Startup20 summit: Commerce and Industry Minister Piyush Goyal said on Tuesday said that the government will always act as a facilitator to strengthen the startup ecosystem and not act as a regulator. Addressing the Startup20 summit in Gugram, he asserted that this ecosystem's stakeholders will practise self-regulation.
The collective promise of the 22 participating countries that their governments will not try to impede the work that startups are doing should be the message that spreads from this point forward, the minister said.
'Govt will always act as a facilitator'
Goyal said the best way is to be out of the startups ecosystem, adding the government is not expected to start regulating or dictating or micro-managing the ecosystem. "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.
He added that the job of the government is to give an initial push or early stage finance to budding entrepreneurs. The minister also said that India provides an unique opportunity to the world of startups.
India has the advantage of skilled talent, affordability, growing startup culture, and aspirational population, Goyal said. He invited the startups of the world to come and explore opportunities in India. The Startup20 Shikhar Summit, organized by the Startup20 Engagement Group under the India G20 Presidency, kicked off on Monday in Gurugram.
(With inputs from PTI)