News Update

Government’s Role as a Startup Facilitator, Not Regulator: Piyush Goyal

• ByStartupStory     |    July 5, 2023

During the Startup20 summit, Commerce and Industry Minister Piyush Goyal emphasized that the government’s role is to act as a facilitator, strengthening the startup ecosystem rather than imposing regulations. He highlighted the joint commitment of the participating nations to support the progress of startups, ensuring governments do not hinder their work.

Goyal stressed the importance of the government maintaining a hands-off approach to the startup ecosystem. He emphasized that the government should not engage in regulating, dictating, or micromanaging startups. Instead, its role should focus on providing initial support, including early-stage financing, to budding entrepreneurs.“Our role will always be that of a facilitator and I do not see the government becoming an administrator or a regulator of this sector,” he said. 

India’s Unique Opportunities for Startups

Goyal acknowledged that India presents a unique opportunity for startups worldwide. The country possesses skilled talent, affordability, a growing startup culture, and an aspirational population. He extended an invitation to startups from around the world to explore the potential and opportunities available in India.

Startup20 Shikhar Summit: Promoting Global Collaboration

The Startup20 Shikhar Summit, organized under the India G20 Presidency, commenced with the aim of fostering global collaboration among startups. The event serves as a platform for engaging startups from 22 nations and encouraging discussions on fostering innovation and entrepreneurial growth.

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