India’s Union Minister for Commerce and Industry, Piyush Goyal has announced an ambitious plan by India to have as many as 50,000 registered startups by 2024. He added that the fast emerging Indian startup ecosystem is defining the country’s identity.
The Minister in a phone interview with Thailand Startup News commented “I truly believe that this is one ecosystem that is defining India across the world. There are 21,000 startups already registered with the Department for Promotion of Industry and Internal Trade and the speed at which the startup industry is growing in India plus with the government support and also private sector help, we should hit 50,000 by 2024”
He cited that the Indian IT industry, which has often said it had been able to grow because there was no need to seek government help. The government, he said, will listen to the issues faced by the industry and introduce measures to push growth.
He passed a message to young Indian entrepreneurs “We urge you to engage with the government, not to make us interventionists but to help you find solutions to the problems of the nation; come to us with your ideas that we can use in government functioning to make our job better, to help us perform better in the service of the people of India and let us work in partnership to resolve problems. As each one of you grows, it gives us immense pride to see our youngsters, the young 20-somethings, 30-somethings come up with fantastic ideas. When we see an ‘Oyo’ have more rooms in China than in India today, I tell you it swells our heart with pride.”
The Indian Government is extensively setting up more startup consultancy centres across the country with easy access to funding at pre-seed and seed levels and also technical support. The government is also aggressively working with the private sector to set up more incubators and accelerators and also getting more international Venture Capital groups to set up offices in India with incentives such as tax free privileges etc. India is currently the only country churning out the most Startup Unicorns per year.