New Delhi (NVI): Startups are going to be the backbone of the new India and the ecosystem of startups in the country is encouraging innovation, promoting and strengthening new young entrepreneurs, businesses with new ideas and ways of doing business, Union minister of commerce and industry Piyush Goyal today said.
Addressing the session, The Building Blocks of the New India, during FICCI’s 93rd Annual General Meeting, Piyush Goyal urged the Indian industry to support startups by providing financial support, handholding, opportunities and mentorship so that they can grow without resorting to dilution of their stakes to foreign companies at very low valuations at the initial stage itself.
On India’s goal of becoming self-reliant, Goyal said, “The scale of manufacturing, coupled with quality and productivity, can truly make India competitive in several sectors and help move towards an Aatmanirbhar Bharat which is going to be an important building block of the New India.”
He said that the government will identify areas where India has competitive and comparative advantages, which sectors can become global players and contribute to global trade in a bigger way.
On manufacturing, the commerce minister said that the government has identified 24 champion sectors that will add Rs 200 lakh crore in the next 10 years to the nation’s manufacturing GDP and provide millions of jobs, besides creating the size and scale of manufacturing. Initiatives are being led by industry and sectoral leaders are leading the initiatives and are being encouraged to come up with actionable agenda.
“We are trying to create the first genuine single window in terms of compliances and ease of approval process. We are making every effort towards this effect,” he added.
Furthermore, the government is working on the 3-I principles for nation-building; Inspire, Initiate and Innovate, Piyush Goyal said.
-CHK
