Private equity, venture capitalist partners in journey of New India towards New Horizon: Piyush Goyal

Union Minister Piyush Goyal on Wednesday said New India is moving with a New Energy towards a bright future, and Private Equity and 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, start-ups, and venture capital funds enjoy working in India.

According to an official release, stating that the Prime Minister talks about changing the mindset of the nation, "Soch Badlo, Desh Badlo", 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 and not try to find loopholes in the policies or laws. He said that despite our best efforts to provide a 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. Goyal said that things will never go wrong if people follow the law honestly.

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

Goyal said the Prime Minister is very clear that it is the start-up ecosystem that has the strength, ability, and agility to move things forward.

Our government is willing to strengthen the startup ecosystem and are open to new ideas, he added.

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.

"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," the minister said.

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 and disrupters in Asia and we can define the progress & prosperity for a large section of society. New India today is moving with more energy and 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.

( With inputs from ANI )