The Indian government will always act as a facilitator to strengthen the startup ecosystem and not act as a regulator, Commerce and Industry Minister Piyush Goyal said on Tuesday. He said that stakeholders of this ecosystem will do self-regulation.
While addressing the Startup20 summit here, the minister said, the message that should go out from here is the joint commitment of all the 22 nations, who have participated, that the governments will not be looking at impeding the progress of the work that startups are doing.
The best way is to be out of the startup ecosystem, he said, 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.
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 a 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 here.