India is the fastest growing economy in the world. With its booming economy, it’s creating a lot of jobs, in both, the formal as well as the informal sector. Millions of youth are entering the job market every year. Although the country has seen the addition of several job, it’s not enough to fulfil the rising needs of the growing population. The government of India on its part has started a lot of initiatives to promote people to carry out their own business activities. There are a number of steps the Modi government has taken to ensure that business, whether full time or part time flourishes in India, some of these are
- Seed Capital- The government has directed banks to provide seed capital to the country’s entrepreneurs
- Change in taxation rules- Start ups and new businessmen can avail a lot of tax incentives if they start their own business. Under the next taxation laws, entrepreneurs do not need to pay tax if they open their own start up for a period of 5 years. This is subject to certain conditions and rules and thus, one has be aware of them, before jumping the bandwagon
- Ease of doing business- India has jumped the ranks, when it comes to ease of doing business. Business laws and bureaucracy are better today, than they were at any point of time in Independent India. Files move faster and clearing is done much faster than it used to before. The average time to start a business in India is 40 days down from 69 days in 2013-2014. There are some states in India, where business clearances are faster than others eg- Telangana, Maharashtra.
There are a lot of part time business ideas, one can do in India
- Food business- A lot of Indians like to eat out these days. Earlier, most Indians liked and preferred home cooked food. However, as the number of working people and money in the economy increased, people have less time and thus prefer to eat out. If you can arrange for the labour (as food business is labour oriented), if you get a good spot in the city and if your food ideas are appealing, then you will make a decent profit
- Electronic stores- This is especially true, if you have modern gadgets, as opposed to large electronics like TV. Having video games, X Box, the latest mobile phones, will add to the bottom line. Indians are crazy about electronics
- Frelancing- One of the simplest part time businesses in India, without a doubt. Due to the large number of English speaking and technical experts in the country, India has the largest number of freelancers in the world. A client sitting in the United States can simply outsource his work to India and get it done, for a fraction of what he would have paid otherwise, to an American. There is a lot of money in freelancing.
These were some of the part time business ideas, in India that one can do. The government is helping people move from a job oriented culture and is kick-starting the business ecosystem.