New Delhi, Sep 28 (PTI) Commerce Minister Suresh Prabhu said Friday a committee has been set up to identify unnecessary and unproductive regulations that can be scrapped to push economic activities. Also Read - Coronavirus in India: Another COVID-19 Patient Dies in Maharashtra, Death Toll in State Rises to 21 | Highlights

The minister also said that although India has made significant progress in ease of doing business but it still has a long way to go. Also Read - India to be Under Lockdown For 21 Days, Confirmed COVID-19 Cases Spike to 536

There is a need for scrapping unnecessary and unproductive regulations which are coming in the way of India’s capacity to become a USD 10 trillion economy, he said while addressing the annual session of PHD Chambers here. Also Read - COVID-19 LIVE: Next 3-4 Weeks Are Crucial, PM Modi Tells State CMs | Top Developments

“A standing committee, chaired by the secretary in the department of industrial policy and promotion (DIPP), has been set up to identify regulations that may be scrapped,” he said.

The minister urged the industry chambers to identify such regulations at the earliest.

Talking about promoting startups, he said venture capitals (VCs) should invest more in startups as they give maximum returns on investments.

He said the government is taking several steps to remove bottlenecks for the growth of budding entrepreneurs in the country.

“Startups can give maxmium returns on investments because the growth will be higher because they start from from a low base. Therefore, it has huge potential to grow and therefore VCs will be benefited,” he added.

The minister said they would organise a meeting of regulators, startups and VCs in Goa in November to discuss issues of entrepreneurs.

“We are trying to find out all the impediments to promote startups,” he added.

On January 2016, Prime Minister Narendra Modi unveiled a slew of incentives to boost start-up businesses, offering them a tax holiday, inspector raj-free regime and capital gains tax exemption as part of the start-up action plan.

This is published unedited from the PTI feed.