Rated as one of the fastest growing major economies in the world, with an average growth of 7.5% from 2014 to 2019, India continues to remain a bright spot for businesses globally. This is despite the recent contraction in GDP due to COVID-19.
Over the last few years, the government has delivered landmark structural reforms (including Insolvency and Bankruptcy Code, 2016 and Goods and Services Tax). In May 2020, Prime Minister Narendra Modi announced an economic package of over INR 20 lakh crore (USD 266 billion) towards making Atmanirbhar Bharat (self-reliant India), to provide support to the economy and empower all those sections of the society, who have been adversely affected by COVID-19.
The sustained focus of the government on reforms is reflected in its World Bank's Ease of Doing Business global rankings, where India is currently ranked 63 among 190 economies. The country has seen a steady rise in its ranking in the last five years, where it moved up 79 places from 142 in 2015 to 63 in 2020.
India’s young and educated population, growing and aspirational middle class, regular flow of foreign investments and huge push on infrastructure development are all the right ingredients to propel growth.
This guide explains the basics of entity establishment, sources of finance, import-export, labour regulations, financial reporting, audit regime, taxation laws and other compliances in India. It is intended to serve as a primer and provide a broad overview for investors planning to enter the dynamic Indian market to tap into significant opportunities across sectors.
We hope you will find this guide informative.