Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, while speaking at the launch of a report on the State of the Indian StartupEcosystem-2018, said that Indian startups have the capacity to bring about transformational change to India's growth story.

Suresh Prabhu informed that the Commerce & Industry 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 and either scrapped or modified in order to facilitate the ecosystem which will foster and encourage startups to take root in India," said the Minister.

He also said that the Commerce & Industry Ministry is holding a global investors meeting next month in India where top investors are being invited to participate in a round table meeting in order to pave the way for greater investments in Indian startups.

Suresh Prabhu referred to India's rise in the Ease of Doing Business rankings and said that all efforts are now being made to ensure that India joins the group of countries in the top 50.