Piyush Goyal highlights Startup India Initiative, urges Indian diaspora to expand its reach to global markets

San Francisco [US], September 8 : Union Minister for Commerce and Industry Piyush Goyal who is on a six-day visit to San Francisco and Los Angeles highlighted Prime Minister Narendra Modi's Startup India Initiative and urged the Indian diaspora to expand its reach to global markets.
Speaking at the Luncheon Engagement with 'Indiaspora', he said, "When PM Modi launched the 'Startup India Initiative' in 2016, it was a recognition of the growing importance of innovation, of young talent experimenting with new ideas, coming up with new solutions. The Indian diaspora has an important role to play in this journey because they recognise talent, new ideas and innovation and finance them too."
He said that India has a very vibrant Startup ecosystem and a lot of ideas that are developed in India have the comfort of a large domestic market and may not have engaged with the world as much as they could.
"We need to have more opportunities for our Indian Startup ideas. We need to have more opportunities for our Indian Startup ideas to be able to reach out to the global markets. There can be no better place than Silicon Valley to go global in terms of our ideas. We recognise that innovation and Research and Development are going to lead the way going forward."
Goyal stressed that the Government of India also recognises the need for international engagement to expand and said to the Indian diaspora, "We are trying to bring together your offerings from offshore and India's abilities and capabilities on shore."
The Indian Minister further said that the idea is to move from policy paralysis to more proactive engagement with people on the ground, bring in a greater degree of policy certainty and predictability and make regulatory processes more aligned to what is happening in the ore developed economies.
"Technology and transparency have taken over in a big way, bringing in honesty in the system and transforming the way Government works in India," said Goyal.
"The Amrit Kaal till 2047 is going to be the defining period of India's journey towards becoming a developed nation and take prosperity to every single person residing in India," he added.
Talking about the interactions with the Indian diaspora in the US, he said, "Engagements like these lead to many new ideas and I am taking back quite a few from investors here that will help to further speed up deployment of capital encouraging new innovation in India."
Indian diaspora has a unique positioning as the connection between India and abroad is strong.
"We look forward to this continuous effort and engagement to bridge India and the United States in terms of businesses and people-to-people contact," said Goyal.
The Union Minister for Commerce and Industry further said that he is taking back a huge amount of new energy from his visit to the US.
"Delighted to see the connection of the Indian diaspora with the motherland and the love for the country and the people back home. Indian community here, while very innovative and professional, have maintained the Indian culture and value system, keeping the soul of India alive," he said.