News Update
Startups will attract significant foreign direct investments in 2023: DPIIT Secretary Anurag Jain
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ByAmbi Das | December 27, 2022
“India has the third largest startup ecosystem in the world and the way startups here are performing; soon the country will become a top ecosystem globally.” Anurag Jain, Secretary in Department for Promotion of Industry and Internal Trade (DPIIT).
A government official said “The country’s startups will attract significant foreign direct investments (FDI) in 2023 on account of steps being taken by the government to strengthen the ecosystem for budding entrepreneurs, a top government official has said.” He added that India has one of the most liberalized FDI policies wherein very few sectors require government approval.”Number of recognized startups is increasing significantly, the Fund of Funds for Startups (FFS) and Startup India Seed Fund Scheme are doing well. Startups too will attract significant FDI in 2023,” Jain told PTI.
The government with an intent to nurture innovation, startups and encouraging private investments in the startup ecosystem of the country launched Startup India initiative on January 16, 2016. Under Startup India, entities are recognized by DPIIT as startups as per eligibility conditions. Over 84,000 entities have been recognised as startups from across the country as on November 30. Key sectors such as large-scale electronics manufacturing, pharmaceuticals, telecom and networking products, food processing and white goods have contributed in achieving a considerable amount of investment, production/ sales and employment, he said.”Several global firms are looking to shift their manufacturing bases to India,” he said adding the PLI schemes in 14 sectors are expected to attract investment of Rs 2.74 lakh crore.
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