Ecosystem for MSMEs in the country, easy to enter, easy to exit: NITI Aayog

 New Delhi, July 18 (KNN) Highlighting the success of the government in enabling ease of doing business in the country, NITI Aayog CEO Amitabh Kant said that the government has taken many successful steps, especially for the Micro, Small and Medium Enterprises (MSMEs).

The NITI Aayog chief made these remarks at a press meet during the Entrepreneur India 2017 Conference.

Kant added that the government has scrapped off over 1200 different laws that used to hinder the smooth entry of entrepreneurs into the industry.

It doesn’t take more than five minutes for a MSME to get itself registered; therefore the sector is more empowered today than ever before, he added.

Commenting upon the exit laws that have been a major concern for the MSMEs, Kant said that in case a startup fails, there are newer exist provisions with a bankruptcy law in place, enabling an MSME friendly environment in the country.

He further said that the problem of lack of credit is also being taken up by the government. There have been number of schemes that are intended to provide loans to the young entrepreneurs in the country. (KNN/ DA)