Commerce and Industry Minister Piyush Goyal will be meeting the top executives from the country's startup Unicorns and new age companies today to discuss ways to bolster the startup ecosystem. The meeting scheduled for later today will see participation from founders and CEOs of prominent companies such as Tata Digital-owned 1mg, Walmart-owned Flipkart, Urban Company, and Boat.
Goyal's Talks with 40 Unicorn Titans
Piyush Goyal is set to hold discussions today with senior representatives from 40 unicorn startups, including Lenskart, Zerodha, Boat, CarDekho, and EasyMy Trip. The meeting will focus on promoting sustainable growth, exploring risks, mobilizing domestic capital, and positioning India globally in the startup landscape.
Unicorns, valued over USD 1 billion, spanning sectors like fintech, e-commerce, and logistics, will participate in the deliberations, marking a comprehensive dialogue on the future trajectory of India's thriving startup ecosystem.
Minister Goyal, who also serves as the Union Minister for Consumer Affairs, Food & Public Distribution, and Textiles, is expected to engage in discussions focusing on critical issues faced by startups. The agenda includes exploring ways to deploy more domestic capital into new-age companies and strategies for scaling these startups from the seed stage to eventual IPOs (Initial Public Offerings).
Reportedly, the Centre is also working on a standard operating procedure to provide eligibility certificates that will enable startups to avail tax benefits. According to a media report, the government has a target of March 31, before which about 1,500 pending eligibility certificate applications would be cleared.
Startup Mahakumbh Announced for March 2025
In addition to the discussions, Minister Goyal unveiled plans for the "Startup Mahakumbh," a grand event scheduled for March 2025. This announcement was made on the National Startup Day during the State Startup Awards ceremony, where Goyal highlighted the pivotal role startups play in India's journey toward becoming a developed nation by 2047.
Startup Journey In The Last Eight Years
During the State Startup Awards, Minister Goyal applauded the significant progress witnessed in the startup sector over the past eight years. He emphasized that what was once considered a novelty has now become an integral part of the national mainstream. Goyal recognized the diverse contributions of startups in sectors such as MedTech, FinTech, AgroTech, aviation, drones, simulators, and urged exploration of innovative ideas in sustainable tourism.
Expressing confidence in the entrepreneurial spirit of both the young and old, Goyal urged individuals to contribute their unique perspectives and ideas to the startup ecosystem. He emphasized that age should not be a barrier to engage with new ideas, encouraging everyone to actively participate in the growth of India.
India's Rise as the Third-Largest Global Startup Ecosystem
Piyush Goyal highlighted India's emergence as the third-largest startup ecosystem globally, realizing the dreams of countless entrepreneurs and introducing innovative business models. He lauded achievements in sectors such as millets and food processing and encouraged startups to focus on emerging areas like artificial intelligence (AI).
Key Initiatives to Support Startups Outlined
Goyal outlined key initiatives to further support startups, including categorizing them into different sectors for more focused interactions, sanitizing data to track their development stage, and ensuring all startups are registered on the Department for Promotion of Industry and Internal Trade (DPIIT) portal.
Emphasis on Collaboration and Mentorship
Calling for greater collaboration and mentoring, Goyal highlighted the MAARG portal – Mentorship, Advisory, Assistance, Resilience, and Growth of Startup India. He underscored the importance of outreach and onboarding startups with the Government e-Marketplace (GeM), simplifying the process for startups to register for patent, copyright, and trademark protections.
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