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Govt scraps 1,200 laws to promote entrepreneurship
19 Jul '17
1 min read
Niti Aayog CEO Amitabh Kant was speaking at the Entrepreneur India Congress 2017 Courtesy: PTI
The government is expanding the scope of entrepreneurship in the country with the scrapping of 1,200 laws and procedures for smooth registration of startups and MSMEs, said CEO of Niti Aayog, Amitabh Kant. The initiative by the government is a boost for the budding entrepreneurs who are exploring opportunities to turn their innovative ideas into reality.
Several efforts have been made in the past to deconstruct the laws and paperwork associated with startups, Kant told reporters at the Entrepreneur India 2017 conference. This is for the first time that over 1000 laws have been nixed.
With the abolishment of these laws, it takes a day for registration of a company and nearly 5 minutes for MSMEs, said Kant adding that such measures by the government will make India a feasible destination for startups.
In order to support the entrepreneurs economically, a fund of funds has also been created by the government. "Once venture funds support startups, the ecosystem of startups will grow and flourish," he said. (RR)
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