The Busy Brains
8 Jul 2023
Government Commits to Supporting Startup Ecosystem Without Excessive Regulation
Commerce and Industry Minister Piyush Goyal affirmed that the government's primary role is to facilitate the growth of the startup ecosystem rather than impose excessive regulations. Speaking at the Startup20 summit, Goyal highlighted the joint commitment of the participating nations to foster an environment conducive to startup development.
Goyal emphasized that the government should not interfere with or micro-manage the startups' progress. Instead, its role should focus on providing initial support and early-stage financing to aspiring entrepreneurs. The minister assured that the government would not transition into an administrative or regulatory body for the sector.
India, according to Goyal, offers a unique opportunity for startups worldwide. The country boasts skilled talent, affordability, a thriving startup culture, and a population driven by aspirations. Goyal extended an invitation to startups across the globe, encouraging them to explore the vast opportunities available in India.
The Startup20 Shikhar Summit, organized by the Startup20 Engagement Group under the India G20 Presidency, commenced on Monday, providing a platform for collaborative discussions and knowledge-sharing among startups.