Exports rise 39% to $38 bn in Dec; trade deficit widens to $21.68 bn: Govt
- IBEF
- January 17, 2022
Shri Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, has urged Global Venture Capital (VC) Funds to invest more in start-ups in Tier 2 and Tier 3 cities. Shri Goyal, who presided over the 4th Roundtable with Global Venture Capital Funds organised by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, invited the VCs to explore new sectors for investment, promote and protect intellectual property created by young Indian entrepreneurs, provide expertise to scale-up, and explore greater capital infusion, including risk capital. He noted that the government has already taken a lot of initiatives to support start-ups and will continue to do so in the future.
The discussion noted that India has over 61,000 recognised Start-ups spread across 55 industries, with 45% of them emerging from Tier 2 and 3 cities and 45% of Start-ups having at least one Woman Director, demonstrating the diversity, spread, and inclusion of the Indian Start-up ecosystem. It was also underlined that the government has implemented 49 regulatory reforms, expressly for the start-up ecosystem, to improve the ease of doing business, the ease of raising capital, and the reduction of compliance burden.
As part of Start-up India Innovation Week, the Roundtable was held through video conference. Over 75 VC fund investors from the United States, Japan, Korea, Singapore, and some Global Funds based in India took part in the discussion. In the Indian Region, these funds have a combined Assets Under Management (AUM) of more than US$ 30 billion. The Global VC funds presented a number of ideas that they believed could improve investor sentiment in the sector.
The goal of this roundtable was to offer a progress update on the existing Indian Start-up-VC Ecosystem, insights on impact investing, India's global view, and opportunities and interventions for VC investments in India in the future.
The roundtable conversation addressed subjects such as Building for the World from India, An Impact, SDG and Digital India Outlook, Regulatory updates for Global and Domestic Funds, India Opportunity - How Policies Shaped the Ecosystem and Way Forward, and Vision for India in 2047. The discussion also discussed the main regulatory concerns that need to be addressed with the Government of India.
Shri Anurag Jain, Secretary, DPIIT, as well as significant Indian regulators and policymakers, as well as Global VC Funds, attended the meeting.
From the 10th to the 16th of January 2022, DPIIT will host Start-up India Innovation Week. This virtual innovation event is intended to highlight the breadth and depth of entrepreneurship across India in the context of 'Azadi ka Amrit Mahotsav.' The programme brings together top policymakers, industry leaders, academia, investors, start-ups, and ecosystem enablers from across the world.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
