Insolvency Code to make start, exit easy for start-ups: Nirmala

Insolvency and Bankruptcy Code will make it easy for a budding entrepreneur to start or exit from the startup business, Commerce and Industry Minister Nirmala Sitharaman said on Thursday. The minister said the effort of the government is to “encourage startups” as they are the ones creating jobs.

“Insolvency and Bankruptcy Code, which is being planned, is going to make it easy to start-up as much as to get out of startups because if you are not doing well there shouldn’t be a taboo, there should not be a hitch. They should be able to get out faster,” she said here at the India Today Conclave. She said the government has announced a comprehensive action plan for startups that includes tax holidays.