Business Registration In India - In Just 1 Day!

Good news for wannabe entrepreneurs. The Modi Government has rolled up sleeves to bring down the typical registration time of about 27 days to just 1 day. The initiative to transform the system will be driven by The Department of Industrial Policy and Promotion (DIPP) and a time frame of about 3 to 6 months has been set for the transformation. Once complete, a lot of things will be made easy. The salient features of this transformation will be as follows-

• One day registration for new business
• Only ONE registration for all the labour laws
• Ony ONE policy for all the states throughout India
• No Inspection for low risk businesses
• Taxation: Overhaul of the system and online payment acceptance
• Faster implementation of Direct Tax Code as well as GST
• Removal of MAT from Special Economic Zones
• Building laws to be streamlined throughout states and at a national level
• A web portal for approvals
• Removing requirement of pollution control certificates for power connections

The aim is to push India to top 50 countries for ease of doing business and this is incredibly awesome!

What do entrepreneurs think about this initiative? I'm excited!