Global Unicorn Summit- Shaping 1,000 Unicorns by 2030
Recently the Ministry of Commerce and Industry has emphasized on strengthening ethics and corporate governance norms in startups.
The Confederation of Indian Industry (CII) and the Department for Promotion of Industry and Internal Trade (DPIIT) have jointly organized the “Global Unicorn Summit – Shaping 1,000 Unicorns by 2030”.
Conclusion during the conference –
- A ‘Gen Next National Council’ will be created to promote the entrepreneurial talent and potential of the youth. This council will be an advisory body.
- The startup community will develop corporate governance standards. Based on these standards, auditors will be able to audit accounts and report malpractices in a transparent manner.
- One must take advantage of the meta-verse or digital world to promote trade and commerce.
- Domestic startups should be listed in India itself. They should not be allowed to go to tax haven countries.
- Venture capitalists should promote and protect the intellectual property created by young entrepreneurs. Also, expertise should be provided to explore the possibilities of large scale capital investment.
- Corporate governance is a system of rules, policies and practices by which a company is directed and controlled.
The core principles of Corporate Governance are: Accountability, Transparency, Fairness and Responsibility.
- Corporate good governance encourages ethical business practices. This leads to financial viability.
- It also covers many other areas such as environmental awareness, ethical behavior, corporate strategy, compensation and risk management.
- The Companies Act, 2013 lays more emphasis on Corporate Governance through Board and Board procedures.
Source – The Hindu
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