December 18, 2021 4:00:04 am
Prime Minister Narendra Modi on Friday met leading private equity/venture capital players to seek inputs for the Budget and suggestions to boost investment.
“Prime Minister sought suggestions towards improving Ease of Doing Business in India, attracting more capital and furthering the reform process in the country,” an official statement said. “Over the past seven years, the government has undertaken multiple key initiatives in this regard. The discussion in the meeting happened on similar lines, while also illustrating how the Prime Minister is interacting personally with industry leaders to gather inputs ahead of the next budget,” it said. The government is committed towards working to resolve the issues and challenges highlighted, it said. He also discussed the efforts undertaken by the government to bring in more reforms, future potential of initiatives like PM GatiShakti, and steps taken to reduce the unnecessary compliance burden.
Finance Minister Nirmala Sitharaman also attended the meeting. The Budget for financial year 2022-23 is due to be presented on February 1. The meeting was attended by Prashant Prakash from Accel, Rajan Anandan from Sequoia, Gopal Srinivasan from TVS Capitals, Renuka Ramnath from Multiples, Munish Verma from Softbank, Sandeep Naik from General Atlantic, Siddarth Pai from 3one4, Shweta Jalan from Advent, Amit Dalmia from Blackstone and Vipul Roongta from HDFC among others. Sandeep Naik from General Atlantic said they plan to invest more in India. ‘’…we plan to invest several billions of dollars in India. We already have about $5 billion invested in India. And I wouldn’t be surprised if in the next 10 years we invest about $10-15 billion in India, because this is one of the most critical destinations for us globally,’’ Naik said.
Munish Verma from Softbank said the investment climate in the country has become much more positive. “…we have seen that in the amount of capital that has come to India, entrepreneurs are being created and in public markets where companies are being listed. Overall, I think it was a great interaction with the PM…he gave some very good suggestions,” he said.
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