Central and state governments are working together to remove regulatory hurdles with a view to encouraging budding entrepreneurs in the country, DIPP Secretary Ramesh Abhishek said today.
At a session of the Global Entrepreneurship Summit (GES) 2017 here, Abhishek underscored the need for a differential treatment of sectors such as startups, smart technology and disruptive businesses.
"Governments need to be far more sensitive in responding to regulations for disruptive business models and this is something which we are working on... state and central governments and even regulators are trying to work together and many laws we have been able to change in the last one and a half years," he said.
To enhance funding facilities to budding entrepreneurs, the government is in the process of setting up a Rs 2,000- crore credit guarantee fund. This fund will be used to lend to startups without any collaterals.
As many as 5,000 startups have registered so far with the Department of Industrial Policy and Promotion (DIPP).
"We are hoping that Rs 1,600 crore more will be committed by March," he said, adding that the disbursement depends on the stage of the startup.
The secretary further said the government has relaxed norms to increase startups in public procurement processes.
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