With greater digitization and formalization of financial activities and businesses, India is set to become an “extremely attractive” country to do business. These were the words of Arun Jaitley the honourable Finance Minister of India. Addressing the emissaries at the Singapore Fintech Festival, he further acknowledged the short-term challenges for the country in executing premeditated initiatives such as demonetization and the GST. He also emphasized that the companies looking forward to Company formation in India or to do Incorporation in India will be a recipient of massive benefits as the country is moving towards the digital revolution with an increase in digital payments that are coupled with the Goods and Service Tax (GST).
The implementation of Aadhaar system, which is the single most extensive biometric system introduced by a country in the world, will also result in enormous benefits for companies looking forward to their company registration in India. The Aadhaar has now been even linked with financial transactions to ensure the digitization move of the country.
This ongoing process of digitization with the coupling of Aadhar and demonetization has resulted inan extremely attractive climate for company formation in India. Mr. Jaitely also accentuated the benefits of the company registration in India and attracted the attention of the audience in the Singapore FinTech Festival.
He furthermore went on explain the position of India in the World Bank rankings of the ease of doing business. India has moved 30 notches in this index and has entered into the top 100 places in these rankings. He also acknowledged the challenges that will be faced in the areas of demonetization and the successful implementation of GST.
‘But I have not the least doubt in my mind that the medium to long-term, this is bound to produce long-term returns as far as the Indian economy is concerned,” said Mr. Jaitley.
He also further detailed that in the medium to long term these moves of India would be very beneficial for companies looking forward to expansion in India or for company incorporation in India. The economy of India is growing at a rational rate, and the growth of the economy in all spheres with the organizational changes are resulting in the expansion of tax coverage.
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