| | OCTOBER 20248In a significant move to enhance the Make in India initiative, the Department for Promotion of Industry and Internal Trade (DPIIT) has introduced the Business Reforms Action Plan 2024.The reform agenda aims to establish a seamless regulatory framework across India, making it easier for businesses to operate and fostering economic growth. BRAP 2024 builds upon the successes of previous versions of the action plan which have been instrumental in positioning India as a competitive global business hub. This year's edition, however, goes a step further by introducing next-generation reforms that address the specific needs of businesses and citizens.The initiative is aligned with other key government measures, including the Reducing Compliance Burden (RCB) and the Decriminalisation efforts, which aim to remove unnecessary roadblocks in business processes.One of the most notable aspects of BRAP 2024 is its integration with the World Bank's upcoming B-READY program. This synergy is expected to further streamline regulatory procedures, making it easier for both domestic and international businesses to invest in India. By improving the ease of doing business, BRAP 2024 is designed to attract more investments, increase job creation, and support the country's economic goals.The 2024 plan also introduces and innovative assessment methodology, blending evidence-based evaluations with feedback from businesses. This dynamic approach will ensure that the reforms are not only implemented but also adapted based on the ground realities and the evolving needs of businesses.Moreover, the focus on reducing approval times and enhancing transparency will be a game-changer for businesses seeking to establish or expand operations in India. These measures will not only enhance India's business environment but also significantly improve its standing in global competitiveness indices. With this reform plan, India continues its journey towards becoming a more attractive destination for investment, encouraging economic development, furthering the success of the Make In India initiative. The government hopes that BRAP 2024 will bolster investor confidence and pave the way for a more efficient and dynamic regulatory ecosystem in the country. The United States currently leads the global data center market with 5,388 operational centers, significantly outpacing other nations as demand for cloud services and AI adoption drives growth. According to data from Stocklytics.com, the U.S. hosts 70 percent more data centers than the next 10 largest markets combined, with Germany coming in second with 520 centers and the UK third with 512. China ranks fourth globally with 449 data centers, followed by Canada, France, and Australia with 336, 315, and 307 centers, respectively. Japan rounds out the top 10 with 219 operational facilities. The rapid expansion of data centers is being fueled by the surge in AI technologies, which require substantial computing power and storage. This has contributed to the market growing by 52 percent since 2017, reaching a valuation of $416 billion. Projections suggest the global data center market will continue growing at a compound annual growth rate (CAGR) of 8.45 percent, potentially becoming a half-trillion-dollar industry by 2027. In the U.S., the data center market is expected to generate over $120 billion in 2024, accounting for about 30 percent of total global market revenue. India, meanwhile, is preparing for a significant data center boom. The country's data center capacity nearly doubled from 540 megawatts (MW) in 2019 to 1,011 MW in 2023, making it one of the fastest-growing markets globally. With a projected CAGR of 26 percent over the next three years, India could add an additional 500 MW of capacity within the next four years. This growth has drawn attention from a range of investors, including private equity, pension funds, and sovereign wealth funds. According to Savills India, data center absorption grew by 21 percent in the first half of 2024, driven by demand from tier 2 and 3 cities for edge data centers. BRAP 2024 UNVEILS KEY BUSINESS REFORMS FRAMEWORKUS LEADS GLOBAL DATA CENTER SURGE AS INDIA PREPARES FOR MAJOR EXPANSIONIN FOCUSIN FOCUS
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