, pub-9809009992858082, DIRECT, f08c47fec0942fa0

india stock market: Fall in India’s funding less pronounced than in China, US: DPIIT Secy, pub-9809009992858082, DIRECT, f08c47fec0942fa0
Day-1 of the IVCA Conclave 2023 in Mumbai saw Anurag JainSecretary, Department for Promotion of Industry and Internal Trade (DPIIT), address the PE-VC industry. His keynote address highlighted the immense impact and contribution of startups and the private capital market on nation building.

In his address, Jain focused on India’s resilience and rapid progress: “If we talk about where India would be in 2047, broadly, we would be a developed country. A realistic estimate shows that we would be a 30 trillion dollar economy by that time. In the optimistic scenario, we could be the second largest economy; we could even be more than that. But what is more important, we have to start taking our actions right now to align to that vision.”

He also attempted to allay fears regarding the looming funding winter: “We have to appreciate India viz a viz all other countries. Definitely, there was a fall in 2022 from 2021, but this fall is less pronounced than what was in China and the US. If we look at the data more closely, we find that in the Q1 of 2022, there were 64% more deals than in 2021. This means that had these global headwinds not happened, probably, 2022 could have been better. If you look at the long-term trend, take away 2021 as an outlier, even then 2022 is more than double of 2020 data.”

In 2022, Indian companies were able to attract over $50 billion of PE-VC investments, create 23 new unicorns with PE/VC investments contributing around 60% of all FDI investments. Moreover, last year marked ten years of the Indian AIF industry which has grown from strength to strength as providers of capital and expertise in new asset creation. India boasts an impressive 1057 AIF schemes as of date, which have commanded capital commitments of $88 billion (Rs 6.94 lakh crore) in its 10-year run.

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