• search
For Quick Alerts
For Daily Alerts

Venture capital needs to go beyond e-commerce: Jayant Sinha

By Ians

Mumbai, Aug 18: Most of the venture capital funding coming into the country is currently going into e-commerce business instead of into startups in areas like biotechnology and solar power, union minister Jayant Sinha said on Tuesday.

"Most of the venture money is coming into e-commerce sector, but not in sectors like manufacturing, biotech and solar which can solve India's problems.

'Only venture cap going into e-commerce'

We need foreign funds in these sectors," Sinha, minister of state for finance, said at a Small Industries Development Bank of India (SIDBI) event here to launch a fund for startups.

"About 90-95 percent of venture capital funds primarily come from outside India. We also need a domestic system which can fund start-ups," he said.

"We need to strive for that. We've to work on India-specific issues. Though there is capital, we are not getting the capital to solve India's problems," he added.

In his Independence Day address on Saturday, Prime Minister Narendra Modi, giving the call of "start up India, stand up India", said the country's youth be given opportunities and support to become entrepreneurs in their own right.

"In the coming days, start-ups will be promoted in every corner of the country. Start up India, stand up India," the prime minister said in his speech.

"All banks in our country must contribute to a start-up revolution. Each of the 125,000 bank branches must assist one Dalit or one tribal entrepreneur and one woman entrepreneur. They must also become entrepreneurs in future," he added.

For Daily Alerts
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more