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Economic Times
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From friction to flight: Unblocking India’s startup and innovation ecosystem
- Union Commerce Minister Piyush Goyal's remarks at the Startup Mahakumbh in New Delhi have sparked a national debate, urging startups to pivot to high-impact sectors like semiconductors and AI.
- Short-term reforms are crucial to address startup ecosystem challenges, such as streamlining regulations, improving financial access, and tackling sector-specific issues.
- Immediate measures include restructuring the National Single Window System, introducing collateral-free loan schemes, and providing tax relief for startups.
- Targeted interventions are needed, such as capping commissions for food delivery startups and simplifying forex compliance for export-oriented startups.
- Long-term reforms should focus on transforming education, supporting innovation through R&D, and building a globally competitive startup ecosystem.
- Proposed reforms include updating ITIs, establishing a Startup R&D Fund, and creating Startup Industrial Parks to enhance infrastructure.
- India must dismantle systemic barriers to unlock entrepreneurial potential and become a global leader in innovation and enterprise.
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