Innovation and new ideas by startups to play major role in agri sector: Prabhu

He also informed that the ministry will be holding a meeting of global funds and startups here on December 7.

Commerce and Industry Minister Suresh Prabhu Friday said innovation in agri sector was important for reducing wastage, increasing production, and cutting fertiliser use to enhance soil fertility.

He said that huge opportunities exist for startups in the agri sector to promote growth.

"We are promoting innovation in agri sector," he said adding that changing climate would pose serious challenges to the sector, and startups can look at these areas and come up with innovative solutions.

"Innovation and new ideas by startups can play a major role in the sector," the minister said.

He also informed that the ministry will be holding a meeting of global funds and startups here on December 7.

"We are working on a comprehensive strategy to promote startups," he said.

On January 2016, Prime Minister Narendra Modi unveiled several incentives to boost startups, offering them a tax holiday, inspector raj-free regime and capital gains tax exemption as part of the startup action plan.

Speaking at a different event, Prabhu said the global investors' meet would see participation from top investors in order to pave the way for greater investments in Indian startups.

"The ministry is taking many initiatives to foster a positive and empowering ecosystem for startups to grow and flourish in the country. To this end, many regulations which were in place for traditional industries are now being reviewed or either scrapped or modified," he added.

He also said that efforts are now being made to ensure that India joins the group of countries in the top 50 in the World Bank's doing business index.

(With inputs from agencies.)