Big Business Opportunities in Defence, Manufacturing, Pharma to Boost Indian Economy

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The Fourth Industrial Revolution (4IR) has recently been touted to be the key that unlocks the limitless possibilities which subsist between the UK-India bilateral investment partnership.

The 4IR, powered by technological advances, is shaping things globally, and although the rural-urban difference is largely drawn by infrastructural factors, there is a lively hope that the country is on the right course, thanks to technology.

Digital integration, it has to be said, is on a full-scale in boosting India’s economy in large margins.

In fact, projected views in every major sector as regards development revolve around digitization- from artificial intelligence to the internet of things (IoT) to the game-changing blockchain to 3D printing.

Business Opportunities

Harnessing the big business opportunities in the defence, manufacturing, and pharmaceutical facets of the Indian economy embodies navigating the potentiality and actuality of digitization. In the same vein, the emergence of smart cities, the utility of fintech, with the buzzing start-up community, has demonstrated viable areas where huge investment possibilities are still latent.

Though latent, investment is promising. Businesses are well-digitized now and a bulk of business registration in India is done online via the MCA (Ministry of Corporate Affairs) website. Consequently, the ease of doing business in India is enhanced as businesses are now easier to register than they were a decade ago.

Ease of Doing Business in India

The Ease of Doing Business (EODB) index is a ranking metric set up by the World Bank Group.

The group’s research showed data for 189 world economies and aggregates information from areas of regulation such as starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, etc. As it concerns India, the factors manifest first, from business registration.

India was ranked 134 in 2015 on the World Bank’s Doing Business index. 

From that period forward, significant growth has been recorded. In response to impressive numbers on the global scale, the government has been committed to ensuring that the seamless business registration in India is not the only product of business facilitation, a regulatory reform has been in force as well.

It will be recalled that right from 2014, the Indian government commenced a program of regulatory reform geared towards easing the challenges confronting businesses. The program is part of the effort to stimulate an overly business-friendly environment.

In assessing the program, it has produced positive outcomes with the country climbing four positions on the World Bank’s Doing Business rankings.

As recorded by the EODB index, “Starting a Business: India’s ranking on this parameter has improved from 164 in 2015 to 155 in 2016.

This improvement has been mainly on account of decrease in number of procedures and time taken to starting a business in India.”

It is also noted that India ranks high in the aspect of “protecting interests of minority investors”, where it occupies the 8th position among the 189 countries.

Electricity is the livewire of any economy. In that aspect, the index has this to say: “getting Electricity: India’s ranking on this parameter has improved from 99 in 2015 to 70 in 2016. The number of days taken to get a permanent electricity connection for a business is just 53 days, which is less than the average time taken in South East Asian and OECD member countries.”

Digitized Manufacturing and Pharma Areas

India is among the top five pharmaceuticals emerging markets globally and is in the vanguard in a wide scope of specialities that has to do with the production of complex drugs, development, and technology. In 2018, the pharma market in India has constituted immensely in value to the national economy.

It is reported that local companies experienced a 7.1% increase in February 2018, while multinational companies recorded a growth in the region of 9.2%. As a major player in economic development, the pharma market can still achieve more when it engages in the full integration of digitization with existing methods and practices.

Achieving that, the public and private sectors would have harnessed an immeasurable amount of business opportunity.

Identified Business Opportunities in the Defence sector?

Artificial intelligence, big data, and cloud computing, among other digital innovations, have proven to be catalysts for rapid growth in the area of defence. Great economies of the world have an incredible technological base that keeps them ahead of the park.

A business opportunity in this case for India is a private-public partnership in facilitating increased technical knowledge to help the sector.
   
Huge potentials in the featured sectors abound for India whether it strikes trade partnership with other economies or not.

Now is the best time for members of the public to join the fray as it is easy to register their businesses than ever before. And capitalizing on the business possibilities will no doubt accelerate economic development.