Piyush Goyal, Retail News, ET Retail

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<p> Piyush Goyal, Union minister</p> — Piyush Goyal, Union minister

India has emerged as a global leader and its story is one of confidence, good governance and continued innovation, said Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, Textiles on Tuesday at a curtain raiser event for the upcoming ‘Startup Mahakumbh‘.

Calling start-ups the backbone of new India, Goyal asked entrepreneurs to make the most of opportunities as the country transitions towards a USD 35 trillion economy by 2047.

“I believe startups will be backbone of new India. This is our time under the sun, and the sun is rising,” he said. “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 upcoming mega event will showcase the startup revolution sweeping the country.

Goyal expressed his confidence that young Indians 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 dollar economy to 35 trillion dollar economy, when we celebrate 100 years of independence in 2047,” he said.

Over 1,000 startups, along with numerous investors and incubators, are set to convene at Bharat Mandapam from March 18 for the ‘Startup Mahakumbh,’ a three-day event organised by the Department for Promotion of Industry and Internal Trade (DPIIT).

This event aims to be one of the largest gatherings of startups, unicorns, investors, and industry stakeholders, providing a platform for brainstorming on sector-related issues and will feature various activities such as mentoring sessions, masterclasses, keynote addresses, and unicorn roundtables, fostering an exchange of ideas to strengthen India’s startup ecosystem.

The government has implemented several measures to promote startups, including the Startup India Action Plan announced in 2016 to nurture innovation, boost startups, and encourage investments in India’s startup ecosystem. Various schemes have been rolled out, such as the Startup India seed fund scheme, fund of fund scheme, and credit guarantee scheme.