Partnership between India and Indian diaspora all over the world to truly help us fast-track India’s journey to being a developed nation: Shri Piyush Goyal

SETU launched in Palo Alto to help mentor and support start-ups in tier 2 and 3 cities and remote areas: Shri Piyush Goyal

Synergy between investment and trade promotion bodies to make significant difference in India’s outreach: Shri Piyush Goyal

Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal today said that the partnership between India and Indian diaspora all over the world will truly help us fast-track India’s journey to being a developed nation. He was interacting with media in Los Angeles today, the last day of his visit to the US.

Speaking of the interactions he had in the US with business persons and investors from the Indian community, the Minister said that they had shared their experiences and given a lot of suggestions which served as food for thought. Shri Goyal expressed confidence that they would be stakeholders in India’s growth story with a sense of duty in giving back to their motherland. Members of the diaspora are generally very successful in their chosen profession. Each one of them have made a mark in the society and economy of the United States, he said.

Responding to a query, the Minister said that there were a number of suggestions relating to some role that the government could play in connecting ideas and entrepreneurs from US to stakeholders in India. The Minister explained that India already had two initiatives, Invest India which handholds investors from around the world and a very vibrant Start Up India team which supports start-ups in India, helping them connect with investors in India and abroad and setting up incubators, accelerators, training and skilling facilities.

Referring to the proposed restructuring of the Department of Commerce, Shri Goyal said that the setting up of a trade promotion body akin to Invest India with some flavours of independence and autonomy was being mulled over. It would serve as a facilitation unit which would promote trade from India, he said and added that together, these investment promotion and trade facilitation bodies would make a significant difference in the outreach India has been trying to do.

Pointing out that the start-up initiative he had launched in Palo Alto-SETU held tremendous potential, the Minister expressed confidence that once the idea gathered steam across sectors, it will definitely help us mentor and support start-ups even in tier 2 and 3 cities and remote areas. We have many young people with bright ideas on ways to make life easier for common man. I am sure this SETU will help them by connecting entrepreneurs and ideas with investors, he said.

Earlier in the day, he has visited Shree Swaminarayan temple in Los Angeles and interacted with the business community of southern California.

The Minister concluded his US visit with a meeting with Venture Capitalists and representatives of Singularity University in San Francisco.

“Highlighted how digitisation is powering India’s growth. Pitched for India story & invited them to become partners in this transformative journey”, he tweeted.

 

Concluded my US visit with a meeting with Venture Capitalists & representatives of Singularity University.

Highlighted how digitisation is powering India’s growth. Pitched for India story & invited them to become partners in this transformative journey. pic.twitter.com/ldXt1u8HLa

- Piyush Goyal (@PiyushGoyal) September 11, 2022

Diaspora engagement mobilises expertise and investment to link entrepreneurs with investors and boost start up and trade support. Partnership with the global Indian diaspora is presented as a mechanism to mobilise expertise, investment and mentorship for domestic entrepreneurs, supported by existing platforms Invest India and Start Up India and a proposed independent trade promotion facilitation unit. The SETU pilot in Palo Alto is described as a model to provide incubation, accelerators, training and skilling to tier 2 and 3 cities and remote areas by linking entrepreneurs and ideas with investors, emphasising synergy between investment promotion, trade facilitation and digitisation.