Startup20 Summit: Government to Strengthen Ecosystem
The Commerce and Industry Minister, Piyush Goyal, addressed the Startup20 summit in Gurugram on Tuesday and emphasized that the government’s role is to facilitate and strengthen the startup ecosystem, rather than regulate it. He stated that self-regulation by the ecosystem’s stakeholders is crucial, and the government will act as a facilitator to support the growth of startups.
Goyal highlighted the collective promise of the participating countries not to impede the work of startups, urging the message to spread globally. He emphasized that the government should stay out of the startup ecosystem and avoid unnecessary regulation or micro-management. Instead, the government’s role is to provide initial support and funding for budding entrepreneurs.
India, he added, presents a unique opportunity for startups with its skilled talent pool, affordability, growing startup culture, and aspirational population. Goyal invited startups from around the world to explore the vast opportunities available in India. The Startup20 Shikhar Summit, organized by the Startup20 Engagement Group as part of the India G20 Presidency, commenced on Monday in Gurugram.
(With inputs from PTI)
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
