Startups backbone of new India: Goyal's clarion call to entrepreneurs

Terming startups as the backbone of new India, union minister Piyush Goyal on Tuesday exhorted entrepreneurs not to "miss the bus" and make the most of the opportunities as India transitions to become a $35 trillion economy by 2047.

India, he said, has emerged as a global leader, and its story is one of confidence, good governance, and continued innovation.

"I believe startups will be the backbone of new India. This is our time under the sun, and the sun is rising," the minister for commerce and industry said at a curtain raiser event for the upcoming 'Startup Mahakumbh'.

"I hope we don't miss the bus. I hope the message goes loud and clear to all startups not to lose this opportunity," he said, adding that the mega event scheduled to be held next month will showcase the startup revolution sweeping the country.

Goyal said that students with a flair for innovation and entrepreneurship need to be encouraged as it is they who will shape the country's destiny in 'Amrit Kaal'.

"...It is this young India that is going to shape our destiny...as we transition from $3.5 trillion economy to $35 trillion economy, when we celebrate 100 years of independence in 2047," he said.

The minister said the young India and startups truly represent India at a global level and urged start-ups not to miss the plethora of opportunities in front of them.

"I hope to see students with a bent of mind toward entrepreneurship and innovation become a part of the conclave, and go back with confidence to speak about Young India to the world," he said.

Goyal said that India should not remain in the cozy comfort of the large domestic market but explore international markets to scale operations.

The minister expressed hope that at least one startup from each district be present on the platform and return energised with greater confidence to tell the Indian story to the rest of the world.

"The startup world is all about big ambitions and potential, the ability to think out of the box, to innovate with ideas. In less than eight years, we have become the third largest in the world, sporting over 100 unicorns, with a lot of ideas to grow even bigger "

"...The Mahakumbh is a conglomeration of startups across 57 diverse sectors, I believe incubators across the country should also participate and showcase their capabilities, and engage to create small sub-ecosystems," he added.

Goyal noted India has emerged as a global leader, and said the country is proud to have young talent, skilled pool of manpower, and STEM graduates from all walks of life.

"Young men and women coming out of colleges today are not just job seekers but also job creators," he said.

He likened the government portal GeM to a startup.

"The government e-marketplace is a startup itself with a Rs 422 crore turnover in its first year of operation. It is the perfect example for the upcoming startups, of a startup with confidence, good governance, innovation, and serving the country," Goyal said.

The 'Startup Mahakumbh' will be held from March 18-20, 2024, at Bharat Mandapam in New Delhi.

The three-day event is expected to host 1,000 plus conference delegates, over 5,000 future entrepreneurs, and 40,000 business visitors.

Delegations from over 10 nations are expected to attend the event, which promises to be a showcase of innovation, and highlights transformative products, technologies, and business models across diverse sectors.

It will also connect Indian startups with international networks and investors to unleash new opportunities and position India as a melting pot of entrepreneurial excellence on the global stage.

The curtain raiser saw the participation of leading names of the industry including Prashanth Prakash, Executive Council Member of IVCA and Partner, Accel Partners; Sanjeev Bikhchandani, Co-founder and Executive Vice Chairman, Info Edge; Archana Jahagirdar, Founding and Managing Partner, Rukam Capital; Nivruti Rai, MD and CEO, Invest India; Sanjay Nayar, Senior Vice President, ASSOCHAM and Founder and Chairman, Sorin Investments, among others.

"The main purpose of this Mahakumbh is to bring all the startup founders, entrepreneurs, investors, incubators, accelerators, as well as potential students on one platform. The theme 'Bharat Innovates' showcases India's story to the rest of the world," Sanjeev Bikhchandani said.

Prashanth Prakash said that the event brings together a very diverse set of emerging sectors such as agritech, climate tech, and added "this will expand the reach of these not-so-mainstream startups".

"We are getting incubators, accelerators, and future entrepreneurs from every district of this country," he said.

Jahagirdar said that the scale of the event is notable.

"These kind of numbers have never happened before. For any country it is important to nurture the next generation of entrepreneurs and founders so that they become wealth creators and job creators, not job seekers," she said.

Sanjay Nayar said that the event - a melting pot that brings together founders, investors, unicorns, and startups - will not only have a superb short-term impact but also yield a great long-term impact.