India’s vast market potential have enabled startups to flourish: Union Minister Piyush Goyal

Gurugram, July 5 (KNN) Union Minister for Commerce and Industry Piyush Goyal said that India's remarkable economic scale and market potential have played a pivotal role in enabling startups to flourish and thrive in the global startup ecosystem.

Addressing the ‘Startup20 Shikhar’ at Gurugram on Tuesday, Goyal stressed on the need for a global effort to nurture inclusive, supportive and sustainable startup ecosystems in all parts of the world to address global challenges.

Highlighting the importance of the discussions on startups in the G20, the Minister said that the focus has to be on facilitating exchange of ideas, best practices and funding mechanisms and promoting collaborations in Research and Development. 

During his address, Goyal pointed out that India is in a unique position with huge talent and skill of its demographic dividend that is attractive for the startups. The Minister further said that India, a relatively new entrant in the startup ecosystem has already become the world's third-largest startup ecosystem.

“Over the last seven years, India's 100,000 registered startups, including more than 100 unicorns, have made significant contributions to various sectors such as health, finance and agriculture and generated employment opportunities and given a spur to innovation,” he said.

Goyal added that Gurugram, known as an economic powerhouse in the state of Haryana, showcases the dynamic landscape of India's startup ecosystem with over 100 Fortune 500 companies, leading tech firms, and numerous startups.  (KNN Bureau)