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IVCA Conclave: Goyal urges venture capitalists to focus on tier cities, towns

Union Minister of Commerce and Industry Piyush Goyal at a press conference. (ANI)Premium
Union Minister of Commerce and Industry Piyush Goyal at a press conference. (ANI)

  • Piyush Goyal said the Venture capitalists have played a pivotal role in India’s Startup story and economic growth of the country.
  • The minister says, these capitalists have been driving innovation and bringing new ideas to the fore that is legendary.

In the Indian Venture and Alternate Capital Association’s (IVCA) Conclave on Wednesday, Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Piyush Goyal said the Venture capitalists have played a pivotal role in India’s Startup story and economic growth of the country.

He points out that these capitalists 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," Goyal said in his Keynote Address delivered through video conference.

According to Goyal, IVCA can act as a Golden bridge between the Government, Startups, market and consumers and promote innovation.

He said, “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."

While urging venture capital funds to reach out to the Tier 3&4 towns, Goyal stated that the Startup Advisory Council recognizes there is a large pool of talent in the interiors of India. Adding, he said, "Domestic capital can play a huge role in the next wave of innovation."

Goyal said, "we are on the cusp of reaching the $400 bn merchandise exports mark."

Goyal asked the investors & capital providers to focus on 4Fs - a) Fostering Innovation & Future Technologies; b) Facilitate mobilization of domestic capital; c) Fast-tracking self-reliance: An AatmaNirbhar Bharat; d)Focus on Tier 2, Tier 3 & Tier 4 cities and towns.

The minister wishes that Startups contribute significantly as the country moves toward a trillion dollars of Goods and Services exports each.

Concluding, 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.

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