essay doing business Problems and opportunities ssc chsl tier 2
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essay doing business Problems and opportunities ssc chsl tier 2
essay doing business Problems and opportunities ssc chsl tier 2
Before the liberalization of our economy in the 1990s, doing business in India used to be extremely challenging. Economic liberalization opened up several avenues for the private businesses in India, which hitherto used to be the state’s prerogative. Still, there are several challenges that businesses face in our country.
Firstly, it takes approximately a month to start a business in India and the procedures to secure permits are cumbersome. Secondly, the Indian market is currently sluggish and prospects of good foreign investment seem slim due to it. Thirdly, legislative roadblocks for land acquisition,
Over-regulation, and legal hassles also act as bottlenecks for doing business. Fourthly, the red-tapism erodes the trust of investors and impedes the prospects of small businesses. Despite all these challenges, India provides a slew of opportunities for businesses. India fares among the best in access to credit in the South Asian region.
Effective implementation of reforms like GST, Insolvency, and Bankruptcy Code has boosted businesses. Moreover, India is a fast-growing market with ever-growing consumer demand. This provides a lot of scope for businesses to set up in India.