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DPIIT plans to alter compliance rules for promoting startups
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The Department for Promotion of Industry and Internal Trade also introduced its Startup India Vision 2024, a 5-year plan to promote the startup ecosystem further. 

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The Department for Promotion of Industry and International Trade (1) has announced that attempts to improve India’s compliance burden are being made since the past year, adding that the government has started to identify redundant rules in state & central acts that can be removed. 

“We are very keen on improving compliance burden in the country. It is a major assignment given by the Prime Minister, and Cabinet secretary is monitoring its progress,”

DPIIT secretary, Guruprasad Mohapatra, said on Thursday while speaking at an event on ease of doing business in 2020, organized by industry lobby Confederation of Indian Industry (CII).

He further highlighted the idea of reducing compliance that came out of Modi’s conversation with Arne Sorenson, International president & CEO at Marriott International, as he mentioned our country’s complex regulations to start and run a hotel. 

As per the National Restaurants Association of India, the Economic Survey FY20 said to obtain a license from Delhi Police to open a restaurant, one needs 45 documents, which is far more than the number of documents required for a license to procure new arms and major fireworks.

Relaxing compliance to improve ease of doing business

The relaxed compliance will be in line with the government’s agenda to improve India’s ease of doing business. 

DPIIT has decided to focus on six areas with an aim to hit the top 50 spot in the World Bank’s EoDB Index by 2021, currently standing at the 142nd spot. 

The six areas that DPIIT aims to focus on include enforcing contracts, resolving insolvency, starting a business, registering property, paying taxes & trading across borders. It has also sharpened its focus on Kolkata and Bengaluru as its vital growth hubs, along with Delhi and Mumbai.

The Department for Promotion of Industry and Internal Trade also introduced its Startup India Vision 2024, a 5 year plan to further promote the startup ecosystem. The document proposes a series of steps aimed to encourage budding entrepreneurs in India. 

Some of the proposals include simplification of the regulatory measures like reducing tax compliance time to an hour/month while giving startups the permission to bid government’s work orders and pilot projects. 

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A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

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Saumya Uniyal
Saumya Uniyal
A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.
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