Jaitley hopeful that Start-Up India will end licence raj

Image: NDTV

Finance Minister Arun Jaitley said he was hopeful that NDA government’s new ‘Start-Up India’ campaign will end licence raj and create smooth path for the new entrepreneurs.

“The regime being created for startups will truly break away from licence raj. It is a final break from the conventional Licence Raj of India,”Jaitley said on Saturday at the launch of Start-Up India, adding, “Our effort over last few years has been to restrict the role of the state in policy.”

“We ostensibly broke away with it (Licence Raj) in 1991. But the break was only partial, because who would be funded, there was an invisible role of the state, control over land permissions, foreign investment proposals, and environmental clearances,” Jaitley said. “And unless the political nods came, to venture into newer areas which involved a lot of capital, an entrepreneur was reluctant.”

The finance minister said the government will ensure that enough resources to be available for new entrepreneurs.

 “(The start-up campaign) will be a programme in which the government would only be at arm’s length. The government will essentially be a facilitator with very little role in day to day interventions in this business.”

Jaitley said that despite the slowing down of the world economy, the domestic economy was growing much faster.

• About the Author

About Sprightly Spirit

“I dare do all that may become a man. Who dares more is none”. And all, may be. It may be the vigor. Or the spirit. Or the courage to avoid being “politically correct” or bent. And, ban all averse with immaculate overture of graciously fathomable words firm in views. Subtle. Justifying the undying conscience. Values. Knowledge. And, dares to stay true. True to own. True to the world. And, to the words. With a dream in eyes it exists. In you. In me. In all. The sprite that never shies away. The spirit that never dies!