‘Af­ter VCs, We Want Global Funds to In­vest in Star­tups’

In­dia is an ex­cit­ing mar­ket, adds Prabhu at ven­ture cap­i­tal sum­mit

The Economic Times - - Companies: Pursuit Of Profit - Kir­tika.Suneja @times­group.com

Panaji: Com­merce and in­dus­try min­is­ter Suresh Prabhu on Fri­day said the gov­ern­ment is keen to get sov­er­eign wealth funds and pen­sion funds to in­vest in In­dian star­tups. “Af­ter ven­ture cap­i­tal, we want to bring sov­er­eign wealth funds, pen­sion funds and funds with deeper pock­ets to join us,” Prabhu said at the first Global Ven­ture Cap­i­tal Sum­mit here.

The min­is­ter said star­tups are the real new job cre­ators of the world and new en­gine of growth for In­dia. “There is no mar­ket, which is ex­cit­ing as In­dia... the worst is over and best is yet to come,” he said.

In­dia has the world’s third­largest startup base with 14,497 recog­nised star­tups of which 27% are in tier-2 cities and 18% in tier-3 cities.

The De­part­ment of In­dus­trial Pol­icy and Pro­mo­tion (DIPP) has in­vited about 100 funds from the US, China, Japan, Hong Kong and Sin­ga­pore for the sum­mit to at­tract for­eign fund­ing into In­dian star­tups and pro­mote ease of do­ing busi­ness. The Cen­tre has al­ready pumped in ₹ 880 crore in 170 star­tups un­der the Fund of Funds. Around 8,200 star­tups were recog­nised by DIPP in 2018 alone, lead­ing to the cre­ation of more than 89,000 new jobs this year, tak­ing the to­tal job cre­ation con­tri­bu­tion of recog­nised star­tups to 1.4 lakh.

“We have granted 41 patents to star­tups in the last two years to pro­mote in­no­va­tion,” DIPP sec­re­tary Ramesh Ab­hishek said. Ab­hishek added that the gov­ern­ment has made 21 reg­u­la­tory changes for star­tups and there is need to do more.

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