India is a promising destination to start a new business. With a thriving market of over 1.35 billion people and an enormous economy, India offers a budding platform for numerous avenues for business. NRIs (Non-Resident Indian) are the quintessential entrepreneurs that the country needs now. With more than 15 million NRIs and PIOs (Persons of Indian Origin) living abroad, India currently has the world’s largest diaspora. Although India’s NRI pool forms around 1 percent of the country’s population, yet it is an indispensable cog in the wheel of its development. Apart from bringing in economic benefits of remittances of forex, NRIs also bring along a modern and global perspective. Therefore, they not only add technical and domain expertise to domestic startups but also act as angel investors. Moreover, new businesses create jobs, and employment generation is the stepping stone to economic growth. The Indian Government has realized that the NRI population can be instrumental in bringing about development and has thus started leveraging its potential by offering attractive incentives to encourage NRI investment in India.
We have exciting news for the MSME (medium, small and micro enterprises) sector in India – get loans up to Rs. 1 crore in 59 minutes! The Prime Minister of India, Narendra Modi, has announced a new and dynamic ‘Support and Outreach’ initiative for the MSME sector, which comprises relaxed labor laws, smoother compliance with environmental laws and easy access to credit. In a bid to perk up this huge job-generator sector and to grant them easy access to credit, the Indian Government has promised that loans of up to Rs.1 crore will be sanctioned within an hour – in 59 minutes, to be precise. Read more