India is ranked 77 out of 190 economies in the ease of doing business, according to the latest World Bank annual ratings. India’s Rank improved to 77th in 2018 from 100th in 2017.
India is averaged 124.8 since 2008, where it has reached all-time poor at 139 in the year 2010 & achieved the best ranking of 77 in 2018.
The six reforms for ranking on “Ease of doing business” this year were Starting a business, getting electricity, getting credits, dealing with construction permits, paying taxes & trading across borders.
The Milestone achieved by India further boost startups and other projects which were only creeping in the Minds of many youngsters along with other business people as it gives them confidence further to execute their plans with ease.
However Annual consumer inflation declined to 2.33% in November 2018.
The hurdles come across beginners and startups to start on their own were the systems and processes along with the time window at government offices, however, it would still remain tough for many startups lacking technical skills and current norms to be followed.
Any business could get flourish if government policies are not stringent and support startups in a bigger way. The latest example of reform in Government policies is also Pradhanmantri Mudra Yojana where not only beginners but also people already have started a business & looking for funds could take advantage of getting business Loans at subsidized interest rates to flourish their business under Shishu, Kishore & Tarun schemes.
Rapidly increasing population & tough competition in jobs also diverting youth to start up their own venture & government efforts to support them further is really commendable through various startup supporting plans.