In 2014 the Government of India introduced a watershed economic initiative called “Make in India”. This was not only to give a flip to the country’s vast industrial base but also to boost investments by encouraging foreigners towards setting up a business.
Spurred by the government’s initiative of “Make in India”, the country is slowly becoming a manufacturing and services hub. Independent companies as well as global supply chains have successfully tapped into this rich resource, by using the services of consultants found the right source for procuring end products. In 2020 the World Investment Report placed the country at 9th position in the list of the world’s largest FDI recipients in 2019 as against 12th position in 2018. In the financial year2020-21 (Indian follows an April-March financial year cycle) the country attracted US$ 81.72 billion FDI that saw a 10% jump over the previous years.
This quantum jump is testimony to the fact that starting a business in India for foreigners was possible and profitable. Being a vast country with different geographies and having a federal composition, entrepreneur setup is influenced by both federal and state laws and regulations. Setting up industries is a process that needs to be followed as there are many entities involved. Professionally managed consultancies in the country play an important role in helping foreigners start economic enterprises in the country as have consultants who have expertise of offering a complete beginning to end solutions.
Depending upon its nature, to set up a business the prospective investor may have to engage with stakeholders both at the Centre and the States. In starting a business, foreigners would have to follow certain set processes. Getting the requisite work done remotely can be problematic.
Industry Experts has a database of consultants who can help you with all the business setup services required.