India has witnessed a remarkable journey of economic liberalization, unlocking new doors to market forces, business and globalization. Picturing the global economy, according to a report by International Monetary Fund, India’s GDP has grown by 7.4 percent for the financial year 2016-17. This has projected as the world’s fastest-growing large economy. Business in India is playing a crucial role in the development of the industrial sector as well as the farm and service sector.
The government of India has started various schemes to promote the entrepreneurship, business and, innovation in India for a better tomorrow. Growing business is helping to induce the culture of grass root changes via entrepreneurship in the country. This following is how India is working for a better tomorrow in terms of business:
- Make in India Campaign: Make in India was launched on September 2014. This was implemented to transform India into an international manufacturing hub and global design. It came as a successful campaign to help in the successful growth of business in India. Make in India helped to procure investments, promote innovation and development, developing of skills and leading to building in the best manufacturing infrastructure.
- Startup India: Government of India has laid foundations of Startup India to encourage business and entrepreneurship by monitoring and nurturing startups in India. This was launched in January 2016 and has served as push start to various upcoming entrepreneurs. It has helped the people to grow business and entrepreneurship with continuous and comprehensive online learning programs, establishing various startup centers in India.
- Digital India: Digital India was launched to modernize the economy of India and help the people to avail government services electronically.
How businesses and campaigns have helped India to grow?
- Overall Development: Business is a catalytic agent that is facilitating industrialization in motion. This leads to overall development of the area because of the increase in demand and set up more units.
- Promoting India’s Export Trade: Business in India is earning valuable foreign exchange through increased exports. They are producing goods and services on a large scale, increasing the foreign exchange from the exports business. This also helps in ensuring economic growth and development of the country.
- Increasing GDP and Per Capita Income: Businesses are all about the striking demands, needs, and opportunities. Businesses encourage effective resource mobilization of capital and skill, leading to the development of new products and services. This helps in the growth of the economy and increasing the gross national product as well as the per capita income of India.
- Improvements in the Standards of people: Successful Businesses are adopting the latest innovations and the production of a variety of goods and services in a cheaper price and large scale. This enables the people to avail products of good quality and lower price which improves their lifestyle and standard of living.
- Wealth Creation and Distribution: India is growing its wealth and income. Businesses are growing and leading to the distribution of business among people thereby providing them employment with resources and thus reducing the margins of poverty.
