 "Working on easier norms for start-ups: DIPP")
The government is working on easier taxation, labour and registration policies for the start-ups to give a boost to the sector, according to the Department of Industrial Policy and Promotion (DIPP). These norms will be relaxed for those that have not reached a certain benchmark of turnover.
“I think the challenge really is that how do we ensure that the start-ups do not have to go through any of the government procedures and regulation,”said Amitabh Kant, secretary, DIPP, at an event organised by the PHD Chamber and American Embassy.
Kant also said several start-ups are coming up in the country and there is a need to provide them an easy environment to do business for their growth.
Prime Minister Narendra Modi in his Independence Day speech had announced a new campaign -- Start-up India; Stand up India -- to promote entrepreneurship.
Referring to the World Bank’s Ease of Doing Business Report where India ranked 142nd among 189 nations, Kant said “The World Bank study is flawed as it covers only Delhi and Mumbai whereas our aim is to make entire India easy and simple. Industry is moving out of Delhi and Mumbai. Today mineral-rich states are doing better.”
He also said the biggest challenge Indian industry is facing today is absence of a credible Bankruptcy Law that will enable easy entry and exit options. He said the finance ministry is likely to come up with the law soon.
“I think the challenge really is that how do we ensure that the start-ups do not have to go through any of the government procedures and regulation,”said Amitabh Kant, secretary, DIPP, at an event organised by the PHD Chamber and American Embassy.
Kant also said several start-ups are coming up in the country and there is a need to provide them an easy environment to do business for their growth.
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“We have to encourage lot of people to get into manufacturing. Start-ups have to be given a major thrust. Our aim is that we should be able to create an eco system where manufacturing and young start-ups flourish,” he added.
Prime Minister Narendra Modi in his Independence Day speech had announced a new campaign -- Start-up India; Stand up India -- to promote entrepreneurship.
Referring to the World Bank’s Ease of Doing Business Report where India ranked 142nd among 189 nations, Kant said “The World Bank study is flawed as it covers only Delhi and Mumbai whereas our aim is to make entire India easy and simple. Industry is moving out of Delhi and Mumbai. Today mineral-rich states are doing better.”
He also said the biggest challenge Indian industry is facing today is absence of a credible Bankruptcy Law that will enable easy entry and exit options. He said the finance ministry is likely to come up with the law soon.