CM assures full support for growth of startup ecosystem



The Chief Minister
Pramod Sawant on Saturday extended full support of the government for the
growth of startup ecosystem and acknowledged that Venture Capital Summit is a
global platform for not just receiving funding support for innovation-driven
startups but also provides a platform to startups to interact with experts from
different industrial sectors.

He said this while
speaking at the second edition of the Global Venture Capital Summit held in the
city on Saturday.

The Chief Minister said
that the summit provides an unparalleled opportunity to showcase venture
capital opportunities in India, and provides a unique chance of meeting
like-minded entrepreneurs, potential investors.

“I assure to provide
continuous support from government to realise the vision of summit to become a
flagship event in the venture capital for years to come”, he said, adding that,
the Indian startup ecosystem, that has grown immensely, is among the top three
in the world today.

Union Minister of
Railways and Commerce and Industry Piyush Goyal via video message said that the
Venture Capital Summit is a great opportunity for all investors to have a
constructive dialogue with regulators and policymakers regarding support needed
to make India a global hub of ideas, innovation and entrepreneurship.

Dr Guruprasad Mohapatra,
Secretary, Department for Promotion of Industry and Internal Trade highlighted
India’s huge potential for startups and innovation. He spoke about steps to
promote the startup ecosystem like removal of regulatory hurdles and
introduction of National Startup Awards to recognise and reward outstanding
startups and ecosystem enablers.

During the summit,
‘Venture Capital Ecosystem Report 2019′ was also released. It revealed that
2019 saw the highest ever quantum of funding at 9 billion dollars. An increase
of 30 per cent in deal volume, and approximately 55 per cent of the top deals
were in consumer internet while software as a service, Fintech and B2B tech
were the fast emerging sectors, according to the report.

The day-long event saw
several technical sessions and panel discussions on various topics ranging from
artificial intelligence (AI), Internet of Things (IoT) and virtual reality (VR)
to electric vehicles and smart therapeutics.

The sessions included
‘Enabling Regulations and Monetising New India Opportunity’ to discuss the pace
of new business creation and government initiatives and policies, ‘Going
cashless and beyond: Future of FinTech ‘ to discuss innovations in digital
finance and their ability to expand reach of core banking products and

Source:: The Navhind Times

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