U.S. Tariffs Won’t Slow India’s Startup Growth, Says Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal addressed concerns over U.S. tariffs during a media interaction at Startup Mahakumbh 2025, emphasizing India’s commitment to securing fair trade agreements. Responding to a question from TICE News, Goyal assured that the Indian government is actively engaged in discussions with the U.S. to ensure a balanced trade environment that supports Indian businesses and startups.

“We are working closely with our U.S. counterparts to resolve trade concerns and create a fair, mutually beneficial framework for Indian exporters. India’s growing manufacturing and export capabilities give us a strong negotiating position,” Goyal stated.

He emphasized that while global trade dynamics pose challenges, India’s resilient economy and robust startup ecosystem provide ample opportunities for innovation-driven growth. The government remains committed to ensuring that Indian businesses, particularly startups, do not face undue trade barriers.

India’s Startup Boom Takes Center Stage

Alongside trade discussions, Goyal lauded the remarkable innovation on display at Startup Mahakumbh 2025. Addressing the media at Bharat Mandapam, he expressed his delight at witnessing the groundbreaking work of young Indian startups.

“I have not yet explored the entire exhibition, but from what I have seen, the level of innovation and determination showcased here is truly inspiring. Young men and women have built exceptional solutions through sheer tenacity and curiosity,” Goyal said.

He highlighted cutting-edge advancements, including world-class drones, energy-efficient electronics, and defense equipment crafted by young startups. He also pointed out how fintech is playing a crucial role in empowering common citizens, while agritech is revolutionizing the farming sector. A young woman entrepreneur, for example, has developed cost-effective equipment to assist farmers, making advanced tools more accessible.

Goyal further noted the inclusive nature of the startup ecosystem, recognizing the efforts to support physically challenged individuals through innovative solutions.

“This event truly reflects the foundation on which India will make its mark globally. Whether in deep-tech, AI, or machine learning, our startups are demonstrating their ability to compete on the world stage,” he stated.

Massive Participation Reflects India’s Startup Growth

The minister shared his excitement about the overwhelming participation at the event. With more than 27,000 visitors on the first day and expectations of crossing 100,000 attendees, Startup Mahakumbh is proving to be a landmark event for India’s entrepreneurial community. Over 1,500 startups, particularly in technology, have been given free opportunities to showcase their research and innovations.

“This exhibition is a great example of how an environment of creativity rubs off on everyone. When young innovators interact with each other, exchange ideas, and receive recognition, it fuels their ambitions. This is how India will continue to progress at an accelerated pace,” Goyal remarked.

He emphasized the government’s commitment to supporting startups, highlighting initiatives like the National Startup Awards, which have motivated young entrepreneurs to scale their businesses. He also encouraged investors to recognize the immense potential within the startup ecosystem and play an active role in its growth.

Addressing Political Criticism

Goyal also responded to political criticism surrounding the event, stating that fostering a strong startup ecosystem requires vision, support, and encouragement rather than negativity. “Some people are trying to create controversy where none exists. The feedback I have received from young India is that they are ready to capture the world, and they refuse to be distracted by baseless political debates,” he said.

He criticized the Congress party, stating that it never prioritized startups or the entrepreneurial ecosystem. “Have you ever heard Congress talk about encouraging startups? Their approach has always been about criticism rather than building something positive,” Goyal asserted.

A Bright Future for Indian Startups

Goyal also highlighted the broader impact of startups across sectors, from handicrafts and handloom to the growing millet industry. He praised the government's initiatives, such as the newly established turmeric board, which is helping local producers expand their reach globally.

He reaffirmed the government’s dedication to supporting gig workers, artisans, and small businesses, ensuring they receive the necessary resources to scale up. He cited examples of startup founders from smaller cities like Varanasi and Bhadohi, who are making significant technological advancements, including drones designed entirely in India for defense applications.

“As India progresses, there will always be those who struggle to accept change. However, the reality is that our country is on the rise, and our startups are at the forefront of this transformation,” Goyal concluded.

With India’s startup ecosystem growing rapidly, Goyal expressed his unwavering confidence in the potential of young innovators, stating that their dedication and creativity will drive India’s economic and technological rise on the global stage.