IGI Logo

Calling for strengthening of ethics and corporate governance norms in startups, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal has urged startups to incorporate and list in India and not move to tax havens.

Goyal stressed that instances of fudging revenues, data fraud, tax evasions and other malpractices have to be curbed at an early stage or it would kill the entrepreneurial spirit of young startups and have a very damaging effects to the startup ecosystem. He called for more transparency and the setting up of better standards and benchmarks and more self-regulation in the starup ecosystem.

The Minister said that Venture Capitalists must also promote and protect Intellectual Property created by young entrepreneurs, provide expertise to scale-up and explore greater capital infusion. He expressed hope that Indian Intellectual Property would benefit the world but asked that India be the primary beneficiary these innovations.