Piyush Goyal Hails India’s Startup Ecosystem
The startup ecosystem developed in India has significantly shifted the paradigm from job seekers to job creators, asserted Union Minister of Commerce and Industry, Piyush Goyal. Highlighting the contributions of India’s growth model, Goyal stated that many nations are keen to emulate this successful framework, characterized by notable initiatives such as Startup India, which fosters innovation and entrepreneurship.
As he addressed the valedictory function of the Vejalpur Startup Festival 2.0, Goyal emphasized India’s ambition to escalate the number of unicorns from the current 118 to 5,000. He credited the forward-thinking policies and rapid development under Prime Minister Narendra Modi, who, during his tenure as Gujarat’s Chief Minister, initiated growth that extended to a national scale. Today, various developing countries look to India’s model for inspiration.
Goyal acknowledged several initiatives launched under Modi’s leadership, including Swachh Bharat Mission, Make In India, Digital India, Startup India, International Yoga Day, and Ayushman Bharat. He noted that Modi has received 21 international awards, underscoring his global leadership recognition.
Startups have played a pivotal role in enhancing India’s economy through innovative solutions and fresh business practices, Goyal said, placing Gujarat at the forefront as the best-performing state in the startup ecosystem. He lauded the entrepreneurial spirit evident in the region, remarking on the inhabitants’ willingness to take risks.
The government continues to bolster startups through encouragement and support mechanisms for startups, investors, founders, and mentors. Highlights of these efforts include the establishment of a Fund of Funds (FoF) with an initial pool of Rs 10,000 crore and an additional Rs 10,000 crore fund announced in the latest budget, out of which the first instalment has been allocated to the relevant department.
Further support includes the abolition of the angel tax and the launch of a portal named ‘Bhaskar’ to facilitate connections between startups and investors. Goyal encouraged youth to create a people-centric development model through their startups and emphasized perseverance, urging them not to fear failure but rather to learn and recover from it.
While manufacturing holds a crucial place, startups are positioned to contribute to smart, innovative manufacturing, marketing, and packaging solutions. Drawing inspiration from figures such as NASA astronaut Sunita Williams—originally from Gujarat—Goyal remarked on her courage and resilience during her lengthy mission at the International Space Station.
Chief Minister Bhupendra Patel, who inaugurated the festival, highlighted how the concept of startups has become synonymous with today’s youth, driven by creativity and innovation. He proudly reported the increasing involvement of women who are leveraging innovative solutions to tackle diverse challenges.
Patel emphasized Prime Minister Modi’s resolve to build a developed nation harnessing the youthful vigor, reiterating the goal of “Developed Gujarat for a Developed India.” The festival itself attracted more than 1,000 startups and 4,500 participants, providing 42 startups the chance to present their products without charge.
India’s thriving startup ecosystem demonstrates the nation’s potential to innovate and lead on a global scale, encouraging a new generation to dream big, take risks, and explore uncharted territories for development and growth.
