Commerce and industry minister Piyush Goyal on Thursday highlighted Prime Minister Narendra Modi’s Startup India Initiative and urged the Indian diaspora to expand its reach to the global markets
During his Luncheon Engagement in San Fransisco, said the Indian diaspora has an important role to play in this journey because they recognize talent, new ideas and innovation and finance them too.
Goyal, who is currently on a six-day visit to San Fransisco and Los Angeles, said when PM Modi launched the ‘Startup India Initiative’ in 2016, it was a recognition of the growing importance of innovation, young talent experimenting with new ideas, and coming up with new solutions.
He said that India has a vibrant startup ecosystem with many of the ideas being developed in the cozy comfort of a large domestic market. However, the startups may not have engaged with the rest of the world as much as they could. “We need to have more opportunities for the Indian startup ideas to reach out to the global market and Silicon Valley is the best place for an idea to go global.”
The minister added that the Government of India recognizes the need for international engagement and is playing the role of facilitator between Indian startups and investors based in the US.
“The Government of India is trying to look at every single opportunity to make a conducive business environment. The approach of the government is based on more proactive engagement with people on ground, bringing in greater degree of policy certainty & predictability and making regulatory processes more aligned to what is happening in developed economies,” he added.
Talking about the Amrit Kaal, Goyal said that it is going to be the defining period of India’s journey towards becoming a developed nation and take prosperity to every single person residing in India.
“Engagements like these lead to many new ideas and I am taking back quite a few from investors here that will help to further speed up deployment of capital encouraging new innovation in India,” he said while talking about the interactions with the Indian diaspora in the US. Indian diaspora has a unique positioning as the connection between India and abroad is strong.