imyashsaxena-blog

[imyashsaxena-blog]

INDIA SHOULD FOCUS ON PROVIDING A BETTER LIVING THAN EASE OF DOING BUSINESS

On the 31st of October, 2017 the news of India being in top hundred, with respect to ease of doing business, flashed. This was perhaps a current affair topic for many of us! India stood 30 places ahead of the last year's ranking. A record progress which will enlighten the future of many entrepreneurs. But, as soon as the honey is produced, bees swarm in to taste the nectar. In the same way, the star-bucked politicians of the Government of India were applauded by media for the remarkable changes they procured to achieve this feat. Finance Minister Arun Jaitley who addressed a press conference said, "Historically India has been in the rage of 130-140. In last two years, we made it to 131, 130 places. This year we have jumped 30 points to 100. This is the highest jump any country has made in World Bank's ease of doing business ranking." India has entered into top 100 for the first time. The government thwarted its old shackles to step into a new era by tackling the obsolete rules of land ownership, labor laws and judicial process. These laws long bounded the businessmen and made them reluctant in starting their ventures. What perhaps is more important that government has allowed to open any bank account without the seal of the company. Issuing such step can be "progressive" as well as "devastating". The announcement makes it very clear that this process shall decide the rank of many founder and co-founders in the objective world. By this, a startup will have its expenditures noted either as amount in an individual's account or will directly be of the company. This will enhance more transparency within the organization. Auditing of company assetswill become simpler. This shall be a "progressive" step.Also through this the company can lose its unity, and individuality might hamper the business plans. The "devastating" step seems to develop a higher confusion of thoughts. The points to ponder don't stop here, they are much more to go. Government of India has taken steps to grant quicker construction permit. This permit with simpler permissions of doing business has enhanced the construction business in the country. The Government of India has also planned for easier and simpler registration of new companies, aadhaar based ID and refund on capital equipment report. These not only mark an advent to a new era but also invites possibly better ideas in the near future. Government will be taking 90 more steps to improve the ranking in the world corridor. Our country has progressed which is evident by the Bankruptcy and Insolvency act of 2017. This Act has improved the non performing Assets dilemma for the financial service sector. The seventh largest country, India, is the sixth largest GDP and third largest purchasing power in the world. This quarter growth is of 7.2% with a hope of getting better. But what landed us here is not our fate but our incompetency with the superpowers. In the words of Dr. Manmohan Singh - "There is no doubt that our grievances against the British Empire had a sound basis. As the painstaking statistical work of the Cambridge historian Angus Maddison has shown, India's share of world income collapsed from 22.6% in 1700, almost equal to Europe's share of 23.3% at that time, to as low as 3.8% in 1952. Indeed, at the beginning of the 20th century, "the brightest jewel in the British Crown" was the poorest country in the world in terms of per capita income." What lags us behind every other developed nation is the same since 1947, corruption and poverty. Whether in agriculture, business or entrepreneurship, the bureaucracy has to be bribed at each stage to achieve what you have dreamed of. Is this the nation we had during the 1700s. Do we understand what we were then and what we are now? India is a country where a person who earns more than Rs. 32 each day is not below poverty line. The average money that 58% of the population earns is $3.10 per day. These distilled people have a very hard time making their ends meet. The basic requirements of a person is that of food and water: still not accomplished by the government. Even in a city like New Delhi about 8.8% of the population doesn't have access to clean drinking water and 24x7 electricity supply. The situations have changed after the change in government in 2015. The government scheme in the country lack the grass root level penetration. Recently, I have been to Kataka Village near KNIT Sultanpur. People there don't have pipelines. Leave alone pipelines, they have to walk a distance to have access to clean drinking water. They shit in open. The UP government is unable to provide efficient funds for the development of these areas. They are inefficient also to provide funds for the colleges under its jurisdiction. They lack good infrastructure and students lack access to basic requirements for living a life of dignity. A person feels respect only when he is given some. The educated youth of today ain't given respect by it's country and so he is hesitant to return it back. India thus has the lowest rate of reverse immigrants. The low standards of living is the sole reason, I guess. We rank 133 in happy nation index. Buzzfeeds are that the Indian Government has constantly supported its youth by schemes. Make in India is one, that brings the feeling of change. All the 25 sectors that are covered under this scheme probably furnishes every prerequisite of a developed nation successfuly In the field of Entrepreneurship, the firm shall be given Rs. 15000 to let the employees make their ends meet until they start earning an amount fair enough to run their startup. Rs. 13,00,000 for marketing of the product and a huge sum for the research and development of the product. Incubation centers have been established at the institutional level to encourage Make in India and startups. After knowing the schemes of the government I should conclude with the words of Nobel Laureate Krugman - "India achieved in 30 years what UK did in 150 years" These words encourage us that in the upcoming years, India will have better standards of living. These standards come only when we have better business and innovative ideas that capture the market. Surely we should have better standards of living but better businesses is the catch. Therefore I rest my case by saying India should focus on ease of doing business than improving the standards of living initially!

[imyashsaxena-blog]

Very very true!!