Commerce and Industry Minister Piyush Goyal on Friday called upon the global venture capital funds to focus more on startups from tier 2 and 3 cities of the country and explore new sectors for investing.
Chairing a roundtable with global venture capital (VC) funds, the minister said the government has already taken a number of steps to support startups and would do so in the future also.
Goyal invited the VC funds to explore new sectors for investing, promote and protect the intellectual property created by the young Indian entrepreneurs, provide expertise to scale up and explore greater capital infusion.
India is home to over 61,000 recognised startups spread across 55 industries, with 45 per cent of them emerging from tier 2 and 3 cities.
For the startup ecosystem, as many as 49 regulatory reforms have been undertaken by the government to enhance ease of doing business, ease of raising capital and reduce compliance burden.
The roundtable was held through video conference as part of the Startup India Innovation Week.
Over 75 VC fund investors from countries like the US, Japan, Korea, and Singapore participated in the deliberations.
"These funds have a total Assets Under Management (AUM) of more than USD 30 billion in the Indian region," the commerce and industry ministry said.
A number of suggestions were made by them to further the investors' sentiment in the sector.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU