Union Minister of Commerce and Industry Piyush Goyal on Wednesday said the venture capitalists have played a pivotal role in India's startup story and the economic growth of the country. Addressing the Indian Venture and Alternate Capital Association's (IVCA) Conclave, he said they have been driving innovation and bringing new ideas to the fore.
"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," Goyal said in his keynote address delivered through video conference. "This will be a decade where technology and innovation will drive the future of the Indian economy, whether it is UPI or CoWin. Today we are showing to the whole world what Indian capabilities are and how we can leverage digital platforms from the mass transformation of the lives of a billion-plus people," he added.
The Union Minister also said the IVCA can act as a Golden bridge between the government, startups, market and consumers and promote innovation. "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," he said.
Urging venture capital funds to reach out to the Tier three and four towns, Goyal said the Startup Advisory Council recognises there is a large pool of talent in the interiors of India. Domestic capital can play a huge role in the next wave of innovation, he said. "Atal Tinkering Labs are a good example. The whole ecosystem is going to grow by leaps and bounds. Soon ideas will choose what funds to take. Many good ideas have been taken over by small ticket cheques for lack of alternatives. We must seriously look at some kind of instruments and a little more compassion towards these ideas," he said.
Goyal said we are on the cusp of reaching the $400 billion merchandise exports mark. "I wish our Startups contribute significantly as we move towards a trillion dollars of Goods and Services exports each," he said.
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.
(With ANI inputs)
