Prime Minister Narendra Modi on Friday interacted with representatives of Venture Capital and Private Equity Funds to get their suggestions for forthcoming Union Budget.

According to statement issued by the Prime Minister office, Modi sought suggestions towards improving ease of doing business in India, attracting more capital and furthering the reform process in the country. He appreciated the practical suggestions received from the representatives and said the government is committed towards working to resolve the issues and challenges highlighted.

The meeting was attended by Finance Minister Nirmala Sitharaman and along with senior government officials.

“He discussed the efforts undertaken by the government to bring in more reforms, future potential of initiatives like PM GatiShakti, and steps taken to reduce the unnecessary compliance burden. He also mentioned the innovation happening in India at the grassroot level and the boost to the startup ecosystem,” the statement said.

The Venture Capital and Private Equity Fund representatives talked about the entrepreneurial potential of the country, and how it can be leveraged so that our start-ups can attain global scale. Prashant Prakash (Accel) highlighted the opportunities that are present in the Agri start-ups. Rajan Anandan (Sequoia) suggested working towards making India the global hub in education by leveraging technology.

Shantanu Nalavadi (India Resurgent) praised the reforms undertaken by the country in the last 7 years especially the step to set up the Insolvency and Bankruptcy Code (IBC). Amit Dalmia (Blackstone) said that India is among the best performing geographies for the Blackstone (funds) globally. Vipul Roongta (HDFC) praised the policy initiatives that have been taken by the government, in the Housing sector especially in the Affordable housing segment.

The representatives also discussed the opportunities that are emerging because of India's exemplary climate commitments including the ones in the sphere of energy transitions. They also gave inputs about areas like FinTech and Financial Management, Software as a Service (Saas) etc. They also praised the Prime Minister’s vision of making India a 5 trillion economy.

These representatives hailed the Prime Minister for his leadership which has been a prime driving force behind the massive boost to the investment climate in the country. Praising the initiatives taken to boost the startup ecosystem in the country, Siddarth Pai (3 One4) termed the Prime Minister as the ‘Startup Prime Minister’.

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