Startups are new engines of growth : Suresh Prabhu

Startups are new engines of growth : Suresh Prabhu

Agency News

Panaji, Dec 7: Union Minister for Commerce and Industry and Civil Aviation Suresh Prabhu on Friday said that startups were the new engines of growth for India as they would not only create real jobs but also would be socially and economically beneficial.

Delivering his keynote address at Startup India Global Venture Capital Summit organised at a resort near the city, he said startups would emerge as the new area of investment interest for investors around the world.

Mr Prabhu declared Goa as the permanent venue for the Annual Global Venture Capital Summit. The Summit will take place in Goa on the first Friday of December every year.

Rohan Khaunte, Minister for Information and Technology, Government of Goa, Dharmendra Sharma, Chief Secretary, Government of Goa, Ramesh Abhishek, Secretary, Department of Industrial Policy and Promotion, Ministry of Commerce, were present on the occasion.

Mr Suresh Prabhu said,' Goa is the right place for a summit like this. The idea of the summit is to discuss and deliberate on the opportunities in India for Startups. It is a new experience and we all will learn from this. India is a top investment destination in the world. Today we have 20 states having their Startup policy, of which 16 did after the Startup India initiative. Indian Startup industry will reach 10 trillion dollars by 2035.'

'Infrastructure is the area where India is growing fast. So, there are lots of opportunities for investors, he added.

He said,'India is one country where almost everyone is an entrepreneur where 600 million farmers and retailers take enormous risk, India is one country where phenomenal double digit growth is guaranteed due to the conducive startup avenues, fragmented Indian agricultural holdings provides great opportunity for Startups to bridge the productivity gap.'

Rohan Khaunte, Minister for Information Technology, in his address said Goa was truly honoured to host the Startup India Summit.

'It will feature opportunities to attract global capital to India. Our vision for Goa is to make a top Startup and IT destination in Asia by 2025. There is a massive thrust on facilitating entrepreneurship and enterprise to nurture growth, and create value and jobs,' he said.

Ramesh Abhishek, Secretary, DIPP, in his address said the improvement in Ease of Doing Business rankings had been possible because of the transformative measures taken by the government, including many legislative and regulatory changes.

In a first of its kind Summit, government had tried to bring together all ecosystem players on one platform. The Department of Industrial Policy and Promotion (DIPP) in the Ministry of Commerce and Industry and the Government of Goa, hosted the annual Startup India Venture Capital Summit to facilitate an open dialogue with stakeholders from India and abroad for a more robust entrepreneurial ecosystem. (UNI)