Don’t rest on your laurels: Commerce Minister Goyal to start-ups

K.R. Srivats | Updated on: Mar 09, 2022
Commerce Minister Piyush Goyal

Commerce Minister Piyush Goyal

Asks Venture Capital industry to come up with ideas on how to further reduce compliance burden

Commerce and Industry Minister Piyush Goyal on Wednesday asked venture investors and capital providers to focus on a four point action plan in the coming days to help further expand the country’s startup ecosystem. 

Four point plan

Addressing the IVCA Conclave 2022, Goyal said in his virtual address that the four action points would be fostering innovation and future technologies, facilitating mobilisation of domestic capital, fast-tracking self reliance and Aatma Nirbhar Bharat, and focussing on supporting start-ups in remote areas of tier 2-4 cities. 

These four point action plan, if followed well, could serve the country well in days to come, Goyal said. 

He also urged the start-ups in the country to not rest on their laurels and look at making greater strides during the next 25 years of Amrit Kaal.

Goyal asked the venture capital industry to come up with suggestions on how the government can further reduce their compliance burden. 

“My appeal to you is to help us in understanding your practical day-to-day problems. It should not deter us from taking bold decisions. Please tell us what is the regulatory overreach that we can unburden you from,” Goyal added. 

Goyal said that he sees startups as the DNA of the future of India and they could play a critical role in India achieving export turnover of $1 trillion in the next few years. 

Published on March 09, 2022
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