Mumbai, Feb 28 (KNN) DPIIT Secretary Rajesh Kumar Singh articulated the government's aspirations for start-up triumph in pivotal domains such as agriculture, energy transition, and climate technology, on Tuesday.

During the IVCA Conclave 2024 in Mumbai, Singh stated, “Addressing the problems in these sectors can create positive externalities for the economy, and we would love to see unicorns emerge out of those spaces,” as reported by BT.

Acknowledging the prevalent reliance on foreign venture capital, Singh encouraged diversification towards domestic financing avenues, including the offshore frameworks established in GIFT City.

"In terms of other elements of ensuring access to public funds through IPOs, liberalisation in that area is also coming. I would say that we'll probably see some good movement there, hopefully right after the elections," he said. 

The DPIIT Secretary acknowledged the collaborative efforts of innovators and outlined DPIIT's supportive role through various funding schemes. Efforts to streamline patent procedures and facilitate government procurement were highlighted as part of creating an enabling environment for start-ups.

Additionally, Singh underscored the government's substantial investments in both physical and digital infrastructure, emphasising platforms like the GST network and Unified Logistics Interface Platform (ULIP) as pivotal in enhancing efficiency.

Furthermore, Singh discussed India's prominence in digital transactions, notably through UPI, and outlined initiatives to democratise e-commerce through the Open Network for Digital Commerce.

"So, the most important and well-known example is UPI; 46 per cent of the world’s real-time digital transactions are now taking place in India which is a huge number. But there are other areas that are going to follow. The other area related to DPIIT is an area of e-commerce, where we are supporting the Open Network for Digital Commerce, which is trying to democratise the e-commerce set-up in the country by creating a non-platform-centric open network where buyer and seller apps can sort of interface with full visibility for the consumer and provide access to SMBs across the country."

Noteworthy was Singh's mention of the increasing presence of women on start-up boards, indicating evolving leadership dynamics within the ecosystem.

(KNN Bureau)