel of reforms resulting in more ease of doing business and attracting investments. The striking feature testament to government’s sincerity is its bold initiatives of allowing Foreign Direct Investment in strategic sectors such as Railways, Defence, Insurance and Medical Devices.
Digital India Program stipulates various facilities to make easy commercial and industrial processes. Indeed, they are the pillars on which the magnificent and durable edifice of industries and businesses can be constructed. Under the program the government proposes to:
- establish broadband highways under National Optical Fibre Network (NOFN) in all 2.5 lakh gram panchayats.
- broaden scope of e-governance targeting business process re-engineering to augment processes and service delivery mechanism.
- Creating e-kranti. facilitating electronic delivery of services in education, health, agriculture, justice and financial sectors.
- engage with masses proactively through online hosting of data.
- Focus on social media and make web based platforms like MyGov (an innovative platform to build a partnership between Citizens and Government with the help of technology for growth and development of India), a household name.
- Concentrate energies on manufacturing electronics items such as set top boxes, mobile phones, consumer electronics, medical electronics equipments, smart energy meters, smart cards and micro ATMs.
As part of government initiative to build world class manufacturing infrastructure to give impetus to the culture of ease and comfort in doing business for investors, push is being given to build viable projects. The development of industrial corridors like Bengaluru-Mumbai Economic Corridor (BMEC), Delhi-Mumbai Industrial Corridor (DMIC), Chennai-Bengaluru Industrial Corridor (CBIC), Vizag-Chennai Industrial Corridor (VCIC) and Amritsar-Kolkata Industrial Corridor (AKIC) are some of the key infrastructure initiatives in this direction envisioned with the goal of creating world class smart cities along these corridors. Such amenities as IT enabled infrastructure, sustainable living, excellent connecting- roads, large land parcels, planned communities; rail will soon be obtainable in 21 selected nodal cities. These mega plans will pave way for India to showcase itself as blue -eyed boy for investors.
Leave a Reply