Union Minister for Commerce and Industry, Piyush Goyal said that the Bay Area is huge in terms of the potential that India and Indian businesses and startups have to offer. They also see great potential in India’s huge market of 1.3 billion people, the Minister said after interacting with Venture Capitalists in the San Francisco Bay Area.
About the meeting, he said, “Held an engaging interaction with venture capitalists in the San Francisco Bay Area. They were encouraged for deeper engagement and greater collaboration with the vibrant Indian startup ecosystem.” He also encouraged them to consider mentoring early-stage Indian startups to help them scale and succeed.
Goyal also met with Zscaler CEO Jay Chaudhry in San Francisco today. “As India continues to grow in the digital space, discussed ways to further enhance cyber security in the country to ensure a safer and more secure Digital India”, tweeted the Minister.
Goyal also interacted with Bill McDermott, CEO of ServiceNow and discussed how AI and machine learning are rapidly transforming the Software as a service (SaaS) market, and accelerating India’s journey to become a 5 trillion economy.
On the semiconductor policy, Goyal said that India came up with a semiconductor policy many months ago, which offered very liberal incentives to companies to come and manufacture in India and set up plants. We now have a good design ecosystem and some elements of the SC chain. We are in talks with many companies and some of them have shown strong interest in investing in India, he added. Shri Goyal assured that India is very serious in promoting the domestic semiconductor industry.
Also read: ‘It’s a horror!’: Former Nasscom President Kiran Karnik says IT industry freshers are underpaid
Also read: Inflation not a red-lettered priority, can be managed, says Nirmala Sitharaman