San Francisco: The India-US start-up SETU, which stands for Supporting Entrepreneurs for Transformation and Upskilling, will act as a bridge between American and Indian companies, Union Minister of Commerce Piyush Goyal said.

"One of the key takeaways is that the Bay Area is very bullish on India, very excited about the potential that India, Indians and Indian start-ups and Indian businesses have to offer. Very excited about the talent available in India. They see huge potential in the large market that India is, 1.3 billion aspirational Indians," Goyal said after the meetings.

"There were suggestions about mentorship. We've launched the SETU program where we are looking at supporting entrepreneurs through transformation and upskilling initiatives. We're also looking at a programme that the start-up advisory council had initiated in India in which mentorship is being initiated particularly in tier-2, tier-3 and tier-4 towns and remoter areas. A lot of good suggestions have been brought to the table," he said.

The start-up will help entrepreneurs in upskilling, transforming and leveraging the success stories of the Indian diaspora in the US, Goyal said after launching the start-up in San Francisco.

He said one of the main reasons some good start-ups failed to take off was the lack of mentorship. Urging entrepreneurs in the US to participate in the initiative, the minister said it would serve as an opportunity for them to give back to the country by supporting bright minds in India.

Encouraging investments in India, the minister said that apart from getting a competitive place to do business, companies also get a large billion-plus market of 'aspirational Indians'. Highlighting the huge market potential of the country, Goyal said there are benefits of economies of scale and the availability of a large talent pool.

Talking about the initiatives taken by the government to encourage investment in India, Goyal said the government would launch 5G services in October and gradually roll it out across the country. He said, at present, about 20,000 villages in remote areas of India have weak 4G connectivity. However, the government has sanctioned USD 2.5 billion to install 4G towers and systems in these areas. Simultaneously, the government was laying down fibre optics for broadband connectivity.

These initiatives by the government would open up more opportunities for investors from the US and the Bay Area in remoter parts of the country, Goyal said. Goyal is on a six-day tour to the US for various programmes, which include the Indo-Pacific Economic Framework (IPEF) ministerial meeting in Los Angeles.