SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 05 May, 2023  

startup.9.thmb.jpg Indian startups must boost corporate governance: : Amitabh Kant

   Top Stories
» 28 Indian startups raised over $800 mn in funding this week
» GST Council waives interest, penalty on notices to taxpayers under Section 73
» India's innovation ecosystem poised for exponential growth: Industry
» India's innovation ecosystem poised for exponential growth: Industry
» Overseas Indians faith grows in Indian economy with $1 billion deposits in April
IANS | 05 May, 2023
Indian startups must give priority to good governance and financial management and create new benchmarks not only for India but also for other G20 nations, G20 Sherpa Amitabh Kant has stressed.

Globally, startups have evolved into the catalyst for economic recovery, reorientation and growth driven by innovation.

At the sidelines of a think tank conference organised by Nishith Desai Associates and TiE Mumbai recently, Kant reiterated the importance of developing the corporate governance standards for India Inc to go global and establish norms for other G20 countries.

"It is important that these startup founders must adhere to best practices in corporate governance and financial management at the grassroots level and not consider these as an afterthought," said Kant.

For India to become a trillion-dollar economy, maturing of Indian startups is mandatory, he added.

The conference was attended by top venture capital funds and startups/unicorns such as UpGrad, MakeMyTrip, Paytm, Mobikwik, Purplle, Blume Ventures, and Avendus Capital, along with officials from NITI Aayog and Atal Innovation Mission.

"In recent years, Indian startups and new-age tech businesses are offering their products and services to a global audience. Therefore, every startup founder must promote a culture and high standards of corporate governance and set an example for others to emulate," said Nishith Desai, Founder, Nishith Desai Associates.

India is home to one out of 10 unicorns globally, and has the third largest ecosystem for start-ups globally.

"The country attracted over $250 billion in private alternative investments over the past 5 years, a vital source of our FDI. However, to continue to attract investment capital, it is important the ecosystem internalise that no amount of success compensates for governance failures," said Vivek Pandit, senior partner, McKinsey and Company.

Several institutional Investors have expressed concerns about the need for better corporate governance in India.

"Fortunately, Indian startups are changing in response to recent high-profile governance lapses with founders initiating changes including valuing independence on boards and putting in place new disclosure and whistle-blower policies," Pandit added.
Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
Will the Budget 2024 be MSME friendly
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter