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Secretary in Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain has said that the country's startups will attract significant foreign direct investments (FDI) in 2023 on account of steps being taken by the government to strengthen the ecosystem for budding entrepreneurs. He also said India has the third largest startup ecosystem in the world and the way startups here are performing; soon the country will become a top ecosystem globally.

Jain said presently, India has one of the most liberalized FDI policies wherein very few sectors require government approval. The government with an intent to nurture innovation, startups and encouraging private investments in the startup ecosystem of the country launched Startup India initiative on January 16, 2016. An action plan was also laid down for startups. The plan comprises 19 action items spanning across areas such as simplification and handholding; funding support and incentives; and industry-academia partnership and incubation.

On the production linked incentive scheme, he said global players are keen to avail the benefits. He also said several global firms are looking to shift their manufacturing bases to India, adding that the PLI schemes in 14 sectors are expected to attract investment of Rs 2.74 lakh crore. Key sectors such as large-scale electronics manufacturing, pharmaceuticals, telecom and networking products, food processing and white goods have contributed in achieving a considerable amount of investment, production/ sales and employment.