This year, the government of India has made significant changes to the startup environment in the country. The Government is serious about improving India’s ranking in “Ease of Doing Business” from a low rank of 130 to 103. The low ease of doing business ranking obtained by India is due to multiple factors, primarily one of them being the fact that it used to take more than 2 weeks to start a business in India.
On Republic Day, 26th January 2018, the Ministry of Corporate Affairs introduced ground breaking reforms by drastically reducing the stamp duty for new company registration across India. The stamp duties are a big impediment to starting up and this reduction has boosted entrepreneurship in India as more than 11,000 new private and public companies and LLP Partnership Firms are now being formed in India every month. The efforts of the Government have given a huge boost to the entrepreneurial ecosystem and this is bound to improve India’s ranking seriously in the Ease of Doing Business survey in 2018.
As an Entrepreneur wanting to startup, what are the changes that I should know about?
Lots of changes have been implemented in 2018 by Government of India. Primarily, the following 5 STEPS have been taken by the government to help startups and boost entrepreneurship in India:
In addition to the above, many more small steps have been taken to boost entrepreneurship in India. We are witnessing rapid technological, workspace and cultural evolution in India. And it is high time the Government and Bureaucracy take all necessary steps to help entrepreneurs who are the life blood of the economy as they provide jobs and bring in much needed foreign capital. All the best for your business venture!!
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