In a big push to attract global capital for promoting innovations in India, government is going to organise a mega venture capital summit for Indian start-ups in Goa tomorrow.
In a big push to attract global capital for promoting innovations in India, the government is going to organise a mega venture capital summit for Indian start-ups in Goa tomorrow. The summit is aimed at mobilizing global capital for innovation in India and will showcase opportunities available for global investors in Indian start-ups.
The summit is being jointly organised by department of industrial policy and promotion (DIPP) under the ministry of commerce and industries and Goa government.
The government hopes to attract more global capital for Prime Minister Narendra Modi’s flagship programmes – Start-up India and Stand up India through this summit.
Prime Minister Modi has officially launched Start-Up India mission in January 2016 to promote entrepreneurship and innovation in the country.
Job creation potential of Start-Ups
In a statement, the government said: “India has the world’s third-largest start-up base with more than 14,000 recognized start-ups. More than 8,200 start-ups were recognized by DIPP in 2018 alone.”
The government said more than 89,000 new jobs have been created this year in the start-up sector, taking the total number of job created through recognized start-ups to 1,41,775.
It said the focus of the summit will be on the huge return-generating potential of India’s vast and diverse market monetized through cutting-edge technologies and supported by investor-friendly regulations.
Substantial increase in Ease of Doing Business:
Talking about the improvement in India’s global ranking in terms of ease of doing business, the government said that the key objectives of the summit will be to showcase the India opportunity, increase capital flow for Indian start-ups and further promote ease of doing business.
India has jumped 65 points in the ease of doing business ranking released by the World Bank in last four years of Modi government.
The event will enable a dialogue between Government and experienced Venture Capital fund managers on ways to further promote the start-up ecosystem in India.
Global investors to attend the summit:
Government is expecting the participation of around 100 funds from countries like the United States of America, China,Japan, Hong Kong and Singapore, and more than 150 participants are expected to attend the summit.
The summit will bring together government officials, domestic and international startups, global fund managers and India’s vibrant entrepreneurial community on one platform.
In a statement, the government said that the state government of Goa is focused on building a vibrant start-up ecosystem in the state as it aims to make the state, one of the most preferred start-up destinations in the country so that the coastal state can be featured in top 25 start-up destinations in Asia by 2025.