Now Starting Business in India Just A Click Away

BENGALURU: Do you have an idea for a new venture? Now is probably the best time to make the most of it. The Government of India may soon strike off the tiring clearances required to start a new business as reported by ET. The government may soon come up with a pre-existing regulatory framework that can be applied on self certification basis with an objective to give a push to ease of doing business in the country and to encourage entrepreneurship.

In this direction, the Department of Industrial Policy and Promotion (DIPP) has formed a committee to identify the areas in which self-certification can be allowed. Regarding this, the committee will submit a report in 30 days, which can further formulate an action plan.

This is to allow the entrepreneurs to start manufacturing on the basis of self certification and then go to the approvals and clearances. This is a feasible method which allows the individuals and the government to gauge the potential of the business. Unlike the traditional method which doesn’t allow the individuals to even start the business; this new method would be rather encouraging. If implemented, this move will give a major fillip to small and medium enterprises.

According to the former DIPP secretary, Ajay Shankar, the final decision will however be based on the committee’s recommendations, followed by draft legislation on a regulatory framework, which could be adopted very soon.  

Doing away with such clearances will also accomplish the NDA government’s ambitions to break into the top 50 countries with ease of doing business as per the World Bank. As of now India ranks 158 in the ‘ease of starting a new business.’

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