How is India planning to further boost its already booming start up scene? Well, such a headline can only infuse positivity especially in the COVID-19 age where there’s this irrepressible chatter around fledgling economic growth and constant downward spirals in businesses sales and profit figures. Don’t you think?
After all, quite like the great Jackie De Shannon song “What The World Needs Now is Love,” it may not be entirely incorrect to conjecture that what the world needs now is an upward tick.
But interestingly, where the financial health and start up culture of the country stands then it can be said that probably 2021 has begun with a bang.
Now just how is that, you might ask?
Well, where the last few hours stand, then India’s Department for Promotion of Industry and International Trade, also known as DPIIT, which falls under the Ministry of Commerce and Industry has taken a fine initiative toward upping the enthusiasm where India’s start up ecosystem stands.
So what exactly happened and what is making such fine news?
The DPIIT, it is confirmed, had a roundtable meeting with several global funds, as part of the Startup India International Summit, of 2021.
The great step in the right direction, as how one would quote it, was part of an initiative called “Prarambh,” which means beginning.
Now what’s interesting is the sheer versatility and exuberance of the global funds that India was able to interact with, in its bid to steer the burgeoning start up enterprise.
Financial Express, in a detailed report on the said subject shared the following:
The saw participation of around 70 venture capital (VC) fund investors from the United States, Japan, Korea, Singapore, and some global funds domiciled in India. These funds have a total AUM to the north of $41 billion in the Indian region and Global AUM of more than $143 billion.
The meeting was chaired by Union Minister Piyush Goyal, Minister of Commerce and Industry, and attended by DPIIT officials, major Indian regulators, policymakers, along with Global VC funds. The aim of this meeting was to listen to the concerns of Funds, share a progress report of the current Indian startup-VC ecosystem, and discuss ways ahead for Investing in India with an aim to mobilise Global Capital in Indian Innovations and promoting ease of doing business for global venture funds.
All of that being said, such developments are key catalysts, you could say, toward further boosting the start up ecosystem, a culture that feeds on innovation and the drive to expand one’s horizons.
It could be said quite early into the year, this was just the kind of step one needed in the right direction, right mother India?