The India-US start-up SETU, which stands for Supporting Entrepreneurs for Transformation and Upskilling, will act as a bridge between American and Indian companies, Union Minister of Commerce Piyush Goyal said.
“One of the key takeaways is that the Bay Area is very bullish on India, very excited about the potential that India, Indians and Indian startups and Indian businesses have to offer. Very excited about the talent available in India. They see huge potential in the large market that India is, 1.3 billion aspirational Indians,” Goyal said after the meetings.
“There were suggestions about mentorship. We’ve launched the SETU programme where we are looking at supporting entrepreneurs through transformation and upskilling intiatives. We’re also looking at a programme that the startup advisory council had initiated in India in which mentorship is being initiated particularly in tier-2, tier-3 and tier-4 towns and remoter areas. A lot of good suggestions have been brought to the table,” he said.
Assist entrepreneurs
Goyal said after launching the start-up in San Francisco that it will assist entrepreneurs in upskilling, transforming, and leveraging the success stories of the Indian diaspora in the United States.
He stated that a lack of mentorship was one of the primary reasons that some promising start-ups failed to take off. The minister encouraged US entrepreneurs to participate in the initiative, saying it would allow them to give back to the country by supporting bright minds in India.
In encouraging investments in India, the minister stated that companies will benefit from a competitive environment as well as a large billion-plus market of ‘aspirational Indians.’ Goyal emphasised the country’s massive market potential, saying there are advantages to economies of scale and the availability of a large talent pool.
Initiatives to encourage investment in India
Speaking about the government’s initiatives to encourage investment in India, Goyal stated that 5G services would be launched in October and gradually rolled out across the country. According to him, approximately 20,000 villages in remote areas of India currently have poor 4G connectivity. However, the government has approved USD 2.5 billion for the construction of 4G towers and systems in these areas.
Simultaneously, the government was laying down fibre optics for broadband connectivity.
These initiatives by the government would open up more opportunities for investors from the US and the Bay Area in remoter parts of the country, Goyal said. Goyal is on a six-day tour to the US for various programmes, which include the Indo-Pacific Economic Framework (IPEF) ministerial meeting in Los Angeles.
