Panaji, December 07, 2018

Startups are the new engines of growth for India. They will create real jobs and will also be socially and economically beneficial for the country stated Union Minister of Commerce & Industry & Civil Aviation in Panaji today. He was speaking at the inaugural function of the annual venture capital summit.

He further said that startups will emerge as the new area of investment interest for investors from around the world. Suresh 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. Shri Rohan Khaunte, Minister for Information and Technology, Government of Goa, Shri Dharmendra Sharma, Chief Secretary, Government of Goa, Shri Ramesh Abhishek, Secretary, Department of Industrial Policy and Promotion, Ministry of Commerce were present on this occasion. 

The Commerce Minister further said that India is a top investment destination in the world today. Twenty states have their Startup policy. Suresh Prabhu stated that infrastructure is the sector where India is developing at a faster rate and this is creating lots of opportunities for investors.

He further remarked that India is one country where almost every citizen is an entrepreneur and where 600 million farmers and retailers take enormous risks. The fragmented Indian agricultural holdings provides great opportunity for startups to bridge the productivity gap by providing solutions using cutting edge technology like AI and drones.

Shri Rohan Khaunte, Minister for Information Technology in his address said that, Goa is truly honoured to host the Startup India Summit. This will create opportunities to attract global capital to India and Goa. Our vision for Goa is to make the State 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.

Shri Ramesh Abhishek, Secretary, DIPP in his address said that, the improvement in Ease of Doing Business rankings have been possible because of the transformative measures taken by the Government of India, including many legislative and regulatory changes. In a first of its kind with this Summit, the Government of India & Goa government is trying to bring together all players of the startup ecosystem on one platform. Ease of Doing Business(EoDB) reforms, ranking of states on EoDB, district level EoDB ranking, regulatory reforms to support startups and lower tax rates for MSMEs, quicker environmental clearances from 600 days to 140 days, abolition of inter-state check-posts after GST, enhanced input tax credits and electronic GST network, creation of commercial courts to fast track enforcement of contracts and faster security clearances lends support to the startups in the country.

India has improved its rank in BRICS countries from 5th in 2010 to 3rd. In issuance of construction permits India ranks 52, in getting electricity connection India ranks at 24, India ranks at 84 in Trading Across Borders, In paying taxes India ranks at 121, Resolving Insolvency ranks at 108. 

Twenty one Regulatory changes have been made For Ease of Regulation for Startups . Till date 14,497 Startups are recognized with the Government of India. 

 

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.

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ST/VK 

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