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Modi’s Plans for Indian Entrepreneurs Not working on the Ground as young Indians Prefer Foreign Countries To Set Up Shop

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8 years ago

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Modi's Plans for Indian Entrepreneurs Not working on the Ground as young Indians Prefer Foreign Countries To Set Up Shop

~ By  Rashme Sehgal and Shubh Arora

India has been rated a great startup destination. Its rankings in the ease of doing business have risen to 100th position in the recently released World Bank ease of doing business index for 2017.

How do young entrepreneurs feel about this rise in rankings? Is it easier to start a business enterprise in India today? Most entrepreneurs feel that while the situation has eased from some years ago, there are still a number of roadblocks which need to be cleared.

Access to finance is one of them. Bureaucratic red tape and an undue dependence on government infrastructure are other problems that startups face. The younger breed of businessmen still believe there are hurdles in India which make them choose to set up shop in foreign countries.

Take the case of two entrepreneurs, Jignesh Mehtani and Suresh Accha, both Gujaratis working out of Chennai. Two years ago, they decided to shift base to  Congo in Africa and are now doing successful businesses in chemicals and coffee trading. Suresh Accha has started an export house called Ganpati Exports which is exporting coffee to several countries including India. Jignesh Mehtani has also started AR Enterprises in Niger Congo and is trading in chemicals and coffee. His turnover has tripled in the past two years.

Accha says, “While we are bullish on the Indian market’s potential, we feel that there has to be an easing of bureaucracy and regulations for young people to operate out of India, we feel entrepreneurs must have easy access to bank loans to set up their companies.”

Accha said the story of Indians in Africa is one of a private entrepreneurship story. “Indian companies do risk assessment in a very systematic manner unlike the Chinese who jump into projects and complete it very fast. But even so, Indians here have a presence in the fields of telecom, education, agriculture and the car industry” said Accha.

Pradeep Khetwal, an IT, Networking and Hardware Consultant, started his own company, VGS IT Solutions,  in India with high hopes  but soon became disillusioned. Moving continents was not easy but  Khetwal was disillusioned with the lack of skilled personnel in his field in India.

“Despite hiring ITI graduates in India, these students lacked exposure to the new technologies. They are being trained with tools that are 20-30 years old,” Khetwal said.

Khetwal also believes, “The level of skilled personnel available in India remains low as compared to China. Chinese diploma holders are specialized in real time job skills compared to the theoretical training our students are receiving in India,” he said.

He regretted that most of the IT products including wireless access points, routers, switches being used in India are being imported from China and being only branded in India by both Indian and MNC companies. He said, “Even today, there is little chip level development taking place and though we have dependency in this field for the last 30 years, we have failed to set up chip making machines in India.”

Khetwal finds the work environment far more conducive in Africa. He has started his own company in Nairobi in Kenya under the same title of VGS IT solutions. Khetwal agrees that Africa is no manufacturing hub but it is an expanding market and there is much less competition here than in India.

He said, “The pricing here is done in US dollars and we can tap a skilled labour force from around the world which makes the work environment much more conducive.”

 

Subin Subramanian was working in Kerala as a professional when he decided to move to Doha in the Middle East. Said Subramaninan, ` I  opened a large store called Sarfaraz Supermarket in an Ezdan Shopping market in Doha, with an initial investment of 1,20,000/- Qatari Riyal (  equivalent to approx. 20 lakh rupees).

Doha has been divided into Ezdans marked  from 1-80 and each Ezdan  has a local shopping centre for residents. He said, “The work environment here is very good with much less restrictions compared to India. The spending capacity of residents is also very high.”

Jagdeep Malhotra, an engineer with a degree from the Delhi College of Engineering, is shuttling between China and India. His company Sinogate has specialised in supplying Indian hotels and restaurants with a wide range of furniture and equipment.

Malhotra also regrets that China has forged ahead in the field of providing specialised equipment for hotels.

Malhotra said, “Chinese factories are more automated and their machines tools are very good. Indians factories are not able to compete. China has moved into the area of bulk supplies and therefore offers a lot of options for Indian hotel owners.”

He also believes, “China has moved forward in this  field because both their managerial and engineering staff are more quality. To cite one example, we have poor quality CNC machines. Our engineering institutes are producing thousands of graduates but their learning is based on mastering traditional subjects. Most of them, to cite one example, have little knowledge of repairing latest LED/LCD TV’s and basic tools like multi-meters which are consequently not being available for testing,” he added.

Even though China has an increasing presence in New Zealand, 23-year old Mohit Gehlot has managed to create his own niche in this country.

Realising that working in India was extremely challenging, he decided to move to Warkworth close to Auckland where he opened a Super Liquor Store. The store has turned out to be a success and as he said, “I am now planning to expand my business activity by opening more Liquor stores and also Gas Stations.”

Gehlot added, “Doing business in New Zealand is simple and hassle free compared to India. Finance from banks is easily available. No wonder New Zealand enjoys the number one slot among the world in Ease of Doing Business Index for 2017.”

Many Indians prefer to work out of Singapore because it allows them access to emerging markets such as Thailand, Philippines and Vietnam. Having a company in Singapore allows them to be considered a global company which increases its brand value and gives it greater credibility.  Singapore’s taxations caps at 17 per cent is more attractive compared to 30 per cent taxation at India.

Prime Minister Narendra Modi has given a great deal of emphasis to encouraging a spirit of entrepreneurship amongst the young Indians. In fact, this has been one of the key thrust areas in his governance objectives. But unless a more encouraging ecosystem is created in India, its best and brightest talent will continue to move to greener pastures  abroad.

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Union Budget 2026 highlights: Nirmala Sitharaman Raises Capex to Rs 12.2 Lakh Cr, West Bengal Gets Major Allocation

Finance Minister Nirmala Sitharaman is presenting the Union Budget 2026 in Parliament today. Follow this space for live updates, key announcements, and policy insights.

Published

4 days ago

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February 1, 2026

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Finance Minister Nirmala Sitharaman arrives to present Union Budget 2026

Finance Minister Nirmala Sitharaman will shortly present the Union Budget 2026 in the Lok Sabha, marking her ninth consecutive Budget. The annual financial statement is expected to outline the government’s policy priorities, reform agenda and spending plans for the coming year. Stay tuned for live updates, key announcements and immediate reactions as the Budget speech unfolds.

Finance Minister Nirmala Sitharaman tabled her ninth Union Budget today, beginning her speech at 11 am.

Nirmala Sitharaman is set to present her ninth Union Budget today, with the finance minister scheduled to begin her speech at 11 am.

Budget 2026 live updates: Presenting the Union Budget for 2026–27, Finance Minister Nirmala Sitharaman said the occasion coincided with Magh Purnima and the birth anniversary of Guru Ravidas. She noted that over the past 12 years, India’s economic journey has been defined by stability, fiscal discipline, sustained growth and moderate inflation.

The budgeted fiscal deficit for fiscal 2026 is estimated at 4.4 per cent of gross domestic product (GDP)

Planned capital expenditure this fiscal year Rs 11.2 lakh crore

Rare earth corrdiors in Odisha and Kerala

Hi-tech tool rooms to be set up by PSUs

Construction equipment scheme to be launched

Container manufacturing scheme for Rs 10,000 crore over 5 years

Rs 10,000 crore SME Growth Fund

Semi-conductor mission to get Rs 40,000 crore

Rs 12.2 lakh crores for infrastructure development

Dedicated RITES to repurpose land of Central PSUs

20 new waterways over next 5 years to be connected

7 high-speed corridors on rail

High-level committee on banking for next phase of Viksit Bharat

Capital expenditure hike of to ₹12.2 lakh crore in Budget 2026, with West Bengal receiving a significant share of allocations.

Mahatma Gandhi Gram Swaraj Initiative aimed at boosting the khadi, handloom, and handicrafts sectors.

High-speed rail corridors: Mumbai-Pune, Pune-Bengaluru, Hyderabad-Bengaluru, Chennai-Bengaluru, Delhi-Varanasi, Varanasi-Siliguri, Pune-Hyderabad

Five university campuses to be established near industrial corridors

Lakpati Didi program expanded in Budget 2026 to reach more beneficiaries across India.

Fiscal deficit for FY26 revised to 4.4%; Budget Estimate for FY27 set at 4.3%.

TCS on overseas tour packages cut to 2% to ease travel costs

Tax holiday to foreign companies that provide cloud services by setting up data centres in India till 2047

17 cancer drugs exempted from import duties

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Union budget 2026 to be presented on Sunday with special trading session

The Union Budget 2026 will be presented on a Sunday for the first time in over two decades, with NSE and BSE announcing special trading sessions for the day.

Published

5 days ago

on

January 31, 2026

By

Nirmala Sitharaman

For the first time in more than two decades, the Union Budget will be presented on a Sunday. Finance Minister Nirmala Sitharaman is scheduled to table the Union Budget for 2026 in the Lok Sabha on February 1 at 11 am, even as the day is usually observed as a holiday for government offices and financial markets.

February 1 falls on a Sunday this year, raising questions about market operations and investor response. To ensure uninterrupted trading and immediate market reaction to budget announcements, stock exchanges have announced special arrangements for the day.

Markets to remain open on budget day

Both the National Stock Exchange and the Bombay Stock Exchange have confirmed that markets will remain open on February 1. The NSE has announced a special trading session, with the pre-open market scheduled from 9 am to 9:08 am, followed by normal trading hours from 9:15 am to 3:30 pm.

The BSE has also declared the day a special trading day, with regular market hours applicable. Trading is expected to continue across equity, derivatives, and futures and options segments.

What the Sunday budget means for investors

A weekend budget presentation is seen as offering certain advantages for market participants. With trading active on the same day, investors will be able to respond to policy announcements immediately rather than waiting for the next working day.

The Sunday timing also gives investors, analysts, and financial institutions additional time to go through detailed proposals, including tax changes, fiscal deficit targets, and sector-wise allocations. The extended window for analysis may help reduce sharp, headline-driven reactions and encourage more informed decision-making.

With fewer competing developments on a non-working day, budget announcements are also expected to receive more focused attention from markets and stakeholders.

Parliamentary schedule and key milestones

The Economic Survey is expected to be tabled on January 29, ahead of the budget presentation. The Budget Session of Parliament began on January 28 with the President’s address to a joint sitting of the Lok Sabha and Rajya Sabha.

The upcoming budget will mark Nirmala Sitharaman’s ninth consecutive Union Budget. It will also be India’s 80th budget since Independence. Since 2017, Union Budgets have been presented at 11 am on February 1, following a timing change introduced during the tenure of former finance minister Arun Jaitley.

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Modi says right time to invest in Indian shipping sector; meets global CEOs

Published

3 months ago

on

October 29, 2025

By

PM Narendra Modi

Prime Minister Narendra Modi on Wednesday exhorted global investors to take bets on the Indian shipping sector, pointing out that this is the “right time” for such a move.

The Prime Minister also met a select chief executives of global majors, including DP World and APM, at a specially convened meeting on the sidelines of the India Maritime Week 2025 held here.

“For all of you hailing from different countries, this is the right time to work in the Indian shipping sector and also expand (your presence),” Modi said during a public address before the closed-door meeting with CEOs.

Modi listed several targets being chased by India in the maritime sector over the next few years, and underlined the importance of the global community in the same.

“You all are an important partner who will help us achieve all our aims. We welcome your ideas, innovations and investments,” Modi said.

He said that India allows 100 per cent foreign direct investment in the shipping and ports sector, and also provides incentives under the “Make In India, and Make For The World” vision.

Addressing an audience, including leaders of various companies, the Prime Minister affirmed India’s commitment to strengthening the supply chain resilience at a global level.

He also said that India is engaged in creating world-class mega ports, and cited the work undertaken on the Vadhavan Port to the north of the financial capital, which entered the top-10 firms in the world on the first day.

The government is also looking to grow the capacity at 12 major ports by four times and increase India’s share in containerised cargo at the global level.

Later, Modi held a meeting with top CEOs of shipping sector companies from across the world.

As per people in the know, he met AP Moller-Maersk Chairman Robert Maersk Uggla, DP World Group Chairman Sultan Ahmed bin Sulayem, Mediterranean Shipping Company Chief Executive Soren Toft, Adani Ports and SEZ Managing Director Karan Adani and French company CMA-CGM’s Senior Vice President Ludovic Renou.

The participation from over 85 countries in the IMW sends a strong message, Modi said, noting the presence of CEOs of major shipping giants, startups, policymakers, and innovators at the event.

The Prime Minister also thanked Port of Singapore (PSA) for the nearly Rs 8,000 crore investment in the Jawaharlal Nehru Port Authority’s fourth terminal, pointing out that this is also the largest FDI in the port sector in India.

Modi said more than 150 new initiatives have been launched under the ‘Maritime India Vision’, resulting in nearly doubling the capacity of major ports, a substantial reduction in turnaround time, and a new momentum in cruise tourism.

—PTI

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