Over 1,000 laws nixed to facilitate startups: Amitabh Kant

To create wealth in the country, entrepreneurship has to be promoted, Kant said adding the government has taken lot of steps especially for MSMEs.

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CEO, NITI Aayog Shri Amitabh Kant. (Express Photo by Amit Mehra)

The government has scrapped around 1,200 complex laws and procedures for easy registration of startups to encourage entrepreneurs in the country, Niti Aayog CEO Amitabh Kant today said. To create wealth in the country, entrepreneurship has to be promoted, Kant said adding the government has 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,” Kant told reporters here at an event.

He was speaking at the entrepreneur India 2017 conference, where business investors, startups, SMEs and professionals met for networking and to discuss possible business ideas, among others.

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“Today one can register a company in a day and for an MSME, it takes around five minutes to register,” Kant said.

Encouraging startups, 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 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.

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“Once venture funds support startups, the ecosystem of startups will grow and flourish,” he said.

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