Union Commerce and Trade Minister Piyush Goyal on Saturday introduced the launch of a devoted Startup India desk throughout the ministry to function a helpline for budding entrepreneurs throughout India.
Union Commerce and Trade Minister Piyush Goyal attends the inauguration of 2nd version of Begin-up Mahakumbh, at Bharat Mandapam in New Delhi on Thursday.(ANI)
The announcement comes after Piyush Goyal’s tackle India’s startup ecosystem ignited a debate on entrepreneurship. He had urged the startup group to focus extra on the tech sector and synthetic intelligence (AI) as in comparison with grocery supply and ice cream making.
In line with a authorities press launch, Piyush Goyal stated the helpline could be accessible via a easy four-digit toll-free quantity in regional languages. By way of this helpline, a startup may counsel steps to additional enhance the ecosystem and flag issues, if they’re dealing with any.
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Funds to deal with nationwide priorities
The BJP chief additionally stated the second Fund of Funds for Startups with a corpus of ₹10,000 crore was accepted by the Centre this 12 months, and ₹2,000 crore from this will likely be disbursed to the Small Industries Growth Financial institution of India (SIDBI) as the primary instalment.
Piyush Goyal stated a good portion of the fund will likely be reserved for seed funding of small startups and to help deep-tech innovation. “We aim to foster the development of cutting-edge technologies like AI, robotics, quantum computing, machine learning, precision manufacturing and biotech,” he stated.
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The minister said the goal is to provide early-stage financial support to budding entrepreneurs who face difficulties in accessing traditional forms of capital. The fund aims to support startups focussed on cutting-edge domains such as artificial intelligence, machine learning, quantum computing, robotics, precision manufacturing, biotech, and semiconductor design, which have longer gestation periods.
Piyush Goyal said the Centre aims to build a strong pipeline of indigenous technology solutions by mobilising capital to address national priorities and position India as a global innovation leader.
The Mumbai North MP also urged SIDBI to establish at least one support centre in every state to provide basic infrastructure and shared facilities for early-stage entrepreneurs.
“We must unlock India’s full potential via facilitation, not regulation. The Authorities is right here to help your journey, not management it,” Goyal concluded.