US venture capitalists believe India’s Budget 2023 to promote growth and develop the startup ecosystem
- ByStartupStory | January 28, 2023
According to a major investor, US venture capital firms operating in India expect the Union Budget 2023 to promote the growth and development of the country’s startup ecosystem.
On February 1, Union Finance Minister Nirmala Sitharaman will present the Union Budget for the fiscal year 2023-24 to Parliament. Given the enormous number of unicorns that have emerged from India in recent years, the venture capitalist community in the United States is quite excited.
Venture capitalists, according to Arun Kumar, managing partner of Celesta Capital, want to capitalise on and invest in Indian talent.
“As a US-based venture capital firm investing in India, we are keenly interested in policies and initiatives that will support the growth and development of the startup ecosystem in the country,” Kumar told PTI.“Signals and allocations in the Budget that further the growth of new ventures based on innovation and entrepreneurship would be particularly welcome,” Kumar said.
During the Obama administration, Kumar served as Assistant Secretary of Commerce for Global Markets and Director General of the US and Foreign Commercial Service (USFCS). “We are eager to see in the Budget, the government’s continued commitment to fostering a business-friendly environment that encourages foreign investment and supports the growth of new and emerging companies, including in the deep-tech space,” Kumar said.
According to him, “the geopolitical climate and the pandemic triggered the need to diversify supply chain sources, presenting India with an opportunity to strengthen its role as a trustworthy node in global value chains.” “Such an aspiration would call for policies that make it easy and cost-effective to both import and export in such a way that the efficiency of supply chains can be enhanced, boosting the competitiveness of Indian manufacturing,” said Kumar, who also served as the Chairman and CEO of KPMG in India for a five-year term that ended last February.
According to Kumar, the expansion of the manufacturing sector is already creating appealing new chances to produce products for both domestic and global markets, as well as to develop technologies and solutions that improve manufacturing capacities. “We believe that with the right policies in place, India has the potential to become a global leader in many technology sectors, and we are excited to be a part of that journey,” he said in response to a question.
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