Monday, January 20, 2020
News

DPIIT to examine pension funds investment in startups

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Panaji | Saturday, 2019 11:45:05 PM IST
Central Government will start inter-ministerial discussions to explore if small parts of pension and insurance funds could be allowed to invest in startups in India, Guru Prasad Mohapatra, secretary, Department for Promotion of Industry and Internal Trade (DPIIT) said here on Saturday.

"This issue has been raised by the industry before the Minister and at the Venture Capital meet in Goa. At a conceptual level, the idea looks like a very attractive opportunity because it brings a lot of funds since pension funds and insurance funds are huge in India. Industry has presented to the government that if foreign pension funds can invest in Indian startups why not Indian pension funds", the secretary told IANS here.

He further said the foreign pensions funds don't attract enough interest rates in their respective countries as they get in India. But the pension funds are a sensitive issue as it is the lifetime savings of working class, there is a lot of conservatism there, so they invest in government bonds with assured returns.

"Now the minister has assured the startup industry that there will be discussions with the pension funds, regulatory authorities and we will start inter-ministerial discussions", Mohapatra said.

Recently, the Central Drug Controller -- DGCI asked all drug regulators in states and UTs to enforce ban on online sales of medicines. Currently online pharmacies are operating in the country without a drug licence as there are no laws in the online pharmacy.

Since there are many startups in the medicine sales through online platforms, such companies brought this to the DIPPT notice seeking quick clarity on this as it is affecting their business.

"Health ministry is working on it. The startups want the early issue of relevant notification. We will tell the ministry to make their stand clear on this as medicines are a sensitive issue," he added.

(Anjana Das can be contacted at anjana.d@ians.in)

--IANS ana/sn/skp/

( 328 Words)

2019-12-07-17:36:05 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Petrol, diesel prices cut further on Mon...
Budget document printing to start Monday...
Narayana Health city performs bloodless ...
Apollo Doctors' unique adaption techniqu...
Kotak Mahindra Bank reports 24 pc jump i...
Federal Bank Q3 net profit up by 32 pc t...
More...
 
INDIA WORLD ASIA
BJP will become stronger under the leade...
Photos of suspect released after suspici...
Amid CAA row, NCP leader says Hindus may...
Modi, Nepal's Oli to inaugurate Jogbani-...
J&K police kills 3 Hizbul Mujahideen...
Rahul Gandhi condoles demise of Shamsher...
More...    
 
 Top Stories
Jio witnesses 22 mn heavy voice sub... 
Punit Sood to head Scottish bank's ... 
ISI agent held from Chandauli in UP... 
ED arrests Robert Vadra's close aid... 
Jio joins companies to disclose cli... 
India to see 1.5 lakh openings for ... 
Dwayne Johnson shares cause of fath... 
IIT Hyderabad to host conference on...