Minister Urges Indian Corporates to Bolster Startup Ecosystem

Commerce and Industry Minister Piyush Goyal advocates for Indian businesses to fund local startups, highlighting the issue of foreign firms acquiring startup equity at low prices. He encourages domestic firms to invest in quality, innovation, and sustainability to drive economic growth and reduce foreign dependence.

Commerce and Industry Minister Piyush Goyal addressed Indian corporates, urging them to establish a fund to support the nation's startups. He highlighted the concern of local entrepreneurs often selling large shares of their equity at low prices to foreign companies.

Minister Goyal emphasized the potential for domestic firms to drive economic growth through investments focused on quality, innovation, and sustainability. He voiced disappointment over the insufficient support from Indian capital for local startups, suggesting that Indian companies should step up to harness the vast potential within the country.

He described the challenges faced by startups needing early funding, where foreign 'sharks' take advantage by acquiring ideas cheaply. Goyal appealed to Indian businesses to create a domestic pool of capital that would complement government funding and reduce reliance on foreign investments.

(With inputs from agencies.)