financetom
Economy
financetom
/
Economy
/
FM Sitharaman assures startups of ample funding opportunities, says it's a wait for better options
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
FM Sitharaman assures startups of ample funding opportunities, says it's a wait for better options
Feb 3, 2023 9:05 AM

The startup ecosystem in India has recently seen a slowdown in funding, causing some to see a decline in their valuation highs. Nirmala Sitharaman, India's finance minister, responded to worries over the availability of funding for startups on Friday, stating that the current situation is not a "funding winter" for startups but rather that funders are taking their time to evaluate the prospects presented by businesses.

Share Market Live

NSE

In an exclusive interview with Rahul Joshi, Editor-In-Chief of Network18, Sitharaman highlighted that investors are seeking out innovative startups with the potential to reach the next stage of growth and are taking their time to identify the best options.

"I think the funding is also waiting to see more innovative startups claim for the next stage. It's not as if it's a funding winter or it's not now a scarcity of funds. It's more fun seeing the opportunity that is available for them. And they want to look at better options also even among the startups."

Also read: FM hints at lowering income tax burden further, says taking 42.7% from highly skilled doesn't look fair

She also noted that the government has been actively supporting the startup ecosystem in India since 2016, when the Prime Minister announced a policy, notably Startup India, to promote innovation and entrepreneurship. Since then, the government has introduced a number of concessions and initiatives to support the growth of startups in the country.

"And India started in 2016 in a major push, I'm sure startups existed before, but the push happened with the honorable Prime Minister in 2016, announcing a policy and subsequently coming up year after year, some concessions."

Despite the current funding winter, she expressed confidence that the startup ecosystem in India will continue to flourish, and that new opportunities for investment will become available in the near future.

She informed that the cycle of funding for startups goes through ups and downs, but the key is to have a strong and supportive ecosystem in place. "We are confident that the innovative startups in India will continue to attract investment and drive economic growth."

The statement by the Finance Minister comes at a time when startups are facing challenges in securing funding due to the ongoing economic uncertainty. The Minister's assurance is expected to bring some relief to the startup ecosystem and provide a boost to the entrepreneurial spirit in India.

Also read: FM wants to check if 'New Pension Scheme' could put a burden on future generations

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
In fight to curb climate change, a grim report shows world is struggling to get on track
In fight to curb climate change, a grim report shows world is struggling to get on track
Nov 14, 2023
The State of Climate Action report released on Tuesday by the World Resources Institute, Climate Action Tracker, the Bezos Earth Fund and others looks at what's needed in several sectors of the global economy power, transportation, buildings, industry, finance and forestry to fit in a world that limits warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) over pre-industrial times, the goal the world adopted at Paris in 2015. The globe has already warmed about 1.2 degrees Celsius (2.2 degrees Fahrenheit) since the mid-19th century.
India looking into 'freak' incidents like damage to Sikkim's Chungthang dam: RK Singh
India looking into 'freak' incidents like damage to Sikkim's Chungthang dam: RK Singh
Oct 18, 2023
Stressing on the need to have quick ramp up and ramp down energy sources for grid balancing, the minister described hydroelectric power's role as essential in the path to energy transition as wind energy is intermittent and the sun doesn't shine 24×7.
JPMorgan has a new way to gauge its green progress
JPMorgan has a new way to gauge its green progress
Nov 15, 2023
As the largest energy banker, JPMorgan is a frequent target of criticism over Wall Street’s role in the climate crisis. At the same time, the bank is a leading US arranger of green bonds, making it vulnerable to Republicans seeking to protect the fossil fuel industry.
Zoomed Out | Critical Minerals — why India's current strategy to become self-reliant is so vital
Zoomed Out | Critical Minerals — why India's current strategy to become self-reliant is so vital
Nov 29, 2023
Internationally, there are genuine security concerns related to the criticality in building more diverse and dependable value chains for critical minerals, about their environmental and social sustainability, and technological challenges. While, India has taken the right steps for creating an ecosystem for accelerated exploration and production of critical and new age minerals, observes FICCI Mining Committee Co-Chair Pankaj Satija.
Copyright 2023-2025 - www.financetom.com All Rights Reserved