NKC Chairman Sam Pitroda in a letter to the prime minister has recommended that the single-window clearance should be made meaningful to promote entrepreneurial culture in the country.

He said efforts should be initiated to do away with the cumbersome process to start a business and recommended introduction of a single composite application form for all clearances.

The NKC also emphasised the need for improved delivery mechanism and curbing corruption to create a supportive business environment.

It favoured introduction of a Single Unique Company Number for tax and social security registrations.

Advocating new institutional mechanisms, it also suggested setting up of commercial courts to deal with commercial disputes and to speed up contract enforcement and introducing Limited Liability Partnership (LLPs) in order to ensure flexibility and low cost of operation, while limiting personal liability.

A Global Technology Acquisition Fund should be established for Intellectual Property (IP), it said.

NKC, the high level advisory body with objective of transforming the country into a knowledge society, said that entrepreneurship should be made a core subject in business schools and possibilities should be explored to set up specialised entrepreneurship schools at the under-graduate and post-graduate levels.

Pitroda said studies carried out by NKC found that entrepreneurship flourish as a result of combined input of some key drivers such as helpful business environment, access to early-stage finance, education, individual motivation and some socio-cultural factors.

As part of its efforts to facilitate information flows, the NKC wanted creation of ‘one stop shops', web based portals and information handbooks for entrepreneurs. The Commission proposed to set up an all encompassing website on entrepreneurship as a one-stop portal, Pitroda said.

It also favoured giving wide publicity to risk management tools such as SME Rating Agency (SMERA), Credit Appraisal and Rating Tool (CART), Risk Assessment Model (RAM) and improving information flows through the Credit Information Bureau India Ltd (CIBIL).

In order to promote entrepreneurial culture in the country, the NKC suggested rewarding and recognising successful entrepreneurs ranging from the local to the national level and formally recognising entrepreneurial networks and associations.

Noting that the growth of entrepreneurship would require the support of multiple stakeholders such as the government, the financial institutions, educational institutions and chambers of commerce, Pitroda said that the NKC's recommendations are critical to significantly enhance entrepreneurship in the country.