India sets up a multi-department working group to listen to the concerns and thoughts of startup founders and venture capital investors.
The government of India has created a multi-department working group with the aim of making it easier for startups to do business, according to the India Economic Times.
The creation of the working group forms part of Prime Minister Narendra Modi’s commitment to promote startups and innovation in the country. The working group is the first major initiative by the government towards this goal, which is operating under the slogan of “Startup India Stand Up India”.
The first meeting of the working group was chaired by Nripendra Misra, the principal secretary in the Prime Minister’s office, and attended by the heads of 12 government departments. It was tasked with considering thoughts submitted by startups and venture capital investors about the current situation in India.
Concerns raised include the time needed to incorporate a company in the country and how convertible notes are not permitted for foreign investors. The banking sector was also discussed as some regulations are deemed irritants by startups and venture capital investors.
The government of India is currently working on a policy document for startups, expected to be revealed in December 2015.