Over the past eleven years, India has undergone a remarkable transformation in its business and investment climate, driven by Prime Minister Narendra Modi’s governance model that emphasizes Seva (service), Sushasan (good governance), and Garib Kalyan (welfare of the poor). As part of the vision for a Viksit Bharat (Developed India), a series of economic and administrative reforms have positioned India as one of the most attractive global destinations for business and entrepreneurship.
One of the most striking signs of progress is the meteoric rise of India’s startup ecosystem. From a few hundred startups in 2014, the country now boasts over 1.6 lakh recognized startups, which have collectively created more than 17.6 lakh direct jobs. Today, India is the world’s third-largest startup ecosystem.
This growth has been supported by bold structural reforms that have reshaped the Ease of Doing Business landscape. The government has repealed over 1,500 obsolete laws and scrapped thousands of unnecessary compliances that previously created bureaucratic hurdles and increased the cost of doing business. These moves have significantly reduced red tape and rent-seeking practices, replacing them with a red-carpet welcome for investors and entrepreneurs.
To enhance transparency and simplify government-citizen and business interactions, measures such as the National Single Window System have been introduced, enabling businesses to secure approvals through a single digital platform. Randomized labour inspections and faceless tax assessments have eliminated the era of ‘Inspector Raj’ and boosted compliance by reinforcing trust in businesses.
The government’s commitment to fair and efficient governance is also reflected in the success of platforms like the Government e-Marketplace (GeM), which now handles nearly 75% of public procurement transparently, and in record tax collections, indicating a broader and more willing tax base.
India’s improvements have been recognized globally. The country’s ranking in the World Bank’s Ease of Doing Business Index soared from 142 in 2014 to 63 in 2019. In the 2023 Logistics Performance Index (LPI), India climbed six places to reach the 38th position out of 139 countries—thanks to infrastructure development programs such as PM Gati Shakti and the National Logistics Policy.
Furthermore, landmark decisions such as the removal of retrospective taxation, the scrapping of the Angel Tax, and a significant reduction in corporate tax rates have reinforced investor confidence.
Prime Minister Modi’s economic philosophy sees entrepreneurs not merely as profit-makers but as key partners in national development. This shift in perception, supported by policy and institutional reforms, has expanded the pool of wealth creators, increased job opportunities, and generated higher incomes.
from National https://ift.tt/MQo7wZY