Current Affair (14 January 2022) : Shri Piyush Goyal called upon Global Venture Capital Funds to focus on Startups from Tier 2 and 3 cities

Shri Piyush Goyal urges Global Venture Capital Funds to focus on Startups from Tier 2 and 3 cities.

• Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal has called upon the Global Venture Capital (VC) Funds to focus more on Startups from Tier 2 and 3 cities.

• Chairing 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, Shri Goyal invited the VCs 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 including risk capital.

• It was pointed out in the meeting that India is home to over 61,000 recognised Startups spread across 55 industries, with 45% of them emerging from Tier 2 and 3 cities and 45% of Startups having at least one Woman Director, a testimony of diversity, spread and inclusivity of the Indian Startup ecosystem.

Image Source : ANI                                        Union commerce and Industry Minister : Piyush Goyal

• It was also highlighted that specifically for Startup ecosystem, 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. DPIIT is organizing Startup India Innovation Week from 10th to 16th January 2022.

• The roundtable discussion covered topics like Building for the World from India, An Impact, SDG and Digital India Outlook, Regulatory updates for Global and Domestic Funds, India Opportunity - How policies have shaped up the Ecosystem and Way Forward and Vision for India @ 2047.

• The meeting was attended by Shri Anurag Jain, Secretary, DPIIT and major Indian regulators, policymakers, along with Global VC Funds.