Indian economy on boom or doom?

A Reuters report dated October 10, 2007 states that India has an economy on the roll but not the kind of attitude or infrastructure to sustain the climb.

How to open a business in India

Reuters - Opening a business in India usually involves navigating through mountains of red tape. A World Bank report ranks India 120th out of 178 countries in ease of doing business.
Here is a look at some key approvals required to start a business in India:
AUTOMATIC/FIPB ROUTE:
- The country's central bank (Reserve Bank of India) gives an automatic approval based on the percent of the foreign direct investment (FDI) to a foreign company to start business in India, subject to the nature of business.
Otherwise there are some sectors in which foreign businesses can invest with prior approval from the Foreign Investment Promotion Board (FIPB) of the Ministry of Finance.
REGISTERING A COMPANY:
- Setting up a company in India requires incorporation with the regional registrar of companies (ROC). A public company would need a certificate to commence business.
- There are more than 12 approvals that are required if a foreign firms wants to own land and construct its own premises.
REGULATORY BODIES:
- Registration for Import-Export code from the Directorate General of Foreign Trade (DGFT) is essential for foreign firms to facilitate imports and exports and to comply with its rules.
- Software Technologies Parks of India registration (STPI) is required to run a software or an outsourcing firm as it entails tax and import benefits.
- Approval from the Securities and Exchange Board of India (SEBI) is required for financial firms or the Insurance Regulatory and Devlopment Authority (IRDA) for insurance firms.
- Approvals from the Director of Mines and Geology if a firm is engaged in extraction or mining, the Regional Office of the Bureau of Indian Standards (BIS) for quality certification, the Inspector of Weights and Measures depending upon the nature of business, the Trademark Registrar of the Registry of Trademarks.
TAX AUTHORITIES:
- Approvals for registration of the company for payment of various taxes is required. A Permanent Account Number (PAN) for the payment of income tax from the UTI Investors Services Limited, registration with the area sales tax officer for Value Added Tax (VAT), registration under the Shops and Establishment Act if applicable and another for profession tax will be required. These approvals also entail tax benefits in some cases.
LABOUR WELFARE BODIES:
- Approvals from the Employees' Provident Fund Organization (EPFO), Employees State Insurance Corporation (ESIC) for medical insurance and the RBI to employ foreign nationals are required.
ENFORCING CONTRACTS:
- India ranks 177th out of 178 countries in the World Bank-International Finance Corp "Doing Business 2008". Enforcing contracts takes on average 46 procedures, 1,420 days and takes up 39.6 percent of the cost of claim.

CLOSING BUSINESS:
- The report ranks India 137th and says it takes nearly 10 years to close a business.
Sources: Department of Industrial Policy & Promotion (www.dipp.nic.in); Directorate General of Foreign Trade (dgftcom.nic.in); Reserve bank of India (www.rbi.org.in)

Now, citizens like me who are rejoicing that the sun is shining bright on the Indian economic horizon feel alarmed and wonder if anyone in the government is hearing all this, noting the world's views and doing anything to remedy the situation.

After all this time while the sun shines will not come back to us like a loan if we fail to make hay in correct time.