PM sees 800 million potential entrepreneurs
India’s Start-Up India programme is a comprehensive action plan to foster entrepreneurship and promote innovation, Prime Minister Narendra Modi said at the opening of the Global Entrepreneur Summit 2017 on 28 Nov 2017.
It aims to minimize the regulatory burden and provide support to startups, he added.
“I see 800 million potential entrepreneurs who can work towards making the world a better place,” said The Prime Minister.
Over 1200 redundant laws have been scrapped, 87 rules for Foreign Direct Investment (FDI) have been eased in 21 sectors, and several government processes have been taken online, he told delegates at the GES being held in Hyderabad jointly by India and the United States.
“Our government has taken several steps to improve the business environment. The jump in India’s ranking in the World Bank’s Ease of Doing Business Report, from 142 to 100, in three years, is a result of this,” he pointed out.
He said the government has improved on indicators like dealing with construction permits, getting credit, protecting minority investors, paying taxes, enforcing contracts and resolving insolvency.
“The process is not yet complete. This is an area where we are not satisfied with 100th rank. We would strive towards 50th rank.
“We have launched the MUDRA scheme to provide easy finance of upto one million rupees to entrepreneurs,” he said.
Since its launch in 2015, over 90 million loans worth Rs.4.28 trillion rupees have been sanctioned. Of these, more than 70 million loans have been sanctioned to women entrepreneurs.
Among the ongoing programmes is to provide high-speed broad-band internet to all rural areas by March 2019.
The infrastructure and connectivity programmes like Sagarmala and Bharatmala offer entrepreneurs many business opportunities for investment, said Modi. fii-news.com
