With an aim to make the state a preferred startup destination, the Union Minister of Commerce and Industry and Civil Aviation Suresh Prabhu on Friday announced that Goa will be a permanent venue to host Startup India Global Venture Capital Summit every year on first Friday of December.
He was speaking at the annual Startup India Venture Capital Summit, a joint initiative by the Ministry of Commerce and Industry, the Department of Industrial Policy and Promotion (DIPP) and the Government of Goa.
About 75 participants, mainly global fund managers, venture capitalists and entrepreneurs had arrived from Australia, China, Hong Kong, Japan, Singapore and the United States to attend the event. The focus of the summit was on return-generating potential of India’s vast and diverse market monetised through cutting-edge technologies and supported by investor-friendly regulations.
Prabhu said that the summit will be held on first Friday of December every year from here on. “Henceforth the first Friday of December will be called new Good Friday in the startup community,” he stated.
While appealing to the global venture capitalists to invest in startups, the Union minister said that “there is no market as exciting as Indian market for startup funding. There are opportunities in every sector. With the growth of infrastructure in agriculture and service sectors we have witnessed a paradigm shift whereby technology developed by startups has helped in giving best results and high profitability.”
He said that “India has the world’s third largest startup base with more than 14,000 recognised startups. However, to create a startup, the entrepreneurs need money at the concept stage and this summit helps in filling such gap.”
“India is not a perfect market but 100 per cent better than rest of the world. We give double digit growth in India. India’s Gross Domestic Product (GDP), the worth of the economy, is $2.6 trillion and the forecasted growth is $7.5 trillion by 2035”, the Union minister said.
Speaking further, he said that it is not mandated under startup India initiative to do investment only on a startup, it can be done in other areas too. Incidentally, startups are job creators and a new engine of growth for India, he added.
Minister for IT Rohan Khaunte said that he will be ready to amend the state startup policy based on the needs and requirements of investors to make it more attractive to promote entrepreneurship.
The Goa startup policy launched in April this year aims to make Goa an ideal place for startups by giving subsidies and incentives like one-time grant, including reimbursement on salaries.
“To place Goa on a long-term double-digit growth trajectory on startup investment, we are ready to bring changes in our startup policy based on investors’ needs. The investors will assess the state startup policy and if they want any change then we will do so. We are looking at making Goa not only a tourist destination but also an IT destination and with a focus to be among the top 25 startup destinations by 2025,” Khaunte stated.