Domestic Funding Crucial For India's Start-up Ecosystem: G20 Sherpa

ENA Sectors 2024-07-04 16:03:25 New Delhi, Jul 4 (KNN) G20 Sherpa and former NITI Aayog CEO Amitabh Kant emphasised on Thursday the need for increased domestic funding to propel India's start-up ecosystem forward. In a statement posted on social media platform X, Kant highlighted that currently, 75 per cent of funds flowing into Indian start-ups originate from foreign sources. We need to increase domestic sources of capital for start-ups, Kant stated, advocating for a shift in funding dynamics. He suggested that a significant pool of domestic funds exists and should be partially directed towards supporting start-ups. Kant proposed that large institutions such as insurance companies and pension funds allocate a portion of their investible surpluses to start-up investments. Additionally, he recommended that family businesses and offices consider taking on roles as angel investors or providers of seed funding. The G20 Sherpa stressed the importance of Indian funding in driving the nation's start-up movement, stating, With India's innovation and ingenuity, the key lies in betting on ourselves. Despite the call for increased domestic investment, recent data indicates a positive trend in overall start-up funding. During the first half of 2024, Indian start-ups reportedly raised nearly USD 7 billion, surpassing the USD 5.92 billion raised in the same period of 2023. (KNN Bureau) 38473 https://knnindia.co.in/news/newsdetails/sectors/domestic-funding-crucial-for-indias-start-up-ecosystem-g20-sherpa 2024-07-04 16:03:25 knnindia.co.in Domestic Funding Crucial For India's Start-up Ecosystem: G20 Sherpa