Admitting that India’s regime for start-ups is ‘complex and difficult’, a top official on Monday said the Government is working "in a big way" to improve the country's taxation, patent and registration ecosystem.
“Regime for start-ups is complex and difficult. Out of the many start-ups that succeed in India, 60-65 per cent relocate to Singapore. So, challenge is to create a world-class regime to bring these start-ups back,” DIPP Secretary Amitabh Kant said at a CII event.
“We have to work on improving taxes, patent and registration ecosystem. We are working on this in a big way.”
Highlighting the need to make India ‘an extremely easy place’ to do business for start-ups, Kant said the Government is trying to scrap multiple regulatory clearances. “If you look at any part of the world, we see angel investors are coming and supporting start-ups. We need to give them a bigger push. We are trying to do away with a lot of regulatory clearances. But we also need a fund of funds to handhold angel investors,” Kant added. He projected that India's e-commerce market, which currently stands at $10 bn ( Rs66,000 crore), may grow to $100 billion by 2017 and even $250 billion in a decade.
The Department of Industrial Policy and Promotion (DIPP) Secretary said the government is creating a separate set-up for patents and attempting to bring down the registration time and trademarks to 18 months and 3 months, respectively. “We are creating a separate regime for patents and recruiting 1,000 people as patent examiners. We are trying to complete the registration of patents in 18 months.”