Union Commerce and Industry Minister Piyush Goyal called upon global venture capital funds to focus more on startups from tier 2 and 3 cities in India.
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, 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.
"The Government has already taken a number of steps to support the Startups and would do so in the future also," Goyal said.
"It was pointed out in the meeting that India is home to over 61,000 recognised startups spread across 55 industries, with 45 per cent of them emerging from Tier 2 and 3 cities," the Ministry of Commerce and Industry said.
The roundtable was held through video conference as part of the Startup India Innovation Week and over 75 venture capital fund investors from across the United States, Japan, Korea, Singapore, and some Global Funds domiciled in India participated in the deliberations.
(With inputs from ANI)
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