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Updated January 16th, 2024 at 20:15 IST

Startups playing pivotal role in making India a developed nation by 2047: Piyush Goyal

Gujarat, Karnataka, Kerala, Tamil Nadu emerged as best performers in Governnment's Startup Ranking Framework

Business Desk
Piyush Goyal
Piyush Goyal | Image:PTI
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National Startup Day: Commerce and Industry Minister Piyush Goyal said that startups are playing a pivotal role in India's journey towards becoming a developed nation by 2047.

The Union Minister was addressing the Startup Awards and State Ranking Awards function in New Delhi today.

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Goyal commended the significant progress made in the startup sector over the last eight years, stating that what was once a novelty has now become an integral part of the national mainstream.

Highlighting the diverse sectors in which startups are making substantial contributions, ranging from MedTech, FinTech, AgroTech to the aviation sector, drones, and simulators, the Minister identified tourism as a sector with untapped potential.

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Notably, a group of four states – Gujarat, Karnataka, Kerala and Tamil Nadu have emerged as the best performers in the ‘category A’ states with a population of over 1 crore.

Himachal Pradesh has emerged as the best performer in the Startup Ranking Framework 2022 awards, under ‘category B’ states with a population of less than 1 crore.

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Goyal encouraged startups to explore innovative ideas around sustainable tourism, bringing to reference the Wed-in-India initiative suggested by Prime Minister Narendra Modi.

The PM had emphasised on Bharat's priority in new-age skills, futuristic technology, artificial intelligence (AI) and innovation during his address at the recently-concluded Vibrant Gujarat Summit.

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Expressed confidence in the entrepreneurial spirit of both the young and old, the Minister urged them to contribute their unique perspectives and ideas to the startup ecosystem.

Age should not be a barrier to engage with new ideas and foster innovation, the Minister reiterated, urging individuals to participate in the startup ecosystem regardless of age. Every person has the potential to contribute to the growth of India, he emphasised.

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India has emerged as the third-largest startup ecosystem globally, which realises the dreams of countless entrepreneurs and introduces innovative ways of doing business, according to the Minister.

Expressing appreciation for achievements in sectors like millets and food processing, Goyal urged startups to focus on new areas such as artificial intelligence (AI) and encouraged them to come up with ideas that make life easier and revolutionise existing ways of working.

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Goyal also outlined key initiatives for further supporting startups during his address, which includes the categorisation of startups into different sectors for more focused interactions.

The Minister called for greater collaboration and mentoring through the MAARG portal - Mentorship, Advisory, Assistance, Resilience and Growth of Startup India.

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Emphasising on the importance of outreach and onboarding startups with the Government e-Marketplace (GeM), he said the process for onboarding of startups has been simplified.

He announced that ‘Startup Maha Kumbh’ is scheduled to be organised in March 2024, and assured continued government support for the startup ecosystem.

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On National Startup Day today, official data indicates that the total number of unicorns in India has risen to 112 with total valuation being $350.71 billion.

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Published January 16th, 2024 at 20:15 IST

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