Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal today said the Venture capitalists have played a pivotal role in India’s Startup story and in economic growth of the country. Addressing the Indian Venture and Alternate Capital Association’s (IVCA) Conclave, he said they have been driving innovation and bringing new ideas to the fore that is legendary.
“Venture capitalists and Angel investors have a very important role to play in the Startup ecosystem. I remember the Prime Minister had once said that the current decade is going to be the ‘Tech-ade’ of India. And this will be a decade where technology & innovation will drive the future of Indian economy, whether it is UPI or Covin. Today we are showing to the whole world what Indian capabilities are and how we can leverage digital platforms from mass transformation of the lives of a billion plus people,” said Shri Goyal, in his Keynote Address delivered through video conference.
Shri Goyal said the IVCA can act as a Golden bridge between the Government, Startups, market and consumers and promote innovation.
“India has carved a distinct niche for itself in the Startup map of the world. We have over 60,000 Startups and I see it as the DNA of the future of India,” he said.
Urging venture capital funds to reach out to the Tier 3&4 towns, Shri Goyal said the Startup Advisory Council recognises there is a large pool of talent in the interiors of India. Domestic capital can play a huge role in the next wave of innovation, he said.
“Atal Tinkering Labs are a good example. The whole ecosystem is going to grow by leaps and bounds. Soon ideas will choose what funds to take. Many good ideas have been taken over by small ticket cheques for lack of alternatives. We must seriously look at some kind of instruments and a little more compassion towards these ideas,” he said.
Shri Goyal urged the investors & capital providers to focus on 4Fs:
- Fostering Innovation & Future Technologies
- Facilitate mobilisation of domestic capital
- Fast tracking self-reliance: An AatmaNirbhar Bharat
- Focus on Tier 2, Tier 3 & Tier 4 cities and towns
Shri Goyal said we are on the cusp of reaching the $400 bn merchandise exports mark.
“I wish our Startups contribute significantly as we move towards a trillion dollars of Goods and Services exports each,” he said.
Shri Goyal said the Startups will play a defining role in the Amritkaal i.e next 25 years, when India completes 100 years of its Independence.