IANS
NEW DELHI, JANUAUY 16
The government on Saturday said it was committed to act only as a “facilitator” to start-ups by ensuring a friendlier regulatory regime, easier capital availability and quicker exit norms through a bankruptcy code.
“Our intention is not to come down heavily as government, but only to facilitate,” Commerce Minister Nirmala Sitharaman said, while addressing the inaugural session of the Start-Up India programme to be launched by Prime Minister Narendra Modi later on Saturday.
“How to remove the clutter so that the core business work can be attended to, is our aim,” she added.
Modi is also slated to release a Start-Up Action Plan, visit a virtual exhibition and interact with start-up entrepreneurs at the event.
“It isn’t ‘jugaad’ (frugal innovation),” Sitharaman said of Indian entrepreneurship, adding that the government looks forward to engaging with entrepreneurs to remove “all the burdensome regulations for start-ups”.
She said the number of people seeking government jobs had come down, while the numbers looking to start their own ventures had gone up.
“The number of government jobs is going down...there aren’t any, while the Indian entrepreneur has come back to contribute to the benefit of the consumer,” the minister said.
Sitharaman also said the government is bringing in a bankruptcy law, among other measures, aimed at further easing the process of doing business.
“The government is working on a exit policy, that is also required for companies. The Bankruptcy Code is before parliament,” she said.
Explaining that her ministry had engaged with all the other ministries to ensure a successful Start-Up India event, Sitharaman said the government has set up a fund to help start-ups.
The government had, in August last year, set up an India Aspiration Fund to increase capital availability for start-ups.
No government interference in Start-Up India scheme: Jaitley
New Delhi: Finance Minister Arun Jaitley on Saturday said the new “Start-Up India” scheme of Prime Minister Narendra Modi to promote and nurse entrepreneurship will ensure minimum interference from the government with attractive tax incentives.
“Start-Up India will change conventions. Government will merely be a facilitator for start-ups,” the finance minister told the inaugural session of the day-long event here which will will see the prime minister formally unveil the scheme later in the evening.
“We ostensibly broke away from the license raj in 1991, conceived with idea that government will decide which businesses can run,” said Jaitley. “Our effort in last few years has been to restrict role of the state in policy domain,” he said, assuring Start-Up India scheme will follow that path.
Earlier in the day, the prime minister said he looked forward to the formal launch.
“Start-UpIndia movement begins today. This movement celebrates the energy and enterprising spirit of our youth,” he tweeted. “Will join the programme to commence the Start-Up India movement this evening. Looking forward to interacting with start-up entrepreneurs.”
The event at the Vigyan Bhavan official conference complex has been a top draw.
“There is seating capacity of 1,350 (at Vigyan Bhavan). Over 200,000 people have sought passes. Please sympathise with us. There is live relay,” Industries Secretary Amitabh Kant had tweeted ahead of the event.
