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Prabhu calls for greater role of startups in core sectors
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SME Times News Bureau | 30 Jun, 2021
India's Sherpa at G20 and former union minister for commerce Suresh
Prabhu has said that more significant participation of new-age companies
is required in core sectors for faster economic growth of the country.
Prabhu
emphasised on providing startups a level playing field to contribute to
the growth of the country, while speaking at Zetwerk Dialogues, a
public advocacy program aimed at raising awareness about opportunities
in India's manufacturing, infrastructure, and supply chain ecosystem.
He
also recommended creating a process-driven transparent mechanism that
can facilitate an enabling environment for the new-age companies.
"Startups
are breaking away from the past. Regulations, if not always, are based
on what has happened in the past. So, you are regulating the past while
the start-up ecosystem is breaking away from the past. Therefore, that's
a problem," Prabhu said.
Noting that regulations are necessary
he said: "Don't bring them based on old ideas, but by interacting with
the start-ups and understanding what they are trying to achieve."
The
former minister emphasised the need for a transparent, participatory,
and rule-based regime for start-ups and legacy companies to drive
innovations and futuristic technologies.
Prabhu added that the
Indian economy's rate of growth would get accelerated with India's
vaccination drive picking up pace, which will revive businesses and, in
turn the overall economy.
Srinath Ramakkrushnan, Co-Founder and
Chief Operating Officer, Zetwerk said: "By tapping into the country's
existing capacity and capabilities, we intend to create a strong
manufacturing network that not just boosts the MSME ecosystem of the
country but can deliver projects in a time bound, reliable and efficient
manner."
"With PLIs adding to the support from the government,
we look forward to the next phase of evolutionary growth for the
sector," he said.
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