Modi govt scrapped 1200 laws to promotes entrepreneurship

Niti Aayog

The Indian government is leaving no stone unturned to encourage entrepreneurship in the country. In three years, it has scrapped around 1,200 complex laws and procedures for easy registration of startups, said Niti Aayog CEO Amitabh Kant today.

He added to create wealth in the country, entrepreneurship has to be promoted. The government has also taken lot of steps especially for 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. The registration of company has also become easier. Today, one can register a company in a day and for an MSME, it takes around five minutes to register,” Kant told reporters at an event.

The CEO was speaking at the Entrepreneur India 2017 conference.

The new bankruptcy law will also encourage startup ecosystem as those who fail should be able to exit quickly.

“The country has brought in bankruptcy law and GST. These are the measures for making India a very viable place for doing business,” he said.

He also pointed out the government’s initiative of creating fund of funds that give young entrepreneurs access to money from a vast number of venture funds. “Once venture funds support startups, the ecosystem of startups will grow and flourish,” he added.

Image credit: Flickr

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