Condemning the regulations formulated by the previous governments, which were major hindrances to young and emerging entrepreneurs, the Minister of State for Commerce and Industry, Nirmala Seetharaman said that the current regime at the centre will act more as a facilitator rather a regulator.

Addressing a session on Start Up India, an initiative incubated by the state government to support new entrepreneurial ideas in the country, she said that the main agenda of the central government is to clear the regulatory framework and provide more suitable and favourable environment to encourage entrepreneurs to take up creative and problem-solving ideas.

“The central government believes in its citizens and we will no more regulate and keep on inspecting. The Centre has also advised the state government in this regard and it is good to see that all the governments are cooperating,” she said.

Claiming that the country’s strength has always been small savings by the private sector, which has been a silent contributor to the nation’s economy in times of financial trouble, Seetharaman said that India always had a favourable ecosystem for business startups and the central government has started the initiative to encourage the environment.

“The government is flexible in dealing with the issues faced by the entrepreneurs. The government wants the startups to be triggered by the troubles faced and the restless questioning capacity of the citizens,” added the minister.

Expressing disappointment over the low turnouts of women entrepreneurs (only 8 percent of total persons registered are women), Seetharaman said that women are not coming forward despite the immense potential. “The central government is providing ample funds for the womenfolk to start new business ventures. There is good incubating facility here. Women should come forward,” she added.

The minister earlier said that Coimbatore is a pulsating industrial town which has been supporting entrepreneurs for many years.

Explaining the Start Up India campaign, Shailendra Singh, Joint Secretary and CVO of the Department of Industrial Policy and Promotion under the Ministry of State for Commerce and Industry, said that the initiative is of five phases. “The entrepreneurs will first have to register in the website; and concentrate on the idea alone and not the regulations as there will be none. They have an easy exit in case of failures. They will be given tax and incentives. And, the idea will be incubated and mentored by experts,” he added.

More than 1500 students had registered for the campaign in Coimbatore. 25 stalls were put up by emerging entrepreneurs and banks that provide loans. BJP State President Tamilisai Sounderarajan, the party spokesperson Vanathi Srinivasan, and industrial heads from the city participated in the event.