New Delhi, Feb 1 (IANS): The industry players on Tuesday said that the Union Budget announcement of setting up an expert committee to look up into the issues faced by VC (venture capital) and PE (private equity) shows the seriousness to address pressing issues.

To attract investment from venture capital and private equity players, Finance Minister Nirmala Sitharaman said that the government will set up an expert committee to address regulatory issues faced by the industry.

"The announcement of setting up an expert committee to look up into the issues faced by VC & PE shows the seriousness to address pressing issues," said CS Murali, Chairman of the Entrepreneurship Cell at SID, Indian Institute of Science (IISc).

The expert panel will suggest "appropriate" measures, Sitharaman said in her Union Budget 2022-23 speech.

Venture capital and private equity invested more than Rs 5.5 lakh crore last year.

"An expert committee will be set up to examine and suggest appropriate measures," she said.

According to Vivek Soni, Partner and National Leader–Private Equity, EY, the announcement to set up an expert panel to examine ‘appropriate measures' for scaling up investments by PE/ VC funds is a very welcome step.

"We expect this expert panel to further smoothen the process of fund deployment by the alternative investment industry across asset classes and aid in the growth of the Indian PE/VC industry, an important pillar to the Indian economy," he said.