We need to handhold start-ups that are struggling to succeed: Goyal
Published: Apr 04, 2025
By TIOLCorplaws News Service
NEW DELHI, APR 04, 2025: UNION Minister of Commerce & Industry, Piyush Goyal, highlighted the need for investments in emerging technologies such as robotics, automation, machine learning, 3D manufacturing, and next-generation factories at the inaugural ceremony of the second edition of Startup Mahakumbh in Delhi yesterday. Goyal, said these innovations are essential for realizing the vision of 'Viksit Bharat 2047' and establishing India as a global leader in industry and innovation.
India's position as the world's third-largest startup ecosystem, attributing this achievement to the country's dynamic entrepreneurial spirit and technological advancements. Speaking at the event which will run from April 3-5. He also underscored the evolving role of startups in driving India's economic and technological growth.
Encouraging Indian investors to support the domestic startup ecosystem, Goyal reiterated the government's commitment to fostering innovation and entrepreneurship. He assured that the government will handhold and support those who face challenges in their startup journey, encouraging them to persevere and try again. He also stressed the need for increasing domestic capital investments, stating that a strong foundation of indigenous investment is crucial to reducing dependency on foreign capital and ensuring long-term economic resilience.
Goyal emphasised the need to attract more domestic investors to strengthen India's capital base and ensure self-reliance. He expressed confidence that with collective efforts, India's startup ecosystem will continue to thrive and significantly contribute to the nation's prosperity. He urged domestic investors to invest in the country's startups.
Goyal lauded the organizing committee, sponsors, and participants for their contributions and efforts in making the event a grand success. He commended the growth of the Startup Mahakumbh since its inception, calling it a reflection of India's changing mindset and expanding innovation ecosystem.
Highlighting India's economic trajectory, Goyal noted that the country, currently the world's fifth-largest GDP, is on track to become the fourth-largest by the end of 2025 and the third-largest by 2027, surpassing Japan and Germany. He credited this growth to India's robust startup ecosystem, rapid advancements in artificial intelligence, semiconductor manufacturing, and deep-tech innovations.
Goyal expressed his aspiration to make the next Startup Mahakumbh even bigger, targeting participation from all 770 districts of India. He proposed launching a nationwide competition to identify young innovators from colleges and incubators, ensuring widespread representation and participation in future editions.
