Piyush Goyal hails India's startup ecosystem

The startup ecosystem created in the country has encouraged job seekers to become job creators, the Union minister asserted.

Sunday March 23, 2025 , 3 min Read

Several nations want to adopt India's development model, which has given prominence to initiatives such as Startup India that encourage innovation, Union Minister of Commerce and Industry Piyush Goyal said on Saturday.

Addressing the valedictory function of Vejalpur Startup Festival 2.0, Goyal also said India aims to take the number of unicorns from 118 to 5,000.

The startup ecosystem created in the country has encouraged job seekers to become job creators, the Union minister asserted.

"Narendra Modi as the then chief minister of Gujarat ensured fast paced development of the state. Gujarat's development then became the country's development. And slowly, several countries, especially developing countries, today want to adopt India's development model," Goyal said.

Prime Minister Narendra Modi has dedicated to the nation several jewels in this development model, like Swachh Bharat Mission, Make In India, Digital India, Startup India, International Yoga Day, Ayushman Bharat. among others, he added.

"There is hardly any leader in the world who has been conferred the highest civilian awards. Modi has been conferred 21 international awards," Goyal said.

Goyal said startups have worked to help India's economy grow with their new and innovative ideas, new ways of functioning, adding that Gujarat has remained the best performing state in startups.

There is an appetite in people here for taking risks, he said while appreciating the state.

"The government has given encouragement to startups, investors, founders and mentors to associate with startups. The Centre started a Fund of Funds (FoF) for startups with a fund of Rs 10,000 crore. Another Rs 10,000 crore fund was announced in the last budget, and the first instalment has been provided to the department," he said.

Angel tax has also been removed, and a portal 'Bhaskar' has been launched for startups to connect with investors, Goyal said.

Urging youth to create a model of people-centric development through their startup ideas, Goyal said, "Sometimes you have to face failures. Do not get scared of failure. The mantra of a startup is to rise from failure and become successful."

Manufacturing will remain important, but startups can help in smart and innovative manufacturing, marketing and packaging, the minister opined.

Goyal also mentioned NASA astronaut Sunita Williams, who returned to earth early Wednesday after a prolonged mission to the International Space Station (ISS), during his speech.

"Her family moved from Mehsana in Gujarat to the US. Williams showed courage during her extended stay at the International Space Station and was always seen smiling," he said.

Earlier in the day, Chief Minister Bhupendra Patel, who inaugurated the assembly-level Vejalpur Start-up Festival 2.0, said the term startup has become the identity of the youth today.