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Doing business in India

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Editor:

Gaurav Karnik

Assistant editors:

Vinay Mangla

Geeta Khanna

Saransh Mehtani

Production team:

Publisher - Nikhil Pradhan

Associate Publisher - Pooja Walke

Design - Ritu Sharma

Logistics - Tripti Panda

Websites:

ey.com/in/TaxServices

ey.com/in/BudgetPLUS2011

Email:

eytaxupdate@in.ey.com

3 | Doing business in India

“India is doing “very well” in terms of economic growth. We are seeing a global recovery

that is a fact... India is doing very well and actually India is helping the averages (growth

of world economy) look better…”

Angel Gurria

Secretary General, Organization for Economic

Cooperation and Development (OECD) (June 2011)

“In the next 25 years, we aspire to (having) growth rates of between 9 and 10 percent

annually. This will enable us to lift millions of our people out of poverty so as to transform

India into one of the largest economies of the world.”

Manmohan Singh

Prime Minister, India (March 2010)

“This coming year, I believe Indian participation at Davos can highlight the country’s

thought leadership. At a time when the world is searching for a new model of economic

development, India’s experience as a crucible for new types of inclusive growth gives it a

special role among developing economies,”

Klaus Schwab

WEF Founder and Chairman

India is no longer seen as America’s back office. India has moved up the value chain

as America’s knowledge partner. We need help from Indian companies in job creation.

If Indian firms can create jobs for the hinterland of America, it will dispel antioutsourcing rhetoric.

Ron Somers

President, US India Business Council, January 2011

“We are in the process of deepening policy reforms in the financial sector... discussions

are under way to build consensus on further liberalisation of the FDI policy in

retail and defence sectors…We have recorded one of the fastest growth rates in the

world and are nearly back to our pre-crisis growth levels. We believe that growth

potential of India is...