“I am convinced that about half of what separates the successful entrepreneurs from the unsuccessful ones is pure perseverance.” – Steve Jobs
India improved its ranking by 30 places from 130 to 100 in ‘Ease of Doing Business’ ranking released by the World Bank. This marks an important milestone in the GOI’s vision of making India a powerful economy. The ranking by World Bank is based on 10 parameters like days to get a construction permit, days to get electricity, days to register a property etc. This comes as an excellent news to aspiring entrepreneurs as it has reduced the cumbersome processes involved in starting a business, which can be frustrating and diminish the once brilliant idea.
What does it mean for Entrepreneurs and Startups?
Do you have a dream? Is a 9 to 5 job too boring for your creative mind? Although, there’s nothing that can deter you, this improvement in India’s ranking comes like a cherry on the cake with GOI’s already existing initiatives like Startup India. There are many who make a fearless decision after 12th of starting their own business someday and enroll in courses like BBA. When your vision is this clear, it is indispensable to have a plan about what changes you want to see for yourself after 3 years of college. Planning and execution are what makes an ordinary person an entrepreneur. Studying in a B-School that gives you an exposure to the international environment and endless opportunities to explore your talents is what you need for a head start before stepping out of college to start your business. Simply put, developing necessary skills is imperative if you want to make the best use of such opportunities by the GOI. It is estimated that India’s ranking is likely to improve further in the years to come. So foresee what lies ahead and prepare yourself for the opportunities that await you.
Still lags behind China and Russia. Is that a problem?
If you carefully understand the ranking list of 190 countries and take a look at the 99 countries that are ahead of India, you would easily be able to tell that India has much better resources than the most of them for doing business. India is the 7th largest and the 2nd most populous country in the world. There is no shortage of manpower and resources in India. The rankings are based on how easy it is to ‘set up a business’ but there are several more factors that come into play when you’re running the business.
When it comes to improvement and easiness of the processes involved in setting up a business, India has been continuously improving since last 4-5 years and this will continue. The GOI has set an aim to rank amongst the top 50 countries in the Ease of Doing Business.