Commerce and Industry Minister Piyush Goyal on Thursday appealed to startups to get incorporated and listed in India and not leave the country “just for few dollars more”.
He suggested them to inform the government if there are any issues or problems so that those can be resolved.
“A little tougher ask probably. But I would once again urge all of you to incorporate in India and list in India. If you have an issue or problem, please tell us abut it. We will…make every effort to resolve them.
“But just for few dollars more, please do not leave the nations’ borders to tax havens and other countries. I would urge all of you to look India as your market and your nation where you will register, incorporate, work, list and pay your taxes. This is your country,” he said at the CII’s Global Unicorn Summit 2022 – Nurturing 1000 Unicorn by 2030.
The minister also suggested the successful entrepreneurs to look at the remotest part of India as huge talent is present there.
He asked the venture capital funds to protect intellectual property that domestic young entrepreneurs are creating.
Further, he advocated for creating some standards by self regulation within the startup ecosystem.
“One area that off late I am finding in the pink papers almost everyday is ethics and corporate governance standards. I think we need to strengthen that even in our startup ecosystems. The kind of reports we are reading off late about revenue, data frauds, tax evasion, these kind of malpractices need to be clipped at an early stage, otherwise they will earn a bad name for our startup world,” he said.
He added that these malpractices will really kill the entrepreneurial spirit of young startups and can have a “very” damaging effects in the years to come.
“Please do take this subject very very seriously in all your internal interactions and see if we can set up some standards maybe by self regulation within the startup ecosystem,” Goyal said, urging not to use shortcuts and create sustainable wealth.
Further, he added that cyber security and data privacy are areas that need to be dealt with, as huge data generated and collected by businesses need to be protected and safeguarded.
“The issue is going to be a matter of greater interest both for government and and for all of you,” he said.
Talking about investments, the minister said there has been huge growth in manufacturing investments and green shoots are visible.
“….investments (are) coming back to India in a big way, particularly private investment,” he said.
The increasing number of imports is a sure sign that domestic capex cycle “will kind of rekindle”, he added.
“When you see petroleum prices hit the roof, our startups have come up with innovative solutions to reduce consumption of petroleum products, improve efficiencies. Ultimately our EV ecosystem got a boost only when the petroleum prices hit the roof,” he said.
He added that the UPI is also looking at other markets.
It started with Singapore and is looking at other places.
“I am in dialogue with few countries to see if we can take UPI to other countries,” Goyal said.
He also suggested setting up a forum or body which can handhold people who have ideas.
“I feel that there is a gap still exists that a person does not know where does he go next from the ideation stage,” he said.