CII launches plan to nurture new businesses, to work with DPIIT on strategy

Will provide policy inputs, identify new growth segments and set up international partnerships; wants govt to invite other nations to participate

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Confederation of Indian Industry | DPIIT | Indian Railways

Future Business Group, an initiative by the Confederation of Indian Industry (CII) to provide support to new businesses launched during the past few years, was launched on Thursday. Together with the Department for Promotion of Industry and Internal Trade (DPIIT), CII will create a ‘national strategy for future businesses’ as part of the initiative.

It will also provide policy inputs, identify new growth segments and establish international partnerships with a focus on growing such businesses. CII has also suggested that the government invite other nations to participate.

Commerce and Industry Minister Piyush Goyal, who was present at the launch, called upon the senior business leaders to become mentors, not only to their own family or businesses but also to the new age & young entrepreneurs. Goyal said new-age entrepreneurs are going to change the fortune of India. “We need to build a platform with like-minded countries and trusted partners to promote new-age businesses in India,” he said. India can engage with other countries and build up a platform with trusted partners to promote new-age businesses, he added.

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The minister said that it is the youngsters, who are going to change the fortune of India, create jobs & bring prosperity to the people. “We have a huge start-up ecosystem in India. It’s more about recognizing our capabilities, uplifting our entrepreneurs. Some of the ideas that youngsters have come up with are truly revolutionary.” He suggested that Colleges should look at entrepreneurship or other courses around new-age businesses. We can also look at more vocational training & assessment process to see what is in the young person’s mind, he added.

On innovation in railways, Goyal stressed that in the last six years, our Indian coach making factories have not only stopped making old coaches, we are now making better LHB coaches. As a result, in the last 17 months, not even a single Railway passenger has died because of Railway accident, Goyal added.

The Minister referred to the Aatmanirbhar Bharat as only the beginning of India’s self-realization of its own potential to grow which will contribute to the global economy from a position of strength and trusted partner in resilient global supply chains. “The objective is to get growth back in India. Our industry has truly demonstrated the capabilities of the intelligent Indian entrepreneur and the ability to surpass traditional businesses to promote new age businesses,” Goyal said.