Commerce minister exhorts Indian investors to support start-ups in BIMSTEC region

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January 16, 2021 1:15 AM

BIMSTEC or The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation is a grouping of seven countries in South Asia and South-East Asia.

I have been making an earnest appeal on several occasions to try and encourage Indian capital to expand their horizon to support start-ups in India particularly at an early stage.I have been making an earnest appeal on several occasions to try and encourage Indian capital to expand their horizon to support start-ups in India particularly at an early stage.

Commerce and industry minister Piyush Goyal on Friday called upon Indian investors to mentor and support start-ups within the BIMSTEC region.

“I have been making an earnest appeal on several occasions to try and encourage Indian capital to expand their horizon to support start-ups in India particularly at an early stage. Today, I would like to encourage Indian capital and Indian investors to look at the BIMSTEC region, to look at our neighbours and work towards greater engagement both through investments, mentoring and support to the larger ecosystem within the BIMSTEC region so that we can demonstrate to the world our joint and collective efforts and commitment to make the start-ups the pillar on which future economic development will rest and prosper,” Goyal said at the Prarambh Start-up India International Summit.

BIMSTEC or The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation is a grouping of seven countries in South Asia and South-East Asia.

Speaking at the same event, Hardeep Singh Puri, minister of state (MOS) for commerce and industry and minister of civil aviation, said India is keen on supporting start-ups operating in the domain of drones. The country has over 130 such start-ups. “Drones are being used today to monitor projects on a real-time basis. They are used not only for surveillance but also for delivering supplies during disaster management, delivery of medicines.”

Puri said Indian start-ups had come up with winning solutions during the pandemic while also highlighting the “mammoth funding” attracted by the ed-tech space.
Prime Minister Narendra Modi is slated to address the summit on Saturday.

More than 10 Indian start-ups across sectors ranging from beauty to payments turned unicorn in 2020 against nine in 2019. In fact, an estimated 65%-70% of the investors who had placed their bets on the sector in 2019 invested again in the previous year. The ed-tech space alone secured over $1.5 billion from investors.

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