India is making big plans to expand its startup ecosystem and aims to increase the number of unicorn startups from the current 118 to as many as 1,000 and eventually 5,000 in the future. This ambitious goal was announced by Union Minister of Commerce and Industry, Piyush Goyal, during his address at the ‘Vejalpur Startup Festival 2.0’ on Saturday.
Growing Startup Ecosystem in India
Startups play a crucial role in driving India’s economy with fresh, innovative ideas and unique business models. According to data from the Department for Promotion of Industry and Internal Trade (DPIIT), India currently has about 1.59 lakh registered startups. These businesses are contributing to employment generation, technological advancements, and economic growth.
Gujarat: Leading the Startup Race
Piyush Goyal praised Gujarat for being the top-performing state in the country’s startup sector. He credited Prime Minister Narendra Modi’s leadership during his tenure as the chief minister of Gujarat for accelerating the state’s development. Goyal explained that Gujarat’s rapid progress became a model for India’s national growth, which is now inspiring many other developing nations worldwide.
He also highlighted that PM Modi has been recognized globally for his contributions, receiving 21 prestigious international awards, including several top civilian honors.
Government Support for Startups
The Indian government has been actively supporting startups with various financial incentives, mentorship programs, and funding initiatives. To boost the startup ecosystem:
- Fund of Funds (FoF): The government introduced a Fund of Funds with an initial corpus of ₹10,000 crore. An additional ₹10,000 crore fund was announced in the last Union Budget, and the first instalment has already been allocated to the department.
- Angel Tax Relief: The government has removed the controversial angel tax, which had been a concern for startup investors.
- Bhaskar Portal: A new online platform named ‘Bhaskar’ has been launched to connect startups with investors, founders, and mentors, making it easier to secure funding and network.
Advice to Aspiring Entrepreneurs
Addressing young entrepreneurs, Piyush Goyal encouraged them to focus on people-centric development through innovative startup ideas. He reminded them that failure is a part of the journey and should not be feared. “Sometimes, you will face failures. But the mantra of a successful startup is to rise after falling and keep moving forward,” Goyal said.
India’s Vision for the Future
With the government’s continued encouragement and financial support, India is poised to become a global leader in the startup space. By aiming to create thousands of unicorn startups in the coming years, India is sending a strong message to the world about its innovation, resilience, and entrepreneurial spirit.
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