Indian Govt Plans Faster Visas, Other Steps to Ease Entry of Global Firms
A number of initiatives will be taken to attract overseas startup companies to India, says a government official.
The Indian government is going all out to attract startup companies across the world, with a bouquet of new initiatives, such as faster visas, offers of rented office spaces, and access to incubators and capital, being planned.
These initiatives will help create a healthy environment in the country for new businesses to flourish and more global entrepreneurs to invest in the company. The huge talent pool in India is yet to be tapped, Telecom Secretary Aruna Sundarajan said during a session on “Entrepreneurship: Public Sector Perspective” at the ongoing Global Entrepreneurship Summit in Hyderabad.
India is full of opportunities and is the largest sector for fintech, digital technology, retail and energy, offering a great advantage for global startups, Sundarajan said. “While the talent pool is huge, cost arbitrage is another key factor as one can hire good quality talent for a fraction of what it would cost elsewhere,” she added.
Sundarajan also revealed that the government is taking initiatives to encourage women-led startups. “While there is a need to promote startups as large-scale job creation will happen through that sector, legacy businesses and jobs there too should be protected,” she said.
To encourage startups led by women, the government is attempting to improve access to capital by creating special funding windows only for women entrepreneurs. Steps will also be taken to enable women to better negotiate the complex regulatory environment. The government is also looking at providing mentorship to women entrepreneurs.
The GEC summit, which started on Nov. 28, will conclude on Nov. 30. It saw participation from some big names like U.S. President Donald Trump’s daughter Ivanka Trump, ICICI Chief Executive Officer Chanda Kochhar, Dell EMCs Chief Compliance Officer Karen Quinto and Cherie Blair, the former first lady of United Kingdom, who discussed various issues faced by women in the field of entrepreneurship.
They talked about the various biases that women entrepreneurs have to face globally and pointed out that many studies across the globe have indicated that working women invest 90 per cent of their earnings back into their families and communities, while men only contribute only 30-40 per cent of their earnings. Kochhar talked of the importance of education, empowerment and encouragement to promote women entrepreneurs across societies.
The GES summit this year was attended over 1,500 participants, including entrepreneurs, investors, educators, government officials, and business representatives.