Speaking of startups, the Finance Minister said, “The more the sector becomes unregulated, the better it will be. One of the reasons why India became an important IT hub was because we had no laws governing it. The entire Startup India campaign is intended to create a supporting system.”
The Startup India Action Plan has tried to simplify the cumbersome and expensive laws that have long been blamed for adversely impacting the entrepreneurial initiative in the country, focusing on three key areas –