Exposition on the "Ease of Doing Business" in India
Today morning I read in the newspaper about a big business tycoon who felt that India has given his fellow businessmen a lot and there was no need to cry like small boys. The India we live in and love and sometimes hate, has indeed come a long way from its early days. But has the growth been enough and has it been widespread. We routinely hear about the comparisons with other Asian countries, let alone with the West, and we feel despondent that we are “left behind”. That feeling of being “left behind” is so embedded in the hearts of every Indian that each one is yearning to move ahead and leap forward. The frustration that one feels when one is pulled back is demonstrated in various ways. Some strive harder, others may cry on their luck and approach astrologers and still others may decide to get on a plane to find greener pastures elsewhere as a NRI (Never Returning Indian)!
The India we live in is full of complexities, contradictions and diversity. The scenario requires huge amount of understanding and is often daunting for foreigners attempting to do business in India. Doing business in India is getting simpler and wider adoption of technology by government agencies is certainly helping matters. However is there more to be done? Ofcourse, the answer is a resounding YES. Mitron does every Indian owe it to themselves to continue to strive to do better and use technology to cut thru the barriers!! Scaling up and making SME businesses scalable is the chief challenge in these times of transition.
Learning from overseas entrepreneurs as to how they have achieved Scale is very important. For instance, I learnt recently that in Australia Accountancy firms are permitted to raise growth funds from the public markets thru IPO. This is a very radical concept, which under our archaic regulations of the Institute of Chartered Accountants of India (ICAI) would be impossible to try to even replicate. Some of these regulations even bar you from associating with global accounting networks to enhance knowledge and grow practices, since use of their brands would not be permitted. I am sure each of you would have had similar experiences where you came across a good business model which has worked globally but cannot be replicated in India due to constraints placed by the “System”. This is what globally is known as “Ease of Doing Business” in India.
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