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India has been recently placed among the top five economies as the easiest places to start any new business. The Global Entrepreneurship monitor released in Dubai, which is associated with presenting an annual assessment of the level of entrepreneurial activities in the world, has unveiled its 2021-2022 report putting India in the fourth position.

Saudi Arabia tops this list followed by the Netherlands and Sweden. A global consortium consisting of 500 researchers believes that it is easy to get access to business in a low-income economy like India. The country is presently having favourable entrepreneurial conditions like positive government policies, taxes and access to entrepreneurial finance. The report is based on data gathered through a survey done on 2000 respondents in and around 47 economies with high medium and low incomes. The Indian respondents have expressed their entrepreneurial ideas and attitudes towards business in this survey and responded to their local business environment. 82% of them have agreed that it is quite easy to initiate any business in India. 83% of them believe that there are a lot more opportunities in India than any other country for start-ups and nearly 86% indicate that Indians are enriched in knowledge and determination that paves the way to successfully launch a business.

The report, by analysing the positive inputs of the respondents, states that the entrepreneurial framework in India has improved over the years and to some extent, the credit goes to schemes like the National Entrepreneurship Policy. This policy aims at entrepreneurial empowerment and creating a culture of innovation-based entrepreneurship. It has been highly successful in promoting India as a top entrepreneurial destination.

The survey correctly points out the fact that India being a low-income economy is better placed for business opportunities whereas the major drawback is the prevalent fear of incurring losses while starting a new business among people. This fear of failure prevails throughout all the major industries in India. According to experts, the solution to this problem is a change in culture and introduction of new initiatives which will include new entrepreneurial policies to support all kinds of businesses. Moreover, a robust support system that includes training and development programmes will help in upgrading the scale of employees.

India can be place of getting new business opportunities

India has been emerging as one of the world's strong economic forces. Despite the fact that India is a developing country, it has a significant contribution in global trade. One of the reasons behind this is the purchasing habit of Indians belonging to the middle-class section and this habit is increasing with passing time. Other reasons include the country’s diversified market base and an independent geographical area. India’s business history goes back to the time of the British rule when India welcomed foreigners for trading and business. Hence, India can be a favourable destination for new investments as compared to other major countries.

Factors supporting new business in India

The huge population in India is always a positive feature. A large market with few borders and properly designed orchestration is a supporting factor for business. The concept of entrepreneurship is quite popular among millennials and their enthusiastic nature often encourages them to come out with new business ideas. Several business-friendly laws have been passed in the Indian parliament to help businesses grow in India. The Service Tax bill allows efficient transportation of goods without any interruption. The operational cost and tax policies in India are mild as compared to other countries – making it a favoured business destination.  However, negative aspects like joblessness and rising inequality remain important challenges before India’s entrepreneurial journey.