"LIC and other pension funds must step in... Definitely that money needs to be leveraged," Abhishek said here at the India Economic Summit, jointly organised by CII and WEF.
Speaking at a session on start-ups, founder of Pinstorm and Seedfund Mahesh Murthy stated that big companies like LIC and cigarette firms are found wanting as far as funding of start-ups is concerned.
"I am taking note (of this suggestion)," Abhishek said, adding that the government is engaging with start-ups to resolve issues to give a push to budding entrepreneurs.
"It has started implementation, we want to fast-track it, processes are rather slow, we are figuring it out," he added.
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About e-pharmacy firms, Abhishek felt that they are not flouting any law, contrary to the police's claims.
"Police inspectors are not very trained in such matters. Now, we are trying to take up this matter with states and... make sure it does not happen," he said.
Citing an example, Abhishek said, the number of taxis in one city has been capped at 32,000 because of "some vested interest" as one can cap the prices through this.
DIPP has identified some 25 problems of start-ups and is sensitising departments and ministries on these.
Founder of Paytm Vijay Shekhar Sharma pointed to the need of large Indian companies to fund start-ups.
"We do not have that inspiration. We have to have Indian investors. Why are we not playing a big bet? We do not get support from local companies," he said.
Disclaimer: No Business Standard Journalist was involved in creation of this content