To encourage entrepreneurs, the government has removed around 1,200 complex laws and procedures for easy registration of start-ups in the country, Niti Aayog CEO Amitabh Kant said on July 18, at the Entrepreneur India Congress 2017.

According to Kant, the government has taken many steps especially for micro, small and medium enterprises (MSMEs) to create wealth in the country and entrepreneurship has to be promoted.

“In the last two years, we have tried to dismantle lot of rules and laws, procedures and paperwork. We have scrapped about 1,200 laws which has never happened before,” Kant told reporters at the event in New Delhi.

Business investors, start-ups, SMEs and professionals met for networking and to discuss possible business ideas, among others .

“Today one can register a company in a day and for an MSME, it takes around five minutes to register,” Kant said.

To encourage start-ups, he said those who fail should be able to exit quickly as India has brought in a bankruptcy law. “The country has brought in bankruptcy law and goods and services tax (GST). These are the measures for making India a very viable place for doing business,” he said.

He further said that the government has created fund of funds so that young entrepreneurs can have access to money from a vast number of venture funds.

 “Once venture funds support startups, the ecosystem of startups will grow and flourish,” he added.