Govt working to create the ‘first genuine single-window system’ to ease compliances and processes: Piyush Goyal

The government is working to create the ‘first genuine single-window system’ to ease compliances and approval processes, commerce and industry minister Piyush Goyal said on Saturday. Expressing concern over foreign entities picking up large stakes in startups, particularly at the early-stage seed capital and at ‘very low valuations’, Goyal called for cooperation from Indian industry in providing them financial support, opportunities and mentorship.

“Not that I am against foreign capital. We welcome that, but Indian industry should also reflect on creating a fund with an initial corpus of Rs 10,000 crore (for investments in startups). This will encourage our budding entrepreneurs to scale up,” he said.

Speaking at industry body Ficci’s annual general meeting here, he said: “We intend to come up with a much easier processes to help investors meet compliance requirements, while simultaneously working across ministries to see if we can reduce the burden of compliance.” One such measure could be a common application form for industries which would cut down the process of repeatedly applying for renewal of licences, he said.

Goyal said efforts were on to identify areas where India has competitive and comparative advantages. “We have identified 24 sectors and an actionable agenda is being prepared with a view to boosting manufacturing in India,” he said.