[vc_row][vc_column][vc_column_text]The improved ease of doing business in all the states of India is noticed globally. The ease for doing business in India improved 23 places to reach at 77th global ranking in 2018 survey by World Bank that used to be 142 in 2014. The sharp improvement in rank of ease of doing business in India is seen as the outcome of a favorable environment created by the policy reforms by the current Govt. India is the only nation to be only one out of the top 10 improvers for 2nd consecutive year. All across India, the way of doing business in different states varies at large due to different customs, traditions, demographics, differences in governance, economic growth, and other factors.
Indian States Improving Ease of Doing Business in the Country
Ease To Do Business In All The States Of India:
According to the 2018 World Bank survey report, Andhra Pradesh ranks first followed by Telangana in the list of states offering the best ease for doing business. The northern state Haryana held the 3rd position. Eastern state Jharkhand and the Western state of Gujarat followed Haryana closely. The central states Chhattisgarh and Madhya Pradesh also ranked among the top ten states offering a favorable environment for entrepreneurs and investors. So, there may be different ways of doing and initiating the businesses in different states, but we see a favorable environment for long-term growth everywhere – East, West, North, South.
Different Market Entry Strategy for the Different States of India:
Strategic planning, consistent follow-up, due diligence, patience, and commitment are the key prerequisites for successful entrepreneurship in India. The marketing needs multiple volumetric efforts addressing differing regional standards, languages, opportunities, cultural differences, and economic development in different states. The updated localized information is the key to succeed in any business niche initiated in India that is full of diversity.
The consulting firms help you here to have and utilize the latest information about the resources, norms, channels, demand, competition, etc. Respecting the growing importance and need for specialization in particular trade consultancy, some consulting firms have started to focus on a specific business niche. For example, to initiate healthcare services providing business or to invest in the existing healthcare industry, you can explore top healthcare consulting firms in India to hire the best with experience in a particular Indian state.
Selection of Promising Region to do Business in India:
Small and medium-sized businesses have to focus on India’s markets on a regional level – North, West, South, and East. India can be divided into four economic regions:
1. North India:
North India, with more than 370 million people, is the home for 30 % of India’s total population. North India region includes Haryana, Jammu & Kashmir, Himachal Pradesh, Punjab, Uttar Pradesh, Uttarakhand, Rajasthan, Chandigarh, and Delhi. Here, certain business sectors including renewable energy, agribusiness, machine tools, automotive, medical/ healthcare, consumer goods, Education, travel, and tourism, etc. offer strong growth opportunities.
2. West India:
This Indian region includes Maharashtra, Gujarat, Chhattisgarh, Goa, and Madhya Pradesh states. The entire region with more than 279 million population is highly industrialized. The business sectors like renewable energy, electrical & non-electrical machinery, chemical & allied products, textiles, wine, jewelry, petroleum products, pharmaceuticals, machine tools, steel & iron castings, plastic wares and engineering goods etc. offer strong growth opportunities.
3. South India:
This Indian region, with 290 million population, includes Tamil Nadu, Telangana, Andhra Pradesh, Odisha, Puducherry (Pondicherry), Karnataka, Kerala, and Andaman & Nicobar Islands and Lakshadweep Islands. The business sectors like automotive, healthcare, financial services, tourism, mining, information technology (IT), textile, construction, etc. offer strong growth opportunities.
4. East and Northeast India:
The East region includes Bihar, Jharkhand, and West Bengal. The Northeast region includes Sikkim, Assam, Arunachal Pradesh, Meghalaya, Nagaland, Mizoram, Manipur, and Tripura. Eastern India, with a population of 270 million, offers strong growth opportunities for the business sectors like mining, metals, agro-based, petrochemical, power generation, paper, oil & gas, real estate, hospitality, and healthcare, etc.
Role of Consulting Firms to Safeguard Your Investment:
Consulting firms provide tailor-made consultancy with a different scope that can be fixed according to the needs at the initial stage, operational stage, and expansion stage. The involvement of a market entry specialist in the agency not only simplifies the complete project setup but also safeguards your investment, ensuring long-term growth opportunities. The consulting services are not limited just to providing a roadmap; instead, the consulting agencies get involved actively to ease down documentation, market research, innovation, strategy formulation, strategy implementation, sourcing, funding, marketing, manpower training, quality improvement, etc.
Concluding Note:
Indian govt. is continuously making all the efforts to ease down the business doing in India; the results during the last couple of years have been encouraging. The foreign investment in the Indian services sector increased by 37% in FY19. The top business sectors attracting foreign investors in 2019 have been financing, banking, outsourcing, R&D, tech testing, software & hardware, trading, insurance, automobile industry, etc. The growing opportunities for doing business in almost all the states of India are attracting entrepreneurs and investors from worldwide; and, the favorable environment for safe investment in India is expected to improve further.
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