Shri Piyush Goyal says Private Equity & Venture Capitalist are our partners in the Journey of New India towards a New Horizon;

Calls upon all investors to stick to the spirit of the law;
Says domestic investors can penetrate much deeper into the hinterland where innovations are waiting to be tapped

Minister of Commerce and Industry, Railways and Consumer Affairs and Food & Public Distribution, Shri Piyush Goyal  said that New India is moving with a New Energy towards a bright future, and Private Equity & Venture Capitalists are our partners in this New Journey towards a New Horizon. Speaking at the Indian Private Equity and Venture Capital Association Annual Conclave 2021, he said that we are happy to work in the true spirit of partnership, so that investors, startups & venture capital funds enjoy working in India.

Stating that the Prime Minister talks about changing the mindset of the nation, "Soch badlo, Desh Badlo", Shri Goyal said that we can change the destiny of the nation if we change the mindset of our people. The Minister called upon all investors to stick to the spirit and ambit of the law & not try to find loopholes in the policies or laws. He said that despite our best efforts to provide predictable and stable policy environment, some of the investors have been trying to circumvent and misuse the provisions through ingenuity and innovations. He said that this leads to the government trying to plug the loophole, and bring in changes. Shri Goyal said that things will never go wrong if people follow the law honestly.

Shri Goyal said that International investors are important for Startup funding and are welcome in the country but having their own limitations. He said domestic investors can possibly penetrate much deeper into the hinterland and smaller towns & cities where there is a lot of innovation and potential waiting to be tapped. He said that domestic investors chasing good Startup ideas can even bring confidence and comfort level among the international investors.

Shri Goyal said that Prime Minister is very clear that it is the start-up ecosystem that has the strength, ability and agility to move things forward. He said that our Government is willing to strengthen the Startup ecosystem and are open to new ideas. He said that recognising the strength of our Startup ecosystem, the Government is giving Startups priority, giving them exemption in various taxes, and providing support through preferential procurement. He described our startups' success as our nation's success. “We have an open mind, and our doors are always open to fresh ideas & thinking. We are happy to work in the true spirit of partnership.”

Inviting the investors to take India’s ‘3D advantage’: Demand, Democracy & Demographic dividend, he said that collectively, we can do good for the largest set of people, who are aspiring for a better quality of life. “If you look at INDIA, the IN is our Innovation DI is our Disruption A stands for Asia. We are the innovators & disrupters in Asia and we can define the progress & prosperity for a large section of society. New India today is moving with more energy & excitement about the future. We can see before us a bright future, a billion people aspiring for a better quality of life and that is what provides opportunities to look at innovative solutions to the day to day problems”, he said.

Compliance with law urged: investors must follow legal spirit to avoid regulatory changes and support startup stability. Investors are urged to follow the spirit and ambit of the law, since attempts to circumvent provisions lead to regulatory changes; international investors remain welcome but domestic investors can better reach smaller towns to tap innovation. The Government will support startups through tax exemptions and preferential procurement, promoting regulatory stability and encouraging deeper domestic investment to strengthen the startup ecosystem.