India's remarkable economic scale and market potential, according to Union Minister Piyush Goyal on Tuesday, have helped startups thrive in the global startup ecosystem. Goyal, the Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, made the following statement at the "Startup20 Shikhar" event in Gurugram: "To address global challenges, there must be a global effort to nurture inclusive, supportive, and sustainable startup ecosystems in all parts of the world."
He stated that it is not just the responsibility of individual nations to support innovation and the startup ecosystem; instead, it is the collective responsibility of all countries.
The minister emphasised the significance of the G20 discussions on startups by stating that collaborations in research and development and facilitating the exchange of ideas, best practices, and funding mechanisms must be prioritised.
According to Goyal, India is delighted to participate in Startup20 with its partner nations and remains committed to sharing experiences and collaborating to encourage the upcoming generation of job creators.
He stated that India has a distinct startup culture and significant market potential, both of which are advantageous to startups.
The minister added that India, a moderately new entrant in the startup environment, has proactively turned into the world's third-biggest startup biological system.
According to Goyal, the nation's goals go beyond this accomplishment and place an emphasis on encouraging entrepreneurship among people of all ages, not just young people.
He stated that, in addition to fostering innovation, India's 100,000 registered startups—including more than 100 unicorns—have generated employment opportunities and made significant contributions to a variety of industries, including agriculture, finance, and health care.
Goyal emphasised that Gurugram, a Haryana economic powerhouse, exemplifies the dynamic startup ecosystem in India with over 100 Fortune 500 companies, leading technology companies, and numerous startups.