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The funds raised will be used for further scaling up production of Bandicoot and to develop new products and R&D to leverage the technology for the health care segment.Indian trade also needs to mirror on making a fund with an preliminary corpus of Rs 10,000 crore (for investments in startups), Goyal mentioned.

The federal government is working to create the ‘first real single-window system’ to ease compliances and approval processes, commerce and trade minister Piyush Goyal mentioned on Saturday. Expressing concern over overseas entities selecting up massive stakes in startups, notably on the early-stage seed capital and at ‘very low valuations’, Goyal known as for cooperation from Indian trade in offering them monetary assist, alternatives and mentorship.

“Not that I’m towards overseas capital. We welcome that, however Indian trade also needs to mirror on making a fund with an preliminary corpus of Rs 10,000 crore (for investments in startups). It will encourage our budding entrepreneurs to scale up,” he mentioned.

Talking at trade physique Ficci’s annual basic assembly right here, he mentioned: “We intend to give you a a lot simpler processes to assist traders meet compliance necessities, whereas concurrently working throughout ministries to see if we will scale back the burden of compliance.” One such measure could possibly be a standard software type for industries which might minimize down the method of repeatedly making use of for renewal of licences, he mentioned.

Goyal mentioned efforts had been on to determine areas the place India has aggressive and comparative benefits. “Now we have recognized 24 sectors and an actionable agenda is being ready with a view to boosting manufacturing in India,” he mentioned.

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