In the pipeline are 4 important bills that will bring smiles to the business world. The Goods and Services Tax (GST) bill is to be placed in the winter session of Parliament, and is expected to increase efficiency in movement of products across the country. The Direct Tax Code bill which is supposed to revamp the existing tax structure is also expected to be introduced in the winter session. One important bill, and also the most controversial, is the Land Acquisition Act, which was passed and is expected to come into force from the 1st of January, 2014. This will help remove the long delays and litigation over acquisition of land for business activities.
When it comes to labour, India has about 500 million people who are under 25 years of age, who are all looking to live better lives. With such a young population, labour is cheap and abundant, and they are looking to exploit numerous entrepreneurship opportunities present in the country.
Indians are known to save for emergencies more than most countries. Consumer spending in India as compared to the GDP is just 57%, which is much lower than the US at 72%. This is why the potential for spending, and thereby sales for businesses is huge. India is in a transition period, which is paving the way for a much more favorable business environment.
Vaibhav Sharma 