The Government would soon come out with a series of measures to ensure almost control and regulatory free mechanism for startups to do business in India. Announcing this, Secretary, Department of Policy and Promotion Mr. Amitabh Kant has said that India aims to bring down its ranking of ease of doing business from current level to close to fifty in next three years.
Releasing a report on Ease of Doing Business, prepared by the PHD Chamber of Commerce and Industry and Nomura Research Institute at an Interactive Session with the government, Mr. Kant said: “In a bid to attain the proposed ranking of fifty, the government has already constituted Vishwanathan Committee for bankruptcy law, the report of which is expected shortly. It is also putting in place a very sound arbitration system so as to resolve the corporate disputes quicker than anticipated and also identified 336 grey points that need the attention of the states to simplify the business processes. Similarly, host of regulations that existed for so long in the statutes have already been simplified and the existing cumbersome processes are being removed to improve ease of doing business in India”, he articulated.
“The 336 points on which the state’s policy makers have been asked by the Centre to take action to improve ease of doing business would again be assessed and analyzed critically and objectively by the World Bank after State Governments have attended to them and that will make another impact, consequences of which lead to further improving the ease of doing business ranking, which is likely to take a minimum of three year’s time span”, Mr. Kant added.
He laid especial emphases on simplifying the regulatory framework that govern various MSMEs as also India’s exports and imports, saying that processes have been simplified on this front a great deal as MSMEs would now require to fill in a single page form to conduct their business from earlier requirement of filling in 22 pages form for this job. This according to Mr. Kant will accelerate job creation.
The Secretary DIPP also promised that the government of the day would provide for a regulatory free business environment for startups as it is they who are going to create jobs and solid enterprises in India and make Indians job creators rather than job seekers.