The Indian government is working towards laws that will spur growth, Amitabh Kant said.
India is a complex and complicated place to do business in and needs to throw out a lot of rules and regulations it has accumulated over the last 68 years, top bureaucrat Amitabh Kant said today.
Mr Kant, who is Secretary of the Department of Industrial Policy and Promotion, was speaking at the NDTV Indian of the Year 2015 Awards.
"We need to scrap a lot of rules and regulations. The prime minister has gone on record to say we will do it," said Mr Kant.
"All the young startups are going to be change agents," Mr Kant said to an audience that included industry leaders and founders of some of India's top start-ups. "We need to allow all these young people to flourish, grow and blossom."
Asked about the advantage India enjoys over other nations, Mr Kant said, "India is the only country combining unique technology, entrepreneurship and skills to really leapfrog. I think we are the only country with a billion mobile phones, a billion biometric identities and about two billion bank accounts. This combination of jam trinity is going to spur growth in many ways and this is going to lift many millions out of poverty."
The country, he said, would soon get a bankruptcy law. "We need a bankruptcy law for our young entrepreneurs. India doesn't have an exit mechanism. We need one."