Terming India as one of the toughest places to start a business, experts from Indian Institute of Management-Ahemdabad (IIM-A) have said that the government is taking "baby steps" towards making the country entrepreneur-friendly.
"From a regulatory standpoint, India is one of the tougher markets to launch a business in," Centre for Innovation Incubation and Entrepreneurship (CIIE), Ecosystem Development Vice-President Ashwin Joshi.
CIIE, established at IIM Ahmedabad, aims to promote innovation and entrepreneurship in India.
According to Mainak Bhattacharya, mentor at CIIE, young entrepreneurs in India have to go through several hoops to procure an office space and begin operations as a formal entity, compared to other countries.
"To tackle these issues, the government is taking baby steps towards making India an entrepreneur friendly country," Joshi said.
However, the experts added that recent provision in the new companies law in India makes it easier for companies to close down an existing entity which would help entrepreneurs pursue interest in other domains.
Giving their views on business growth under a challenging economic scenario, the experts said that despite the challenges, several innovative companies have take shape.
"In fact some of the best technology companies like Flipkart, Naukri, MakeMyTrip have emerged during the lean periods and a tough business climate," Bhattacharya said.
The views come against Global Entrepreneurship Week which will be held in India from November 18.
The event will be held in 29 cities with CIIE Initiatives serving as India's lead host for the event.