Government will support startups, not regulate them: Inder Goyal

According to Commerce and Industry Minister Piyush Goyal, the government would never operate as a regulator but rather as a facilitator to enhance the startup environment.

He asserted that this ecosystem’s stakeholders will practise self-regulation.

The minister added in his remarks to the Startup20 conference that the message that should be sent from this event is the shared resolve of the 22 participating countries that their governments would not seek to impede the advancement of the work that startups are undertaking.

He said that the government is not anticipated to start controlling, dictating, or micromanaging the environment, saying that leaving the startup ecosystem is the best option.

“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,” the official said.

He continued by saying that the government’s role is to support emerging entrepreneurs with initial funding.

The minister said that India offers the startup community a special chance.

According to Goyal, India has an edge due to its trained labour force, accessibility, rising startup culture, and aspirational people.

He extended an invitation to entrepreneurs everywhere to visit India and investigate the possibilities.

The Startup20 Engagement Group, acting on behalf of the India G20 Presidency, hosted the Startup20 Shikhar Summit here, which began on Monday.