Goyal says will facilitate, not regulate start-ups

GURUGRAM: The government will always act as a facilitator to strengthen the start-up ecosystem and not act as a regulator, Commerce and Industry Minister Piyush Goyal said on Tuesday.

He said stakeholders of this ecosystem will do self-regulation.

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 start-ups are doing.

The best way is to be out of the start-ups 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. He added that the job of the government is to give an initial push or early stage finance to budding entrepreneurs.

The minister also said India provides an unique opportunity to the world of startups. India has the advantage of skilled talent, affordability, growing start-up culture, and aspirational population, Goyal said.