US venture capitalists seek policies favouring startups
US venture capital firms investing in India are expecting the Union Budget 2023 to support the growth and development of the startup ecosystem in the country, according to a top investor. According to Arun Kumar, managing partner of Celesta Capital, the venture capitalists want to capitalise on Indian talent and invest in them.
“As a US-based venture capital firm investing in India, we are keenly interested in policies and initiatives that will support the growth and development of the startup ecosystem in the country,” Kumar said. “Signals and allocations in the Budget that further the growth of new ventures based on innovation and entrepreneurship would be particularly welcome,” Kumar said.
“We are eager to see in the Budget, the government’s continued commitment to fostering a business-friendly environment that encourages foreign investment and supports the growth of new and emerging companies, including in the deep-tech space,” he said.
The geopolitical scenario and the pandemic induced the need to diversify supply chain sources and present India with an opportunity to enhance its participation as a trusted node in global value chains, he said.
“Such an aspiration would call for policies that make it easy and cost-effective to both import and export in such a way that the efficiency of supply chains can be enhanced, boosting the competitiveness of Indian manufacturing,” said Kumar.