For all young minds who do not want to stand in queues meant for job seekers, India is creating huge opportunities to drive entrepreneurship. From unique startup culture, to sourcing funds, a positive business environment and laws have been introduced that have led to the virtual creation of a golden age to create wealth in the country, said Amitabh Kant, chief executive officer (CEO) of NITI Aayog. Kant was speaking at a convention on entrepreneurship, Entrepreneur India 2017, in New Delhi. Addressing the gathering, the CEO of Centre’s think-tank said that the present government is making huge efforts to ensure entrepreneurship flourishes in India. The most important step that has been taken to do this, according to Amitabh Kant, was to simplify the process of starting a business. According to the official, over the years, rules in India had become very complex and difficult and required long procedures involving paperwork in all sectors that shackled entrepreneurship. But in last two to three years, the present dispensation has tried to dismantle the paperwork culture. In this effort, as many as 1,200 laws have been scrapped, a big figure, he said. With this, a person can now register a company in just one day with Internet, while it just takes five minutes to register a company if it falls under the Ministry of Micro, Small and Medium Enterprises.
The CEO assured that there is no lack of funding for great ideas. In the attempt to push startup movement in India, a fund of funds has been created so that young entrepreneurs can have access to money through a number of venture funds. Kant further asked the entrepreneurs not to get scared of failure if they are in India as the government has a solution for that as well. According to him failure is very much important to succeed as there is no successful entrepreneur in this world who did not fail at some point of his/her professional journey. He said that there is nothing wrong in failing. The need is to get over of it and bounce back with more innovative ideas. For this, Centre has brought in the Bankruptcy law. With these arrangements for startups along with reforms like Goods and Services Tax (GST), the country has become a very easy place to do business, said Kant.
Another success mantra given by the official was to target the world market. According to him, for the young minds the market is not limited to India. Kant said he would recommend young entrepreneurs to look beyond the domestic market and try to penetrate into the global market because the value one can get in the global market is 10x one can get in the domestic market, he said.
The NITI Aayog CEO further counted the achievements of India in the entrepreneuship sector. Giving example of many startups that are doing extremely well like Byju’s: The Learning App, CultureAlley, he said that in the last one year, the country has made a jump of 29 ranks in global entrepreneurship index.