Goyal exhorts Indian investors to eye BIMSTEC nations to foster larger ecosystem for startups
The minister informed that over 41,000 startups have registered with the Department for Promotion of Industry and Internal Trade under the Commerce and Industry Ministry.
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Union minister Piyush Goyal on Friday exhorted Indian investors to eye the
BIMSTEC nations for greater engagement through investments, mentoring and support to foster the larger ecosystem for startups in the region.
He expressed confidence that India along with all the BIMSTEC nations will certainly experience unprecedented growth in the post Covid pandemic world and start a golden era of development.
Prime Minister Narendra Modi on Saturday launched a Rs 1,000 crore startup seed fund at ‘Prarambh: Startup India International Summit.’ This fund would help to launch and grow new-age ventures. PM Modi said this fund is one of the initiatives that the country has started so that startups don’t face any capital crunch. Startups are already being helped to raise equity capital through the Fund of Funds scheme. Further, the government will also help startups raise debt capital through guarantees. “India is trying to create a startup ecosystem which is based on the mantra of the youth, by the youth, for the youth , said Modi. “For the next five years, we have a mission that our startups, unicorns emerge as global giants and lead in futuristic technologies.”
PM Modi launches Rs 1,000 crore Startup India Seed Fund ANI | Updated: Jan 16, 2021 20:10 IST
New Delhi [India], January 16 (ANI): Asserting that India is one of the biggest startup ecosystems in the world, Prime Minister Narendra Modi on Saturday launched a Rs 1,000 crore Startup India Seed Fund to help new startups in the country.
PM Modi made the announcement about the fund Prarambh: Startup India International Summit organised by Commerce Ministry.
The two-day summit, which saw participation from BIMSTEC countries, concluded on Saturday.
Addressing the event through video conferencing, Prime Minister Modi said several steps have been taken so that startups do not face problems relating to finance.
BIMSTEC and Sri Lanka so far
Sri Lanka is a founding member of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). Since its inception in 1997, Sri Lanka has been an active member in the multilateral forum. The island nation held the chairmanship for the first time from 2002-2003, during which Colombo promoted the political commitment of member states to intensify sub-regional co-operation. As of 2016, Colombo’s trade with BIMSTEC members accounted for only 17.4 percent out of the total trade in goods. Its imports from BIMSTEC were only 23 percent of its total imports and Sri Lanka’s exports to BIMSTEC members were only 7 percent. Moreover, India accounted for more than 70 percent of Sri Lanka’s trade with BIMSTEC. Parallel to BIMSTEC’s slow progress, Sri Lanka’s co-operation with the BIMSTEC members grew at a snail’s space.