Doing business in India Editorial board: Rahul Patni Manoj Anchalia Sheetal Pradhan Prateek Pipara Publishing and Marketing: Jerin Verghese Tripti Panda Online promotion: Tripti Panda Artwork: Mayur Sachdeva For a printed copy, write to us at:
[email protected] Websites: ey.com/DBI ey.com/in/taxservices 2 | Doing business in India 2015-16 In this cloudy global horizon, India is a bright spot. Recent policy reforms and improved business confidence have provided a booster shot to economic activity. Using India’s new GDP series, the IMF expects growth to pick up to 7.2 percent this fiscal year and accelerate further to 7.5 percent next year—making India the fastest growing large economy in the world. - MD Speech: Seizing India’s Moment, International Monetary Fund, 16 March 2015 After a decisive election victory in May 2014, the government has set ambitious development goals, seeking to transform India into a “prosperous” nation. The government has started implementing reforms spanning a number of areas to achieve these goals. - World Bank, India development update, April 2015 We assess India’s economic strength as High (+) relative to all other sovereigns we rate. The size of its economy, its growth rate and our expectation of continued strong economic growth support this assessment. - “Now, Moody’s says India’s economic potential high,’’ Business Today website, 25 August 2015 The long-term impact of various reforms announced by the Modi government over the past year will reap rich dividends for the country and for its ability to achieve and sustain high rates of growth… the decisive mandate in the general elections was a very positive development for the economy.