Entrepreneurship
10 times costlier
Doing business in India is costlier and difficult than most nations
Published in
1 min readAug 16, 2021
Indian banks are freezing current account of businesses. They aim to discipline business owners, citing RBI’s 2020 circular. India’s rank in ‘Ease of Doing Business’ has been improving.
Andy Mukherjee, a columnist with Bloomberg shared the stories about Indian businesses.
- Ramesh Chandran was forced to open an OD ( over draft) account with ICICI. Now three out of four bank accounts are frozen.
- Another firm’s account with Andhra Bank was frozen citing new rules.
- Satya’s bank account is not operational even ten days after opening the account.
While India stands 63rd in Ease of Doing Business Index, it is not reflecting on ground.
India is about ten times costlier than England to start a business.
As per the global startup price index it costs same in India and China to start a business. But, China is more affordable start a business. In India it costs 99% of the monthly average income to start a business. In China it costs just 16% to start a business.
Dig more: Global startup price index Link
