Changing Economic Landscape
In the economic landscape of 21st century, business is constantly challenged by formidable competition not only from within but also from without. The unfolding of new events compels business to review its business systems and effect course corrections in an integrated manner.
Critical to any business is the regulatory environment of the host country. Economic reforms undertaken through the process of liberalization, globalization and privatization significantly impact business strategies, processes and profitability. In a dynamic and complex regulatory environment, it is not only imperative for business to change the way it operates but also watch out for compliance violations by third parties / suppliers / service providers to avoid exposure to risks of liability, penalty, prosecution, reputational damage, loss of licences or permits, share value, etc.
Business Environment in India
New strategies for economic growth is opening the doors for world business leaders to infuse capital & technology, bring modern management practices, set up manufacturing and service industries in India in a never-before kind of situation. This signifies a watershed in India’s economy leading to possibilities of greater strategic alliances, generation of a new wave of consumerism, industrial growth, infrastructure development and penetration into new markets.
Success of ’Make in India’ is intrinsically linked to improving quality of domestically produced goods in line with global standards. The new Foreign Trade Policy 2015-2020 has laid down a road map for India’s global trade engagement and provided a clear framework for increasing exports of goods and services with special emphasis on improving the “ease of doing business”. The two schemes, namely, ‘Merchandise Exports from India Scheme’ (MEIS) and ‘Services Exports from India Scheme’ (SEIS) envisage higher rewards with full liberty to transfer the duty credit scrip as well as goods imported under these scrips. The numerous measures undertaken by Government including the roll out of Goods and Services Tax will help global players find India with its huge untapped markets a grand new opportunity for growth by setting up manufacturing hub with cost effective labour and pool of talents.