Daijiworld Media Network - Ahmedabad
Ahmedabad, Mar 22: With India’s startup ecosystem booming, Union Minister of Commerce and Industry Piyush Goyal has set an ambitious vision of expanding the number of unicorns from the current 118 to as many as 1,000—and even 5,000 in the future.
Speaking at the Vejalpur Startup Festival 2.0 in Ahmedabad, Goyal highlighted the crucial role startups play in driving India's economic growth through innovation and efficiency. According to DPIIT data, India is home to nearly 1.59 lakh startups, making it one of the world's largest startup hubs.
He also praised Gujarat for its leadership in fostering startups, stating that it has consistently been the best-performing state in this sector. "When Narendra Modi was Gujarat’s Chief Minister, he ensured rapid development, which later contributed to the nation’s growth. Today, several developing countries are looking to replicate India’s development model," Goyal remarked.
Recognizing PM Modi’s global influence, he pointed out that Modi has been honored with 21 international awards—an acknowledgment of his leadership on the world stage.
Goyal emphasized the government's commitment to strengthening the startup ecosystem, highlighting key initiatives such as the Fund of Funds for Startups (FoF), which initially allocated Rs 10,000 crore, with an additional Rs 10,000 crore announced in the latest budget. The first installment has already been allocated. The removal of Angel Tax has further eased investment opportunities for startups, while the launch of the ‘Bhaskar’ portal aims to connect entrepreneurs with potential investors.
Encouraging young entrepreneurs to adopt a people-centric development approach, Goyal urged them to embrace failures as stepping stones to success. "Failure is not the end; it is an essential part of the startup journey. The true mantra of a startup is to learn from failure and rise stronger," he said.
India’s startup ecosystem continues to evolve, with strong government support and a dynamic entrepreneurial spirit driving the nation towards becoming a global innovation powerhouse.