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Indian government scraps 1200 laws to encourage startups

The CEO of Niti Aayog, Amitabh Kant stated that the Indian government has removed 1200 laws and procedures for easy registeration of startups

The chief executive officer of Niti Aayog, Amitabh Kant commented that the Indian government has removed 1200 complex laws and procedures for easy registration of start-ups to encourage entrepreneurs and to promote the budding startups by giving them a platform where they can meet investors and come up with their innovative idea. Entrepreneurship has to be promoted to increase the wealth and improve the living standard of countrymen, he also mentioned that the government is looking forward to creating and promote micro small and medium enterprises across the country.

Kant said to ET that “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, today one can register a company in a day and for an MSME, it takes around five minutes to register, and the country has brought in bankruptcy law and GST. These are the measures for making India a very viable place for doing business,”

While speaking at the entrepreneur India 2017 conference, he said that the government has created fund of funds so that young entrepreneurs can have access to money from a vast number of venture funds and use it in developing some innovative product.

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