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June 5, 2008
Dear Mr.
Prime Minister,
The National Knowledge Commission recognizes the growing significance and visible
impact of Entrepreneurship on wealth-creation and employment-generation in India.
Considering its importance, NKC has undertaken a study on Entrepreneurship to explore
factors that have promoted Entrepreneurship in India as well as others which could
further encourage and facilitate even greater growth of Entrepreneurship in the country.
This report compliments earlier NKC studies and recommendations on Innovation and
Vocational Education and Training. The NKC study has found that Entrepreneurship
flourishes as a result of a combined input of some key 'triggers', such as a helpful
business environment, access to early-stage finance, education, individual motivation and
some socio-cultural factors. To accelerate the growth of Entrepreneurship in the country
would require the support of multiple stakeholders such as the government, the financial
institutions, educational institutions, incubator providers, chambers of commerce,
entrepreneurial networks and associations as well as family and the larger community.
Based on the NKC study, some policy recommendations to further enhance
Entrepreneurship are as follows:
1. Supportive Business Environment: Make it easier to conduct business by
consolidating and simplifying processes, improving delivery time and curbing
corrupt practices. In particular, prioritize the MCA-21 project and ensure the
following:
- Make Single Window Clearance meaningful.
- Introduce a Single Composite Application Form for all clearances.
- Introduce a Single Unique Company Number for company, tax and social
security registrations.
2. New Institutional Mechanisms:
- Set up commercial courts to deal with commercial disputes and to speed
up contract enforcement.
- Introduce Limited Liability Partnerships (LLPs) in order to ensure
flexibility and low cost of operation while limiting personal liability.
- Establish a Global Technology Acquisition Fund for Intellectual Property
(IP).
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