New Delhi: Startups highlighted issues related to liquidity crunch, cash flow, revenue and labour during a meeting with Commerce and Industry Minister Piyush Goyal on Thursday.
Goyal held the meeting through video conferencing with stakeholders of the startup ecosystem, including developers, angel investors and others, to assess the impact of COVID-19 and lockdown in the country.
“The startup representatives raised the concerns, ranging from the question of liquidity crunch, cash flow and revenue problems, labour matters, and other difficulties in running the ventures due to lockdown, the commerce and industry ministry said in a statement.
After listening to the various problems and suggestions by the startup stakeholders, it said, the minister called for collaborative efforts to deal with the issues.
In the meeting, the minister said that the country is passing through an unprecedented crisis, and this requires prompt remedial actions.
He sought cooperation in overcoming the hardships being faced by the industry, particularly the startups.
He welcomed the launch of Action COVID-19 Team, which is starting a Rs 100 crore programme, aimed to seed over 50 initiatives through grants to combat the economic fallout of COVID-19 in India.
Many start-ups have been working on finding various solutions to COVID-19 issues with a focus on preventive, assistive and curative aspects of the pandemic.