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Startups are the backbone of new India: Piyush Goyal

Speaking at the curtain raiser event of ‘Startup Mahakumbh’ Goyal said the integration of the aspirational India with the startup sector will propel the country’s growth.
Last Updated 27 February 2024, 20:39 IST

New Delhi: Amid growing challenges in the Indian startup ecosystem, with mounting troubles for two poster boys - Paytm and Byju's, Union Commerce and Industry Minister Piyush Goyal on Tuesday termed startups as backbones of the country’s economy.

Speaking at the curtain raiser event of ‘Startup Mahakumbh’ Goyal said the integration of the aspirational India with the startup sector will propel the country’s growth. “I believe startups will be the backbone of new India. This is our time under the sun, and the sun is rising," the minister said.

Goyal asked startups to expand by taking benefits of the growing opportunities in the Indian economy. “I hope we don't miss the bus. I hope the message goes loud and clear to all startups not to lose this opportunity.”

The government has tried to allay the concerns of the startup sector, on the back of Reserve Bank of India’s clampdown on Paytm. Mood in India’s startup ecosystem has also been dampened by the deepening crisis in the country’s largest edtech firm Byju’s.

Finance Minister Nirmala Sitharaman on Monday met heads of major fintechs and directed the Reserve Bank of India (RBI) to hold monthly meetings to address the concerns of startups and financial technology companies.

In a bid to boost sentiments in the startup ecosystem, the Department for Promotion of Industry and Internal Trade (DPIIT) will organize the mega startup event in March.

Over 1,000 startups along with numerous investors and incubators are scheduled to participate in the event dubbed as 'Startup Mahakumbh’. The event will be held in New Delhi from March 18-20.

“We are hoping to see 1000 plus startups, 1000 plus investors, 500 plus incubators at the event. We have also invited 21 startup bridges countries to actively participate and engage with startups and inspire them during Startup Mahakumbh,” said DPIIT Joint Secretary Sanjiv.

The event will be organised jointly by the Associated Chambers of Commerce and Industry (Assocham), the National Association of Software and Service Companies (Nasscom), Bootstrap Incubation & Advisory Foundation, TiE, and Indian Venture and Alternate Capital Association.

“Throughout the three days of Startup Mahakumbh, the startups will be able to engage with investors, and relevant stakeholders and create a sub ecosystem to support each other with ideas and learn from the experience of others,” Goyal said.

Goyal asked DPIIT to ensure participation of at least one startup from each district of the country at the Startup Mahakumbh event. The government will provide financial and logistics support to such startups.

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(Published 27 February 2024, 20:39 IST)

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