Union Minister Piyush Goyal: India's Remarkable Economic Scale and Thrive in Global Startup Ecosystem

Union Minister for Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal has said that India's remarkable economic scale and market potential have played a pivotal role in enabling startups to flourish and thrive in the global startup ecosystem. While addressing the ‘Startup20 Shikhar’ at Gurugram, Haryana today, Shri Goyal said that there must be a global effort to nurture inclusive, supportive and sustainable startup ecosystems in all parts of the world to address global challenges.

Shri Goyal said that it is not just the role of individual nations but the collective responsibility of all nations to support innovation and the startup ecosystem. Highlighting the importance of the discussions on startups in the G20, the Minister said that the focus has to be on facilitating exchange of ideas, best practices and funding mechanisms and promoting collaborations in Research and Development.

The Minister lauded the Startup20 Engagement Group and said that this engagement of diverse experiences and knowledge is aimed to foster collaboration and bridge gaps between countries. Shri Goyal expressed hope that participants, both local and international, will leave with valuable memories, learnings, and connections to further nurture their own startup journeys and contribute to the growth of the entrepreneurial community in their respective nations. The Minister said that India is delighted to engage with its partner countries through Startup20 and remains committed to sharing experiences and working together to encourage the new generation of job creators who are reshaping the future.

Shri Piyush Goyal pointed out that India is in a unique position with huge talent and skill of its demographic dividend that is attractive for the startups. He said that India has a unique startup culture and large market potential, which are truly beneficial for startups.

The Minister further said that India, a relatively new entrant in the startup ecosystem has already become the world's third-largest startup ecosystem. Shri Goyal added that the country's aspirations extend beyond this achievement, with a focus on fostering entrepreneurship among not only the youth but also individuals from diverse age groups. He said that over the last seven years, India's 100,000 registered startups, including more than 100 unicorns, have made significant contributions to various sectors such as health, finance and agriculture and generated employment opportunities and given a spur to innovation.

Shri Goyal highlighted that Gurugram, known as an economic powerhouse in the state of Haryana, showcases the dynamic landscape of India's startup  ecosystem with over 100 Fortune 500 companies, leading tech firms, and numerous startups.