JOIN USGoyal calls upon investors to stick to spirit, ambit of laws, not try to find loopholes
Commerce and Industry Minister Piyush Goyal on Wednesday called upon all investors to stick to the spirit and ambit of laws and not try to find loopholes in the policies while inviting them to take advantage of the 'demand, democracy and demographic dividend' in India.
Speaking at the Indian Private Equity and Venture Capital Association Annual Conclave 2021, he said despite best efforts to provide a predictable and stable policy environment, some of the investors have been trying to circumvent and misuse the provisions through ingenuity and innovations.
This, he said, leads to the government trying to plug the loophole and bring in changes.
"The minister called upon all investors to stick to the spirit and ambit of the law and not try to find loopholes in the policies or laws," an official statement quoted Goyal as saying.
The minister further said international investors are important for startup funding and are welcome in the country but they have their own limitations.
He said domestic investors can possibly penetrate much deeper into the hinterland and smaller towns and cities where there is a lot of innovation and potential waiting to be tapped.
Domestic investors chasing good startup ideas can even bring confidence and comfort level among the international investors, he added.
Inviting the investors to take "India's '3D' advantage - Demand, Democracy and Demographic dividend", he said "we can see before us a bright future, a billion people aspiring for a better quality of life and that is what provides opportunities to look at innovative solutions to the day to day problems."