Business Climate in India More Favourable Than Ever Before
New Delhi:The ninthSweden-India Business Climate Survey shows that the business climate in India is more favourable than ever before. Swedish companies in India have an ongoing positive business sentiment and year after year the Swedish companies showa long-term commitment towards the growth and development of India.The business community employs 185,000 people directly and over 1,300,000 indirectly across the country. In the last two years, employment through Swedish companies and investors has grown by 20 percent.
The Business Climate Survey (BCS) is conducted annually by the Swedish Chamber of Commerce in India, along with the Embassy of Sweden in India, the Consulate General of Sweden in Mumbai and Business Sweden. The Surveycalled Sambandh, which means relationship and connection in both Hindi and Swedish, captures inputs from 160 out of 170 Swedish companies present in India, with an impressive response rate of 91%.
The Surveyevaluatesthe confidence of the Swedish Business Community doing business in India and also, assessesopportunities and challengesfor them.The majority of the Swedish companies are established in Karnataka, Maharashtra, Tamil Nadu and Delhi NCR.
“Trade between Sweden and India is growing and we see a lot of potential in Swedish companies contributing to India’s development in a number of areas, focusing on energy, environment, smart cities, ICT and digitalization, as well as healthcare and life sciences.
The Swedish companies’ perception about the business climate is more positive than ever before and 8 out of 10 companies are keen to invest next year. This is largely because of the recent policy initiatives by the Indian government, including Goods and Services Tax (GST),” said Ms. Ann Linde, Minister for EU Affairs and Trade, Ministry for Foreign Affairs, Govt. of Sweden.
“Indo-Swedish Sambandh has grown stronger over the yearsand today, more than 170 companies are established here. The Survey’s findings further strengthen our belief that Sweden’s innovations and India’s future make a good match,” said Mr Harald Sandberg, Ambassador of Sweden to India.
Key findings in the Business Climate Survey 2016/17:
1. 185,000 direct jobs are created by Swedish companies in India while as 1,300,000 indirect jobs across the country which shows an increase of 20% since 2014.
2. 170 Swedish companies are established in India today, more than 100 companies have entered in the last decade
3. 65% of Swedish companies perceive the business climate as favorable. This is higher than previous years.
4. Goods and Services Tax (GST) matters. 3 out of 4 companies say the reform contributed positively to the perception
5. 8 out of 10 companies invested as per plans or more last year.
6. 8 out of 10 say they will increase their investments in the coming years
7. 45 Swedish companies are a part of “Make In India”
8. 7 out of 10 companies are involved in skills development, either through business operations or community development programs