Economies outside the U.S. are becoming more and more important, both as markets for goods, sources of labor and their abundant untapped natural resources.
India’s economy has been showing growth during recent economic troubles. Such an environment displays opportunities for foreign investment and starting a business in India. The government has a site set up to help inform and promote foreign business and companies to these opportunities India has to offer.
The major government agency dealing with foreign business is ‘The Ministry of Commerce and Industry’, within the realm of promotion and regulation of foreign trade in India. The major offices are the ‘Directorate General of Foreign Trade (DGFT)’, which is responsible for implementing the Foreign Trade Policy. Its other major function and duty is to issue licenses to exporters.
The Reserve Bank of India (RBI) is one of two major financial institutions in India. RBI is responsible for regulating the operations of money market. The ‘money market’ refers to short-term funds needed by businesses.
The other major financial institution is the ‘Securities and Exchange Board of India’ (SEBI). It is in charge of the ‘capital market’, namely long-term funds. It is given authority to supervise the functioning of the capital market.
The Indian government also offers the ability to search for small or medium sized businesses to enter into business relations with. This can be done through the ‘Commissionerates of Industries’ which assists and guides new entrepreneurs in starting up an industrial unit in the concerned State. Each list varies according to the state, so it is only useful when one knows the area and business they wish to establish.
While a government agency, the disclaimer of the website makes one doubt relying on the site for anything beyond the name and contact information of an Indian business. It states that the “…Ministry will accept no responsibility and liability, of whatever nature, for the correctness of the material on Website… users are advised to verify, in their own interest, the correctness of the facts.”
By – Domenic Gabriella for IndiaExports.com