Explained National

Why the Year 2018 Proved to Be A Good Year in Doing Business in India

Doing Business in India

As the year 2018 is coming to an end, it is time to assess what the country has achieved in this year. Among many other milestones that the country has witnessed, there is a solid background to claim that the year 2018 has proved that it is a good time to be in business in India. The country has been on a rapid path of improvement ever since the Modi Government has come to power. The ease that has been brought into the procedures, rules and regulations, coupled with a good progress report in the crucial sectors like infrastructure, ports, steel, power etc. which has helped us to draw a conclusion that the year 2018 has further strengthened the ease of doing business environment in India.

In fact, as the year was progressing we documented many new developments towards the ease of doing business, such as PM Modi’s rainbow reforms for the MSME sector, India’s jump in the Ease of Doing Business ranking, the GDP growth of Q1 2018-19 which has reported the positive growth of manufacturing sector.

Creating and ensuring a good eco-system for business requires a lot of efforts like the availability of capital, electricity, simpler laws, roads and other means of transportation, export capacity etc. These factors have played a major role in helping businesses to grow and the year 2018 has seen remarkable progress on all these fronts.

Let us see some of the examples to get a perspective as to how the progress in some sectors has indirectly boosted the ease of doing business and enthralled the entrepreneurial spirit among the Indian citizens. This year has witnessed the consistent increase in the cargo handling capacity across major ports. The Sagarmala project that aims to improve connectivity to the ports has seen the completion of 89 projects. Creation of commercial courts to fast-track enforcement of contracts and faster security clearances has lent extensive support to the start-ups in the country. All these steps have bolstered the business environment in the country.

The turnaround of the steel sector in this year 2018 also substantiates the fact that activities like housing, other construction activities, railways works have witnessed a booming year. One can imagine the momentum this has been provided to all the business activities in and around the steel industry. The per capita consumption of steel has risen from 59 kgs in 2013-14 to 69 kgs in 2017-18. India has produced 103 Million Tonnes of steel in 2017-18 racing towards the position of the second largest producer of steel in the world.

In this background, the below pictorial presentation describes how the year 2018 has turned into a very good year for business in India.