India is a place of diverse cultures everyone is aware of that. With the diverse cultures comes a wide range of cuisine catering to over 1/8th of the World’s population. It is imperative that India has a huge scope and ample potential to flourish in the food markets globally. The government of India has recognized this potential and have implemented a wide variety of reforms to empower the country with ease of food business in India. Let’s look at how the government has gone about achieving that until now.
Enabling Ease of Business in India
2017, as well as 2018, have been years of major business empowering reforms in India. These reforms have seen India jump to a record-best of 30 places in the ease of Doing Business Rankings to rank at number 100 from a grand total of 190 countries. The rankings issued by the World Bank had duly noted the comprehensive reforms the government in India had made to empower businesses in the country. In lieu of these reforms, world bank noticed that India had sweeping improvements in as much as 8 of the 10 sub-parameters used to gauge at the ease of doing business in the country.
The reforms introduced have completely changed the structure of how businesses operate in the country. The introduction of GST (Goods and Services Tax) has changed the taxation structure for businesses completely. India climbed 53 spots in the world bank’s rankings with respect to the payment of taxes. The regulatory body for corporates, The Ministry of Corporate Affairs(MCA), also introduced the provision of One-Day Company Incorporation. In addition to this, the rules for Foreign Investment are pretty lax now with the government enabling 100% Foreign Direct Investments for the retail trading of food products manufactured or processed in the country (also includes e-commerce).
In addition to this, India has also been ranked highly in protecting minority interests, getting credit and getting amenities like electricity. The government has also taken steps to promote the development of world-class infrastructure to accelerate growth in the manufacturing sector. The extensive set of reforms have also been introduced to enable scientifically planned urbanization, in turn, attracting more foreign investments. These reforms also include streamlining road development projects with the launch of Bharatmala.