Over 1,000 laws nixed to facilitate start-ups: Amitabh Kant
New Delhi: The government has scrapped around 1,200 complex laws and procedures for easy registration of start-ups to encourage entrepreneurs in the country, Niti Aayog CEO Amitabh Kant said on Tuesday.
To create wealth in the country, entrepreneurship has to be promoted, Kant said adding the government has taken lot of steps especially for Micro, Small and Medium Enterprises (MSMEs). “In the last two years, we have tried to dismantle lot of rules and laws, procedures and paperwork. We have scrapped about 1,200 laws which has never happened before,” Kant told reporters in New Delhi at an event.
He was speaking at the Entrepreneur India Congress 2017, where business investors, start-ups, SMEs and professionals met for networking and to discuss possible business ideas, among others. “Today one can register a company in a day and for an MSME, it takes around five minutes to register,” Kant said.
Encouraging start-ups, he said those who fail should be able to exit quickly as India has brought in a bankruptcy law. “The country has brought in bankruptcy law and goods and services tax (GST). These are the measures for making India a very viable place for doing business,” he said.
He further said the government has created fund of funds so that young entrepreneurs can have access to money from a vast number of venture funds. “Once venture funds support startups, the ecosystem of startups will grow and flourish,” he said.