New Delhi, Aug 2 (KNN) India's biggest coffee chain, Cafe Coffee Day’s (CCD) founder VG Siddhartha's tragic death has come as a shocker for entire business community in India. Though it is too early to pinpoint the exact cause that led him take his own life but the letter that the businessman had sent to CCD's board of directors and employees has raised a big question over how easy is it to do business in India?

“I have failed as an entrepreneur”, VG Siddhartha said in the letter supposed to be written by him.

Commenting on this, Secretary General of Federation of Indian Micro and Small & Medium Enterprises (FISME), Anil Bhardwaj said “Most of our economic laws have criminal provisions for non-compliance. The power in the hands of officials to inflict collateral damage to businesses and the entrepreneurs is immense. Many a times they do exercise that power at whims. Further, a tardy and expensive judicial system can make life really tough for businessmen.”

FISME has been demanding that all economic laws- old and new, must be subjected to rigorous Regulatory Impact Assessment, he mentioned.

The Confederation of All India Traders (CAIT) said, “Death of VG Siddhartha in abnormal condition is an alarming bell for economy and entrepreneurship in India. Despite all attempts of the Government to provide every assistance to startups and entrepreneurs, it looks the benefit is not penetrating down the line.”

In order to encourage and keep alive entrepreneurship which is crucial for economy, the Government must draw a scheme for handholding of entrepreneurs, said CAIT.

“Earlier it was farmers and now entrepreneurs and tomorrow may be some other section, it’s a dangerous trend and needs to be stopped here,” it added.

Speaking with KNN India, Managing Director of Federation of Kutch Industries Association (FOKIA), Nimish Phadke said “For sure the ecosystem is not conducive for the entrepreneurs and we need to think afresh to make it better.”

Commenting on ease of doing business, former president of FISME VK Aggarwal said, “The entrepreneurs whose customers are government & government departments have no chance of accessing the senior people to tell them their problem and get a solution.”

Business is carried out between 2 or more entities and when one entity is not ready to talk, then how can there be ease of doing business, he pointed.

He stated “Speed with which file moves in government department because of ulterior motives is harmful for both government and entrepreneur.”

Condoling the demise of Siddhartha, Congress leader Shashi Tharoor tweeted “His death reflected a worrying trend. ‘Ease of Doing Business’ under BJP translates into ‘Ease of Ending Business’.

Karnataka Congress had on July 30 said in a tweet, “VG Siddharth case is very unfortunate. Result of harassment by IT officials & decline of India’s entrepreneurial position turning virulent by the day, with Tax Terror & collapse of economy.” (KNN/ YV)