Shri Piyush Goyal inaugurates Startup Mahakumbh

Shri Piyush Goyal Urges Indian Investors to Strengthen Startup Ecosystem with More Domestic Capital

We need to handhold start-ups that are struggling to succeed: Shri Goyal

Union Minister of Commerce & Industry, Shri Piyush Goyal, highlighted  the need for investments in emerging technologies such as robotics, automation, machine learning, 3D manufacturing, and next-generation factories at the inaugural ceremony of the second edition of Startup Mahakumbh in Delhi. Shri Goyal, said these innovations are essential for realizing the vision of 'Viksit Bharat 2047' and establishing India as a global leader in industry and innovation.

India's position as the world's third-largest startup ecosystem, attributing this achievement to the country’s dynamic entrepreneurial spirit and technological advancements. Speaking at the event which will run from April 3-5. He also underscored the evolving role of startups in driving India's economic and technological growth.

Encouraging Indian investors to support the domestic startup ecosystem, Shri Goyal reiterated the government’s commitment to fostering innovation and entrepreneurship. He assured that the government will handhold and support those who face challenges in their startup journey, encouraging them to persevere and try again. He also stressed the need for increasing domestic capital investments, stating that a strong foundation of indigenous investment is crucial to reducing dependency on foreign capital and ensuring long-term economic resilience.

Shri Goyal emphasised the need to attract more domestic investors to strengthen India’s capital base and ensure self-reliance. He expressed confidence that with collective efforts, India’s startup ecosystem will continue to thrive and significantly contribute to the nation’s prosperity. He urged domestic investors to invest in the country's startups.

Shri Goyal lauded the organizing committee, sponsors, and participants for their contributions and efforts in making the event a grand success. He commended the growth of the Startup Mahakumbh since its inception, calling it a reflection of India’s changing mindset and expanding innovation ecosystem.

Highlighting India's economic trajectory, Shri Goyal noted that the country, currently the world's fifth-largest GDP, is on track to become the fourth-largest by the end of 2025 and the third-largest by 2027, surpassing Japan and Germany. He credited this growth to India’s robust startup ecosystem, rapid advancements in artificial intelligence, semiconductor manufacturing, and deep-tech innovations.

Shri Goyal expressed his aspiration to make the next Startup Mahakumbh even bigger, targeting participation from all 770 districts of India. He proposed launching a nationwide competition to identify young innovators from colleges and incubators, ensuring widespread representation and participation in future editions.

Domestic startup investment urged to strengthen capital base and reduce foreign dependence, backed by government support for founders. Call for increased domestic investment in startups to fortify India's capital base and reduce reliance on foreign funding, emphasising support for emerging technologies such as robotics, automation, machine learning, 3D manufacturing and next generation factories. The government commits to handholding and support for struggling startups to enable perseverance, and proposes nationwide initiatives, including a competition to identify young innovators from colleges and incubators to broaden participation and strengthen the startup pipeline.