The government of India is expanding the scope of entrepreneurship in the country with the scrapping of 1,200 laws and procedures for smooth registration of start-ups and MSMEs. The initiative by the government is a boost for the budding entrepreneurs who are exploring opportunities to turn their innovative ideas into reality.
Several efforts have been made in the past to deconstruct the laws and paperwork associated with start-ups. This is for the first time that over 1000 laws have been nixed. With the abolishment of these laws, it takes a day for registration of a company and nearly 5 minutes for MSMEs.
To support the entrepreneurs economically, a fund has also been created by the government.