Addressed the media ahead of the 9th anniversary of the Startup India initiative on 16th January, highlighting its remarkable achievements since inception and its pivotal role in fostering innovation and entrepreneurship.
Reiterated the Modi government’s unwavering commitment to… pic.twitter.com/D4RejKeYaN
— Piyush Goyal (@PiyushGoyal) January 3, 2025
Union Minister for Industry and Commerce, Piyush Goyal, shared that Indian startups no longer require yearly fund allocations as the Startup India programme and SIDBI have begun receiving substantial returns. Goyal highlighted the advancement of India’s startup ecosystem, which now ranks as the third largest globally. With over 1.5 lakh startups spanning 80 percent of India’s districts, the ecosystem has diverse access to various funds, including seed funding and the Fund of Funds (FOF).
India's startup journey over the past 9 years has been not just transformational but also inspiring for countless individuals with innovative ideas! pic.twitter.com/TjbSUTKHDR
— Piyush Goyal (@PiyushGoyal) January 3, 2025
The Minister acknowledged that while some startups have lost their unicorn status due to the global financial and trade environment, these fluctuations in valuation fall outside the government’s purview. He emphasized the government’s non-interference stance when management issues within startups affect their valuations. Addressing the controversial angel tax, Goyal noted that its removal was widely praised by the startup community, marking another step towards fostering a business-friendly environment in India.
He also mentioned that the relocation of startups to India underscores the country’s robust business economy.
The Department of Promotion of Industry and Internal Trade- @DPIITGoI signs a MoU with the Startup Policy Forum (SPF) to promote the Indian start-up ecosystem globally.
A two-day SPF Baithak will also be held from 15th of this month in New Delhi as a part of National Startup… pic.twitter.com/lcSh6upDB9
— All India Radio News (@airnewsalerts) January 3, 2025
Goyal underscored India’s growing reputation as a top destination for deep tech investment, observing the significant interest from investors willing to commit billions rather than millions. In a related development, Piyush Goyal commented on Blinkit’s initiative to launch a 10-minute ambulance service.
Union Minister for Commerce and Industry @PiyushGoyal says India is the 3rd largest startup ecosystem in the world with over 110 UNICORNS.
In a media interaction on Indian Startups in New Delhi, the Minister underscores that India provides talent, skill and demand.
He also… pic.twitter.com/opgcFUS64b
— All India Radio News (@airnewsalerts) January 3, 2025
Government nurtures thriving startup ecosystem
He stressed that companies must ensure compliance with both the letter and spirit of the law when rolling out such innovative services. Commerce Minister Piyush Goyal has announced that the ministry is open to new ideas for facilitating the process for startups to return to India.
In a recent statement, Goyal emphasized the importance of easing procedures and regulations to encourage startups to relocate back to the country. Speaking at an event, Goyal mentioned ongoing discussions with the National Startup Advisory Council to explore necessary steps for making this transition smoother for startups. He highlighted the significance of such measures in fostering a supportive environment for innovation and entrepreneurship in India.
The minister also underscored the importance of collaboration between the government and the private sector. He revealed that 50 Memorandums of Understanding (MoUs) have been signed with corporate houses to create opportunities for startups. These agreements aim to address and solve various challenges that startups might face, ultimately benefiting the ecosystem as a whole.
Goyal’s comments reflect the government’s proactive approach towards supporting startups and fostering a conducive environment for their growth in India.
