Panaji, Oct 16 (IANS): Union Minister of State for Finance Jayant Sinha on Friday urged India Inc. to invest in Indian start-ups which address Indian problems, in order to encourage a culture of innovation in the country.

"In order to encourage innovation in India, we need to invest in Indian start-ups that address Indian problems. As a market we have tremendous opportunities in India, and the same innovations are finding markets in other economies too," he said at the inaugural edition of the Global Business Forum, an initiative of Indian Institute of Technology-Bombay alumni association, held near here.

Sinha also said that places like Powai, in Mumbai, where the IIT-B is located and Bengaluru and upcoming townships like Gurgaon should be developed as innovation hubs for India.

"The way we see it, these factors place our future in our own hands and I can see how Powai - home to IIT Bombay, and Gurgaon and Bengaluru can be the innovation hubs for the 6 billion people that inhabit the developing world," he said.

The GBF is aimed at creating impactful technological innovations in products and services through focussed dialogue based on national priorities like education, skill, infrastructure, healthcare, smart cities, energy, Information Communication technology, environment (Water) and the Make in India campaign.