Union minister for commerce and industry Piyush Goyal, who is on a six-day visit to San Francisco and Los Angeles, held an interaction with venture capitalists on Wednesday.
Through his efforts, he has been promoting better ties between India and the US. He also spoke about New Delhi’s new policies supporting semiconductor production.
In addition to talking to startups, Goyal also spoke to “investors from the Indian diaspora” in the region. He encouraged them to get in touch with and mentor early-stage startups based out of India, and help them with issues such as scaling up their growth.
According to PIB, before interacting with the media and providing details on his conversations and the purpose of his visit, Goyal gave a speech at Stanford University and attended a community event at the Indian consulate held in association with TiE Silicon Valley, IIT Startups, and Indian Community Center.
During the media interaction, Goyal said that the West is starting to see India as a huge market. He said the government too is looking to encourage local startups to benefit from this market, with the Startup Advisory Council helping with building mentorship networks for entrepreneurs in Tier 2 and Tier 3 cities.
Additionally, Goyal also highlighted India’s semiconductor policy that aims to promote manufacturing in the country via liberal incentives. He said that the government is in serious talks with many companies to take advantage of the regulatory ecosystem. Earlier this week, the US banned deep technology companies from manufacturing in China for 10 years.
