The Department for Promotion of Industry and Internal Trade (DPIIT) has proposed significant cut in the compliance time to just one hour per month for startups as part of measures to ease regulatory requirements for budding entrepreneurs, an official said.
The proposal is part of the Start-up India Vision 2024, prepared by the department to promote the growth of budding entrepreneurs.
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Under this vision document, the department has also proposed several other measures such as facilities of debt financing, setting up of 500 new incubators and accelerators, creating innovation zones in urban local bodies, deployment of entire corpus of Rs 10,000 crore fund of funds, operationalise credit guarantee scheme, and establishment of a seed fund.
The department has floated a note seeking views of different ministries on this document.
Source: Economic Times
