india-perfect-place-to-start-a-business
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India is a place where every individual is as excited as the brand for its product launch. Many of the Indians are so much addicted to the trend that they keep on checking the updated changes taking place in society. India is the place where starting a business is very easy and getting profit out of is very predictable. The reason behind it is people can find all kinds of resources available here. Moreover, the demand for every new product is much higher in India than in any of the countries. The main reason why starting a business in India is beneficial are:

Government support Programme

  • Venture Capital Schemes: Venture Capital Assistance provides you all the financial support that is required in the form of an interest-free loan provided by SFAC in order to meet the capital requirements for the implementation of the project.
  • Stand UP India: Stand up India Scheme provides bank loans between 10 lakh and 1 crore to at least one scheduled caste (SC) or Scheduled Tribe, borrower as well as at least one woman per bank branch for setting up a greenfield enterprise. This enterprise has the chance to be in manufacturing, services, or the trading sector. If the case is for non-individual enterprise 51% of all the shares are held by SC/women entrepreneurs.
  • Single point Registration scheme: The Government is the one and the only largest buyer of a variety of goods. By seeing the increasing rate of the share of purchases from the small-scale sector, NSIC registers Micro & Small Enterprises (MSEs) under the Single Point Registration scheme (SPRS) which helps for participation in Government Purchases.
  • Extra Mural Research funding: Extramural Research (EMR) funding scheme of SERB to research laboratories, academic institutions, and other R&D organizations to deal with all the basic researches in the field of science and technology is a matter of talk for more than four decades since the inception of SERC. This scheme boosts the enthusiasm of emerging and eminent scientists in the field of science and engineering for an individual-centric competitive mode of research funding. Since the scheme provides all the tools that will be helpful for important research support to the expert researchers, the existing name Extramural Research (EMR) has been changed to Core Research Grant (CRG).
  • High-Risk High reward Research: High Risk and High Reward Research is a scheme that supports and invites all the new proposals and ideas that we are expecting to have a paradigm-shifting influence on Science and Technology.

Related Article: Top 10 Incubation Centers In India

Large number of userbase for every business

India is a place where the demand for these products is much higher than any other country there it will be very beneficial to start a business of those products whose demand is increasing on a day-to-day basis. Some of the reasons are:

  • Subscription: India is moving more towards the programs which are available on only certain platforms. The trend for Netflix, Amazon, ZEE 5, etc.is increasing rapidly so if we start a service of the kind of subscription then it can be very beneficial for the business.
  • eCommerce Business: people are turning towards online shopping instead of going to the shops and buying stuff be it food, clothes, gadgets, furniture, etc. and eCommerce fulfill the desire of every individual in India
  • Gadgets: All the Gadgets addicts are mostly in India. They are as excited as the brand to launch their product therefore the demand for electronics is much higher in India.
  • Automobile: you will find every second individual to be bragging about all the cars they are willing to own. In this kind of situation, it is very easy to figure out that automobile companies would also do pretty amazing in this field.
  • Sports goods and video Equipment: Not only for India but Indian’s are equally excited about the sports they are watching. Also, they believe in making collections of all the sports equipment to show their love for sports. Here is how the survey works

Abundance of Human resources

  • In the last two decades, India’s human resource has made its presence felt not only in India but all over the world. The world recognizes India as one of the most exciting and fastest developing countries in the world.
  • The development of human resource can easily lead to development of a nation. Education is the very beginning process to provide Human Resources Development (HRD). India provide all kind of education to deal with science and technologies.
  • If you combine skilled manpower with education it can do wonders for any economy and may eliminate poverty. The successive governments after the independence of India have been trying their best on increasing the rate of literacy and decreasing poverty hand in hand.
  • Unskilled human resources are the kind of people who do not have the proper education and much of the skilled experience. As India is a developing country where poverty is still the biggest factor, it is an advantage that you can find laborers and unskilled workers very easily who can work on daily wages.
  • One of the best advantages of hiring unskilled workers is cost reduction. These employees usually earn only minimum wage on a day-to-day basis.

Materialistic Resources beneficial for business

  • Natural Resources– India has an abundance of all kind of Natural resources which includes Air, water, food, plants, animals. Therefore it is very easy to have access in order to start a business.
  • Biotic & Abiotic: Resources are all-important be it living or lifeless. Everyone is looking for resources even if they play a small role in your business.
  • Renewable & Non-renewable: All the resources that can be used only once are called non-renewable on the other hand the goods which can be recycled and reused again are renewable resource.
  • Potential, Developed, and Stock Resources: All the resources that are available, used, or unused have their own significance in order to start a business in India. Everything is required at a certain point in time when it comes to the utilization of resources.
  • Man-Made Resources: The most important resources are those which are semi-converted raw material, that is required to come up with a final good to launch in the market. India deals with all kinds of semi-converted goods and has access to it.

Disclaimer: This Blog does not intend to force any company for starting up its business in India only. This only for Informational purposes and the data is collected from different sources.

Pragyan 2020, the techno-managerial college festival of NIT Trichy

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