New Delhi: As preparations for next year’s budget gather momentum, Prime Minister Narendra Modi on Friday met major private equity/venture capital players and sought suggestions to make India a more attractive investment destination.
The Prime Minister sought suggestions for improving the ease of doing business in India, attracting more capital and taking forward the reform process in the country.
“He appreciated the practical suggestions received from the delegates and said that the government is committed to work to address those issues and challenges,” an official release said.
During the meeting, Modi discussed the efforts made by the government to bring in more reforms, the future prospects of initiatives like PM Gatishakti and steps taken to reduce the unnecessary compliance burden.
He also mentioned about the innovation taking place at the grassroots level in India and boosting the startup ecosystem.
Finance Minister Nirmala Sitharaman, who also participated in the meeting, is scheduled to present the budget for the next financial year beginning February 1, 2022, on February 1.
Since coming to power in 2014, the BJP government has unveiled several reforms that have helped India climb the global rankings for doing business.
Now it is emphasizing on making India a manufacturing hub. Production-linked incentive schemes for the automobile to semiconductor and solar sectors have been announced to attract global manufacturers to set up base in the country.
The release further said that representatives of venture capital and private equity funds also spoke about the country’s entrepreneurial potential, and how it can be leveraged so that India’s startups can reach the global stage.
After the conversation, Munish Verma of SoftBank said that the investment climate in the country has become very positive.
This, he said, can be seen in the amount of capital that has come into India, the entrepreneurs being created and the companies that are listed.
“So, overall I think it was a great conversation with the Prime Minister,” he said, adding that Modi made some very good suggestions.
General Atlantic’s Sandeep Naik said talks like these inspire funds to bring more capital into India and support the country’s great startup entrepreneurs.
“…we are planning to invest several billion dollars in India. We already have about $5 billion in investments in India. And I wouldn’t be surprised if we can invest about 10 billion dollars in India in the next 10 years.” Invest $15 billion because it is one of the most important destinations for us globally,” Naik said.
Appreciating the initiative taken to boost the startup ecosystem in the country, Siddharth Pai of 3one4 termed Modi as the ‘Startup Prime Minister’.
Prashant Prakash of Excel highlighted the opportunities present in the agriculture startup sector, while Rajan Anandan of Sequoia suggested working towards making India a global hub of education by leveraging technology.
HDFC’s Vipul Rungta said this was his first personal interaction with the Prime Minister and praised the policy initiatives taken by the government in the housing sector, especially in the affordable housing segment.
The release further said that Shantanu Nalwadi of India Resurgent praised the reforms undertaken by the country in the last 7 years, especially the move towards setting up of the Insolvency and Bankruptcy Code (IBC).
Amit Dalmiya of Blackstone said that India is one of the best performing regions for Blackstone funds globally.
“The representatives also discussed the opportunities that are emerging because of India’s exemplary climate commitments, including in the area of energy transition,” the release said.
He also spoke about areas such as FinTech, Financial Management and Software as a Service (SaaS). He also praised the Prime Minister’s vision of making India a USD 5 trillion economy.
Others in the conversation included Gopal Srinivasan from TVS Capitals, Renuka Ramnath from Multiples, Manish Kejriwal from Kedara Capital, Ashley Menezes from Kris, Vineet Rai from Aavvent and Shweta Jalan from Advent.
Ankur Gupta from Brookfield, Mukul Arora from Height, Sehraj Singh from Prosus, Ranjit Shah from Gaza Capital, Sunil Goel from Yournest and Padmanabh Sinha from NIIF also attended the meeting with the Prime Minister.
Officials of the PMO and the Finance Ministry were also present during the conversation.
The Prime Minister sought suggestions for improving the ease of doing business in India, attracting more capital and taking forward the reform process in the country.
“He appreciated the practical suggestions received from the delegates and said that the government is committed to work to address those issues and challenges,” an official release said.
During the meeting, Modi discussed the efforts made by the government to bring in more reforms, the future prospects of initiatives like PM Gatishakti and steps taken to reduce the unnecessary compliance burden.
He also mentioned about the innovation taking place at the grassroots level in India and boosting the startup ecosystem.
Finance Minister Nirmala Sitharaman, who also participated in the meeting, is scheduled to present the budget for the next financial year beginning February 1, 2022, on February 1.
Since coming to power in 2014, the BJP government has unveiled several reforms that have helped India climb the global rankings for doing business.
Now it is emphasizing on making India a manufacturing hub. Production-linked incentive schemes for the automobile to semiconductor and solar sectors have been announced to attract global manufacturers to set up base in the country.
The release further said that representatives of venture capital and private equity funds also spoke about the country’s entrepreneurial potential, and how it can be leveraged so that India’s startups can reach the global stage.
After the conversation, Munish Verma of SoftBank said that the investment climate in the country has become very positive.
This, he said, can be seen in the amount of capital that has come into India, the entrepreneurs being created and the companies that are listed.
“So, overall I think it was a great conversation with the Prime Minister,” he said, adding that Modi made some very good suggestions.
General Atlantic’s Sandeep Naik said talks like these inspire funds to bring more capital into India and support the country’s great startup entrepreneurs.
“…we are planning to invest several billion dollars in India. We already have about $5 billion in investments in India. And I wouldn’t be surprised if we can invest about 10 billion dollars in India in the next 10 years.” Invest $15 billion because it is one of the most important destinations for us globally,” Naik said.
Appreciating the initiative taken to boost the startup ecosystem in the country, Siddharth Pai of 3one4 termed Modi as the ‘Startup Prime Minister’.
Prashant Prakash of Excel highlighted the opportunities present in the agriculture startup sector, while Rajan Anandan of Sequoia suggested working towards making India a global hub of education by leveraging technology.
HDFC’s Vipul Rungta said this was his first personal interaction with the Prime Minister and praised the policy initiatives taken by the government in the housing sector, especially in the affordable housing segment.
The release further said that Shantanu Nalwadi of India Resurgent praised the reforms undertaken by the country in the last 7 years, especially the move towards setting up of the Insolvency and Bankruptcy Code (IBC).
Amit Dalmiya of Blackstone said that India is one of the best performing regions for Blackstone funds globally.
“The representatives also discussed the opportunities that are emerging because of India’s exemplary climate commitments, including in the area of energy transition,” the release said.
He also spoke about areas such as FinTech, Financial Management and Software as a Service (SaaS). He also praised the Prime Minister’s vision of making India a USD 5 trillion economy.
Others in the conversation included Gopal Srinivasan from TVS Capitals, Renuka Ramnath from Multiples, Manish Kejriwal from Kedara Capital, Ashley Menezes from Kris, Vineet Rai from Aavvent and Shweta Jalan from Advent.
Ankur Gupta from Brookfield, Mukul Arora from Height, Sehraj Singh from Prosus, Ranjit Shah from Gaza Capital, Sunil Goel from Yournest and Padmanabh Sinha from NIIF also attended the meeting with the Prime Minister.
Officials of the PMO and the Finance Ministry were also present during the conversation.
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