Need to 'dismantle' old rules to encourage entrepreneurs: Kant

Department of Industrial Policy and Promotion (DIPP) secretary Amitabh Kant today said there is a need to "dismantle" the old rules and regulations to encourage new entrepreneurs and boost manufacturing.
"India must make itself an extremely simple and easy place to do business. Over the years we have added rules, regulations and paper works which all need to be dismantled so that young entrepreneurs can go and start a business enterprise easily," Kant said at Bosch Smart Manufacturing summit.
He said the main challenge India is currently facing is enabling ease of doing business, especially when the world is experiencing a radical change in the field of manufacturing.

"We are witnessing a radial change in manufacturing simply because several forces are converging together that is transforming industrial production. Technology and digitisation is used to enhance productivity and thereby reduce prices of goods," Kant said.
He further said it is high time that India realises the importance of convergence and digitisation.
"This is an era where only technology will make a change. Whole manufacturing process across the world will be digitalised and the earlier we realise it the better," he said.

Kant said India has a huge opportunity because it has many IT companies, sound manufacturing base and has also invested in IITs, IIMs over the years to produce the most skilled manpower in the world.

"We have the ability to integrate technology to converge with manufacturing and digital companies. They will infact enable India to make a technology leap frog. The only way India can catch up with the rest of the world is by using technology," he said.
Currently, manufacturing sector contributes 17.2 per cent to the GDP while the developed economies' contribute nearly 32 per cent to their GDPs.
"The whole chain from production, distribution, after sales services and logistics also needs to be integrated. We cannot stay isolated from the global supply chain," he added.