Shri Piyush Goyal Says the Government, in Its Role as an Enabler, Has Introduced Several Benefits to Encourage & Boost Startups

Union Commerce and Industry Minister Shri Piyush Goyal today said that the Government, in its role as an enabler, has introduced several benefits to encourage & boost startups. Addressing theICAI's Startup Manthan 2.0, he said that Government is constantly providing inputs & impetus to the Startup ecosystem to help them expand their base.

Talking about the support to startups, Shri Goyal said that this includes tax benefits. “Government has created a fund of funds for Startups with an initial corpus of ₹10,000 crores for funding promising Startups in their early-stage funding requirement. The Government e-Marketplace provides an equitable opportunity to Startups to offer their services and products to all Govt enterprises across the country.”, he added.

Shri Goyal said that today, India is set on the path of becoming self-reliant &startups are leading the way. “We are at the critical juncture of human history where our actions shall directly impact billions of people. Our entrepreneurs can create a golden era where our startups with their commitment, vigour & perseverance make India a leader across all sectors. As the Startups work hard, we will support them in their endeavour”, the minister said.

Shri Goyal said that Creativity, Innovation, Invention & Development is the foundation & mandate of New India. “In this new normal we need long term sustainable solutions to become self-reliant. We had launched Startup India initiative in 2016 to create an ecosystem of innovation, invention & enterprise. India now houses the 3rd largest startup ecosystem in the world.”

The Minister expressed confidence that Chartered Accountants(CAs) under the leadership of Prime Minister Shri NarendraModiwill help bring about spirit of entrepreneurship, even in our remote villages & towns. He said that Chartered Accountants working in partnership with the Government can ensure great successes for the people of India and the country in the years to come. “Our Chartered Accountants have that competitive edge when it comes to serving the startup ecosystem”.

The Minister mentioned that the Prime Minister has said, "Startups are the engines of exponential growth, manifesting the power of innovation." He expressed confidence that Chartered Accountants are going to be startup entrepreneurs & also going to be service provider to new startups.

Shri Goyal congratulated ICAI institute for issuing the MSME Business Continuity Checklist. He said that it is another wonderful initiative by the institute which will help handhold the MSME sector. The Minister said that this platform provided by the institute to all the budding entrepreneurs, thinkers and businesses to share & collaborate, will empower them with ideas for innovation & business development.